U.S. stocks closed sharply higher in a broad rally on Tuesday after data signaled a solid economy, but investors braced for volatile trading this week as voting was underway in an extremely tight U.S. presidential election. The Institute for Supply Management said its non-manufacturing purchasing managers index, a gauge of the services sector, accelerated to 56.0 last month.
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Oil prices fell on Wednesday as early poll results in the U.S. election showed Democrat Kamala Harris and Republican Donald Trump locked in a tight race for the presidency. U.S. West Texas Intermediate (WTI) crude lost 27 cents, or 0.4%, to trade at $71.72 per barrel, and Brent crude oil futures lost 0.35 cents, or 0.46%, to trade at $75.18 per barrel at 0132 GMT.
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The Nifty recovered from its lows on Tuesday, gaining 370 points or 1.55% to close above 24,200, led by a sharp rebound in the Nifty Bank, which gained 1,341 points or 2.64%. The indices rallied on short-covering and oversold setups on the charts, with nearly every sectoral index, except FMCG and Media, participating in the recovery.
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