(Bloomberg) — India stocks gained along with Asian peers as investors assess the prospects of a Biden presidency with a split congress in the U.S.
The S&P BSE Sensex climbed 1.2% as of 9:52 a.m. in Mumbai. The NSE Nifty 50 Index also advanced by a similar magnitude. Both indexes are poised to recoup their 2020 losses.
On Wednesday, Biden won Michigan and Wisconsin, putting him closer to taking the White House from President Donald Trump. He needs only to win an additional outstanding state, such as Nevada where he is leading, or Georgia, where his campaign believes absentee votes will push him over the top.
“The US election driven trends could imply that Indian IT stocks and Reliance Industries as an internet play could gain traction and cyclical stocks including banks might lag,” analysts at Jefferies India led by Mahesh Nandurkar said in a note. “We believe that such a rotation…
