Markets advanced in the morning trades as President Obama won the re-election. At 10:30, the Sensex was up 104 points at 18,922 while the Nifty advanced 31 points at 5,755.
In the broader markets, the midcap and the smallcap indices gained between 0.6-0.7% outperforming the Sensex which added 0.5%.
Among the sectoral indices, Realty, Metal, Bankex and Capital Goods gained 1% each. Health Care, PSU, IT and Auto up 0.5% each were the other notable gainers. However, Oil & Gas turned flat with a negative bias.
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(Updated at 9:20)
Markets have opened on a cautious note ahead of the outcome of the US polls. The Sensex has opened higher by 12 points at 18,829 and the Nifty has advanced 4 points to 5,728.
Meanwhile, the Asian markets are also trading on a cautious note as investors hoped for a decisive result in a close-fought U.S. presidential election, with early counting underway and voting continuing in crucial swing states which will decide the outcome.
Polls showed President Barack Obama and Republican challenger Mitt Romney remained in a neck-and-neck race, with 270 electoral college votes needed to win.
The first clues to who will win could come from the swing states of Virginia, Florida and Ohio. Polls in all three states close at 8 p.m. EST (0100 GMT) and if the results are clear, U.S. television networks could begin projecting winners soon after. Shanghai Composite, Hang Seng and Nikkei were down 0.3-0.4% each.
Overnight, Wall Street stocks jumped on Tuesday as American voters went to the polls, with the U.S. presidential election keeping trade subdued while the euro held steady despite uncertainty over Greece's next financial aid payment.
The Dow Jones industrial average closed up 133 points, or 1% at 13,245, The S&P 500 Index ended up 11 points, or 0.8% at 1,428 and The Nasdaq Composite Index finished up 12 points at 3,012.
Back home, Bharti Airtel is the top Sensex gainer. The stock is trading higher by 1% at Rs 276 ahead of its second quarter earnings which are due today. Wipro, Tata Steel, Hindalco, BHEL, TCS, Tata Motors, Bajaj Auto, Sun Pharma and Infosys are also trading marginally higher. While, Tata Power, L&T, ITC, Dr Reddy's Labs, HUL, HDFC Bank, HDFC and Cipla are among the notable losers.
On the sectoral front, most of the indices have opened flat. IT, realty, metal, healthcare and consumer durables are up 0.2-0.4% each. While, FMCG, capital goods, oil & gas and power indices have opened weaker by 0.1-0.3% each.
The broader markets have opened marginally higher. The BSE mid-cap and small-cap indices are up 0.3% each.
The overall breadth is positive as 854 stocks are advancing compared to 450 declining.