Global Markets Surge As Biden Edges Closer To 270 Electoral Votes

Global markets surged as US Presidential candidate, Joe Biden edged closer to the 270 electoral votes mark and was leading with 253 electoral votes.

Overnight stocks surged in the US and it led to a strong surge across Asia as well. Hong Kong's Hang Sang led gains among the region's major markets as it surged 2.2 per cent, with shares of Alibaba up nearly 4%.

In Japan, the Nikkei gained 1.15% while the Topix index traded 0.78% higher. South Korea too saw sharp gains of nearly 1.84 per cent. Back in India, the Nifty surged 150 points, while the Sensex was up more than 500 points taking it past the 41,000 points mark.

HPCL shares rose after board approved a proposal to buyback 10 crore shares, or 6.56 per cent equity stake, at Rs 250 per share. The company also posted 290 per cent year-on-year rise in net profit at Rs 2975.83 crore for the quarter ended September 30.

Shares in PVR and Inox gained ground after the Maharashtra government allowed the re-openings of cinema halls in the state.

Steel Authority of India saw its shares rise after the company reported a 21 per cent rise in steel sales. The stock was up 1 per cent in trade.

Markets are expected to be increasingly volatile heading into the final days of counting for the US Presidential elections.