The US markets showed strong upmove on Wednesday and the major averages closed at their best levels of the day, with traders reacting positively to Republican presidential nominee Donald Trump's surprise victory in the race for the White House. Trump defeated Hillary Clinton for the presidency. On the economy front, the Commerce Department released a report on Wednesday showing only a slight uptick in US wholesale inventories in the month of September. The Commerce Department said wholesale inventories inched up by 0.1 percent in September after edging down by a revised 0.1 percent in August. Inventories of petroleum and petroleum products and drugs and druggists' sundries showed significant increases during the month. On the other hand, the report said inventories of durable goods fell by 0.4 percent in September after inching up by 0.1 percent in August. The Commerce Department also said wholesale sales rose by 0.2 percent in September after climbing by 0.7 percent in August.
The Dow Jones Industrial Average surged by 256.95 points or 1.4 percent to 18,589.69, the Nasdaq jumped 57.58 points or 1.1 percent to 5,251.07 and the S&P 500 surged up 23.70 points or 1.1 percent to 2,163.26.
The Indian ADRs made a mixed closing on Wednesday, Wipro was down by 0.10%, Tata Motors was down by 0.50% and Infy was down by 0.62%. On the other hand dr Reddy’s was up by 3.04%, HDFC Bank was up by 1.32% and ICICI Bank was up by 0.38%.