U.S. stock index futures remained stable on Tuesday as the nation prepared for Election Day voting. Traders are bracing for potential volatility in the markets over the next few sessions, as the outcome of the election could lead to significant fluctuations until a clear winner is announced.

As the final day of campaigning unfolded, both Republican candidate Donald Trump and Democrat Kamala Harris expressed confidence in their chances of victory. This optimism comes amid polling data indicating an extremely tight race, with both candidates vying for crucial votes that could determine the election's outcome.

Market participants are closely monitoring developments, aware that uncertainty surrounding the election results could lead to heightened trading activity. Analysts suggest that the market may experience fluctuations based on voter turnout and the overall sentiment leading up to and immediately following the election.

Indian Market Trends:

The Indian stock market enjoyed a robust session on Tuesday, closing significantly higher as investors focused on the closely contested US presidential election. This positive momentum was reflected across various sectors, with nearly all experiencing gains, with the exception of fast-moving consumer goods (FMCG) and media.

The BSE Sensex surged by 694.39 points, marking an increase of 0.88 percent, while the NSE's Nifty index climbed to 24,213.30, up by 217.95 points or 0.91 percent. The Nifty Bank saw impressive growth as well, gaining 992 points or 1.94 percent to reach 52,207.25. Additionally, the Nifty Midcap 100 index closed at 56,115.45, up by 330.90 points or 0.59 percent, and the Nifty Smallcap 100 index rose by 78.80 points or 0.43 percent to settle at 18,503.45.

Among the sectors, strong buying was observed in automobiles, IT, public sector banks, financial services, pharmaceuticals, metals, and real estate. Notable gainers within the Sensex included JSW Steel, Tata Steel, Axis Bank, IndusInd Bank, HDFC Bank, SBI, Kotak Bank, ICICI Bank, Bajaj Finance, and Tata Motors. Conversely, ITC, Bharti Airtel, Asian Paints, L&T, and Sun Pharma experienced losses.

The overall market sentiment remained optimistic, with 2,476 shares advancing while 1,473 shares declined, and 109 shares remained unchanged on the Bombay Stock Exchange (BSE). Market analysts noted a significant recovery in the domestic market, which helped it recover most of the previous day's losses amid uncertainties about potential downgrades in the Q2 GDP forecast and the upcoming US elections.

In the currency market, the Indian rupee remained stable, closing at 84.10 per dollar. Analysts highlighted that investors are closely watching foreign institutional investor (FII) activity, as major buying or selling can influence the rupee's movement, especially in light of the US election results.
 

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