Indian shares rallied on Monday, with benchmark indexes Sensex and Nifty reaching record closing highs, after Democratic candidate Joe Biden was elected as the 46th President of the United States.
After a bitter contest with record voter turnout during the pandemic crisis, Biden has won over 74 million votes and defeated Republican President Donald Trump, who got more than 70 million votes.
Trump refused to accept defeat and threatened legal challenges regarding the vote counting process, saying the “election is far from over.”
Biden, meanwhile, said that containing the coronavirus pandemic will be his top priority, along with mending a battered economy.
The benchmark S&P BSE Sensex surged 704.37 points, or 1.68 percent, to 42,597.43, with buying visible across the board. The broader NSE Nifty index ended up 197.50 points, or 1.61 percent, at 12,461.05.
Axis Bank, ICICI Bank, IndusInd Bank, Bharti Airtel and Divis Laboratories all surged around 5 percent, while Adani Ports dropped 1.3 percent and Cipla lost over 3 percent.
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