Sensex, Nifty Gain For Third Session In A Row Led By IT, Pharma Shares

The S&P BSE Sensex and NSE Nifty 50 indexes rose for third session in a row on Wednesday led by gains in information technology, banking and pharma shares. The benchmarks opened higher but turned volatile in afternoon trading as markets reacted to volatility in US equity futures as they reacted to counting of US Presidential elections. However, buying in heavyweights liked Reliance Industries, Infosys, Kotak Mahindra Bank, HDFC Bank and TCS led to benchmarks clock third day of gains.

The Sensex ended 355 points higher at 40,616 and Nifty 50 index climbed 95 points to close at 11,908.

In the United States, Democratic presidential contender Joe Biden said he was still optimistic of winning, while President Donald Trump responded saying he had won, and that "they" were trying to steal the election, without providing evidence.

Globally, share markets were whipsawed, while bonds and the dollar rose, as the election proved far closer than polls had predicted.

Investors most feared a contested election outcome, said Ajay Bodke, chief executive at Prabhudas Lilladher told Reuters.

Eight of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Pharma index's over 2 per cent gain. IT, auto, private banking and FMCG shares also witnessed buying interest.

On the other hand, metal, real estate and financial services shares faced selling pressure.

Mid- and small-cap shares ended mixed as Nifty Midcap 100 index rose 0.65 per cent while Nifty Smallcap 100 index declined 0.12 per cent.

IndusInd Bank was top Nifty gainer, the stock rose nearly 5 per cent to close at Rs 678. Sun Pharma, Divi's Labs, Reliance Industries, Cipla, Infosys, Wipro, Adani Ports, Tech Mahindra, Kotak Mahindra Bank and Bajaj Finance also rose between 2-3.7 per cent.

On the flipside, UPL, Axis Bank, HDFC, ICICI Bank, Hindalco, Power Grid, Coal India, Grasim Industries, GAIL India and Bharti Airtel were among the top losers in Nifty.

The overall market breadth was neutral as 1,312 shares ended lower while 1,280 closed higher on the BSE.