Sensex makes 1,350 points recovery amid Donald Trump win, ends lower
With Hillary Clinton accepting defeat, the world markets recovered some losses post the kneejerk reaction on prospects of a Trump presidency. The Indian market too recovered ground throughout the day owing to its strong fundamentals.
- Nov 9, 2016,
- Updated Nov 9, 2016 4:39 PM IST
The uncertainty in the Indian market seems to be over, with US electing Donald Trump as its 45th President.
With Hillary Clinton accepting defeat, the world markets recovered some losses post the kneejerk reaction on prospects of a Trump presidency.
The Indian market too recovered ground throughout the day owing to its strong fundamentals.
In a kneejerk reaction, the Sensex opened around 1,600 points lower to 25,902 level amid Hillary losing lead against Trump when counting for the US poll was in process. A majority of polls had indicated Hillary to win the election comfortably but a Trump victory made global markets nervous, after traders had taken positions betting on the former.
The Sensex staged a smart recovery intra day of around 1350 points, with losses in the realty space due to the ban on Rs 500 and Rs 1000 notes, still taking a toll. Nifty too fell 111 points to 8,432 level.
The realty stocks took a hit after the Central government's move to withdraw Rs 500 and Rs 1,000 currency notes from circulation to clamp down on the black money menace. Shares of realty companies saw large selling pressure as their business took a beating.
Shares of Godrej Properties, India Bulls Real Estate, DLF, Oberoi, Sobha, HDIL and Unitech were all down in Wednesday's trade.
The shares of DLF plunged nearly 17.50 per cent, IndiaBulls cracked 18.51 per cent while Unitech fell 8.08 per cent on the BSE.
Among other scrips, Prestige Estates Projects shed around 0.79 per cent to Rs 181.00, Godrej Properties slumped 2.52 per cent to Rs 349.
The nervousness in the Indian market seems to have ended and the movement of US stock market is likely to decide the direction of market in the near future.
A majority of polls had indicated Hillary to win the election comfortably but a Trump victory made global markets nervous, after traders had taken positions betting on the former.
Market breadth was negative with 2157 stocks falling against 610 rising on the BSE.
Top losers on the BSE were Delta Corp (20 per cent) and IndiaBulls Real Estate closing 18.51 per cent lower.
Of the 30 Sensex components, 20 ended in the red.
Sensex heavyweights Infosys and Reliance Industries fell 2.74 and rose 0.27 per cent, respectively.
BSE market cap-based indexes too fell with BSE Small cap falling around 350 points.
Of 19 sectoral indexes, 16 fell tracking global markets. The BSE auto index and consumer durable goods index lost 561 points and 521 points, respectively.
Asian marketsJapan's Nikkei 225 index dropped 2.4 percent to 16,777.85 as the U.S. dollar sank against the Japanese yen, a trend that would be unfavorable to exporters. Hong Kong's Hang Seng plunged 1.7 percent to 22,514.70.
South Korea's Kospi index fell 1.4 percent to 1,976.49 and Australia's S&P ASX/200 lost 1.2 percent to 5,196.70.
The uncertainty in the Indian market seems to be over, with US electing Donald Trump as its 45th President.
With Hillary Clinton accepting defeat, the world markets recovered some losses post the kneejerk reaction on prospects of a Trump presidency.
The Indian market too recovered ground throughout the day owing to its strong fundamentals.
In a kneejerk reaction, the Sensex opened around 1,600 points lower to 25,902 level amid Hillary losing lead against Trump when counting for the US poll was in process. A majority of polls had indicated Hillary to win the election comfortably but a Trump victory made global markets nervous, after traders had taken positions betting on the former.
The Sensex staged a smart recovery intra day of around 1350 points, with losses in the realty space due to the ban on Rs 500 and Rs 1000 notes, still taking a toll. Nifty too fell 111 points to 8,432 level.
The realty stocks took a hit after the Central government's move to withdraw Rs 500 and Rs 1,000 currency notes from circulation to clamp down on the black money menace. Shares of realty companies saw large selling pressure as their business took a beating.
Shares of Godrej Properties, India Bulls Real Estate, DLF, Oberoi, Sobha, HDIL and Unitech were all down in Wednesday's trade.
The shares of DLF plunged nearly 17.50 per cent, IndiaBulls cracked 18.51 per cent while Unitech fell 8.08 per cent on the BSE.
Among other scrips, Prestige Estates Projects shed around 0.79 per cent to Rs 181.00, Godrej Properties slumped 2.52 per cent to Rs 349.
The nervousness in the Indian market seems to have ended and the movement of US stock market is likely to decide the direction of market in the near future.
A majority of polls had indicated Hillary to win the election comfortably but a Trump victory made global markets nervous, after traders had taken positions betting on the former.
Market breadth was negative with 2157 stocks falling against 610 rising on the BSE.
Top losers on the BSE were Delta Corp (20 per cent) and IndiaBulls Real Estate closing 18.51 per cent lower.
Of the 30 Sensex components, 20 ended in the red.
Sensex heavyweights Infosys and Reliance Industries fell 2.74 and rose 0.27 per cent, respectively.
BSE market cap-based indexes too fell with BSE Small cap falling around 350 points.
Of 19 sectoral indexes, 16 fell tracking global markets. The BSE auto index and consumer durable goods index lost 561 points and 521 points, respectively.
Asian marketsJapan's Nikkei 225 index dropped 2.4 percent to 16,777.85 as the U.S. dollar sank against the Japanese yen, a trend that would be unfavorable to exporters. Hong Kong's Hang Seng plunged 1.7 percent to 22,514.70.
South Korea's Kospi index fell 1.4 percent to 1,976.49 and Australia's S&P ASX/200 lost 1.2 percent to 5,196.70.