Sensex, Nifty Seen Opening Up As US Election Results Trickle In

(RTTNews) - Indian shares are likely to open a tad higher on Wednesday as new U.S. data signaled a solid economy and Republican candidate Donald Trump surged ahead of Democratic candidate Kamala Harris in the early U.S. presidential election results.

Benchmark indexes Sensex and Nifty jumped around 0.9 percent each on Tuesday after staging a smart recovery in the afternoon session, led by financials and metal stocks.

The rupee hit a record low of 84.13 against the dollar before settling 1 paise higher at 84.10 against the dollar on the back of suspected intervention by the Reserve Bank of India.

Asian stocks were broadly higher this morning, with Hong Kong markets falling sharply as investors await the outcome of a meeting of top policymakers in Beijing this week that could approve local government debt refinancing and spending.

The dollar index rose, and Treasury yields climbed, pushing gold prices lower as some betting sites swung to favor Trump. Oil prices were down in early Asian trade as industry data showed a bigger than expected build in U.S. inventories.

U.S. stocks rose sharply in a broad rally overnight as Americans voted in one of the tightest presidential elections in decades and data showed the U.S. services sector accelerated to a more than two-year high in October.

The tech-heavy Nasdaq Composite surged 1.4 percent, the S&P 500 rallied 1.2 percent and the Dow added 1 percent.

European stocks closed higher on Tuesday as focus shifted to the U.S. election and upcoming monetary policy announcements from the Bank of England and the Federal Reserve.

The pan European STOXX 600 ended flat with a positive bias. The German DAX rose 0.6 percent and France's CAC 40 gained half a percent while the U.K.'s FTSE 100 slipped 0.1 percent.