Global markets advanced as US Presidential candidate, Joe Biden edged closer to the 270 electoral votes mark and was leading with 253 electoral votes. Joe Biden has won the critical battleground state of Michigan and Wisconsin, reclaiming a key part of the ‘blue wall that slipped away from Democrats four years ago and dramatically narrowing President Donald Trump's path to re-election. So far, as per reports Biden has 264 electoral votes and Trump 214. The magic number of electoral votes is 270. If Biden were to win in Nevada, he would in theory have the necessary 270.
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 percent, with shares of Alibaba up nearly 4 percent.
In Japan, the Nikkei gained 1.15 percent while the Topix index traded 0.78 percent higher. South Korea too saw sharp gains of nearly 1.84 percent. 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. Markets are expected to be increasingly volatile heading into the final days of counting for the US Presidential elections.
US Election: Biden close to majority, trump stands at 214
Sensex trades over 450 points higher, Nifty above 12,000;
Indian American Democrat candidate in Texas Sri Preston Kulkarni lost the race