India stocks gain in volatile trade amid US vote counting

Bloomberg

India stocks gained in volatile trading amid vote counting in the US elections.
The S&P BSE Sensex rises 0.5% to 40,477.73 as of 2:03 pm in Mumbai, after climbing as much as 1% and dropping as much as 0.5%. The NSE Nifty 50 Index added 0.5% after swinging between gains and losses.
“Our market is going to follow global cues and will be volatile through the day,” said Shrikant Chouhan, a technical analyst at Kotak Securities Ltd. “Traders should look to buy on any dips, because quarterly earnings have been better than expected and India’s Covid numbers are also improving.”
As the earnings season for the quarter through September continues, State Bank of India posted net income that beat analyst estimates. So far 25 of the 37 companies on the Nifty 50 index that have reported results have exceeded or matched analyst estimates.
The yield on the benchmark 10-year government bonds falls by one basis point while the rupee weakened 0.5% against the US dollar.
Eleven of 19 sector sub-indexes compiled by BSE Ltd. advanced, led by a gauge of energy companies. As many as seventeen sensex shares rise while 13 drop.
Reliance Industries Ltd. provided the Sensex index the biggest boost with a 3% jump, Sun Pharmaceuticals Ltd. advanced the most, rising 4.9%; ICICI Bank Ltd. falls the most, dropping 3.3%.