Market Overview

Indian Markets Tumble Amid Currency Move, US Elections

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Indian stock markets opened lower on Wednesday, as Donald Trump gained momentum towards a U.S. Presidential victory. The Indian government decided to discontinue currency notes with a denomination of Rs. 500 and Rs. 1,000. The S&P BSE Sensex tumbled 1076 points, or 3.90 percent at 26515.15. The Nifty50 fell 4.07 percent to 8195.90.

The BSE Midcap index tumbled over 4 percent, while the BSE Smallcap index dipped around 5 percent,

Indiabulls Housing Finance, Titan and Reliance Infrastructure were the major losers in the BSE Midcap index.

The Indian rupee traded down around 18 paise versus the US dollar to trade at 66.79.

US stock markets closed higher overnight, with the Dow Jones Industrial Average gaining 0.40 percent, the S&P500 index gaining 0.38 per cent, and the Nasdaq Composite surging 0.53 percent.

US WTI crude futures on the NYMEX dropped 3.82 percent to trade at $43.26 per barrel.

Top market movers among the BSE index are as follows

  • Shreyans Industries Ltd. rose about 5 percent to 90.95 INR.
  • Va Tech Wabag Ltd. rose 4 percent to 486.95 INR.
  • Kavveri Telecom Products Ltd. shares surged 3.5 percent to 14.95 INR.
  • Ortel Communications Ltd. shares gained around 3 percent to 143.00 INR.

 

  • Indiabulls Real Estate Ltd. dropped around 27 percent to 58.75 INR.
  • DLF Ltd. fell around 23 percent to 110.20 INR.
  • Lakshmi Energy & Foods Ltd. slipped 20 percent to 52.00 INR.
  • Gyscoal Alloys Ltd. shares declined 19 percent to 11.10 INR.

Posted-In: Currency Notes Donald Trump Indian stock markets Sensex U.S. President ElectionsNews Global Markets

 

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