Equity indices ticked higher for the third straight session on Wednesday, largely in tandem with global markets as investors awaited the outcome of the tightly-contested US presidential election.

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Robust buying in market-heavyweight Reliance Industries and IT stocks boosted the benchmarks, even as a sharp depreciation in the rupee weighed on sentiment, traders said.

After a volatile session, the 30-share BSE Sensex ended 355.01 points or 0.88 percent higher at 40,616.14. Similarly, the broader NSE Nifty climbed 95 points or 0.80 percent to 11,908.50.

IndusInd Bank was the top gainer in the Sensex pack, surging 4.85 percent, followed by Sun Pharma, Reliance Industries, Infosys, Kotak Bank and Tech Mahindra. On the other hand, HDFC, Axis Bank, PowerGrid, ICICI Bank, NTPC and L&T were among the laggards, shedding up to 2.02 percent.

Sector-wise, BSE energy, IT, tech, consumer durables, healthcare, capital goods and oil and gas indices advanced up to 2.74 percent, while realty, telecom, utilities and metal indices fell up to 1.90 percent. Broader midcap and smallcap indices rose up to 0.43 percent.

According to Vinod Nair, Head of Research at Geojit Financial Services, a close contest in the US election spiked volatility in the global market after Tuesday's strong rally. European markets slid at the open after US President Donald Trump claimed that a "major fraud" was being perpetrated on the American people.

Trump said he will take the matter to the Supreme Court, even as the counting of votes was in progress in the battleground states. Trump played the voter fraud card which unsettled markets as a long and protracted battle in the courts is precisely what investors do not want, said Deepak Jasani, Head Of Retail Research, HDFC Securities.

Later, Biden regained lead resulting in European markets bouncing up from early weakness. Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo ended with gains, while Hong Kong settled in the red.

Meanwhile, international oil benchmark Brent crude was trading 2.72 percent higher at USD 40.79 per barrel. In the forex market, the rupee depreciated 35 paise to close at 74.76 against the US dollar.