Post Session- Caution grips Dalal Street as Sensex crashes nearly 350 points:02/11/2016 16:10
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Indian equity benchmarks tumbled on Wednesday as anxiety surrounding the looming US Presidential elections weighed heavily, curbing risk taking appetite. A tightening race between US Presidential hopefuls Donald Trump and Hillary Clinton made investors across the globe nervous, with markets dreading a win for the controversial Republican candidate.
The 30-share BSE SENSEX closed at 27,527.22, down by 349.39 points or by 1.25 per cent and the NSE Nifty ended at 8,514, down by 112.25 points or by 1.3 per cent. The BSE Sensex touched intraday high of 27,679.32 and intraday low of 27,500.81. The NSE Nifty touched intraday high of 8,549.5 and intraday low of 8,504.85.
With latest polls indicating that Trump has not only closed the gap with Clinton but has managed to take a slim lead ahead of the November 8, 2016 election, traders are exiting risky assets. A survey by ABC News/Washington Post put Trump one percentage point ahead of Clinton, with 46 per cent support. Caution ahead of the outcome of the US Federal Reserve’s policy decision later on Wednesday also weighed.
Meanwhile, any improvement in India’s credit rating was dashed as S&P retained the country’s credit rating of BBB-, ruling out any upgrade for the next two years. Traders were also cautious ahead of Thursday’s Services PMI for the month of October.
The top losers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (down 4.10 per cent), Tata Motors Ltd. (down 3.19 per cent), State Bank of India (down 2.75 per cent), Sun Pharmaceutical Industries Ltd. (down 2.61 per cent) and Reliance Industries Ltd. (down 2.31 per cent), among others.
On the sectoral front, Oil & Gas and Realty fell 2.76 per cent and 2.18 per cent, respectively.
The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 3201, shares advanced were 1047 while 2034 shares declined and 120 were unchanged.
Asian stocks stumbled as polls showed that Trump has edged past Clinton in the US Presidential race adding to the nervousness of traders, following the news that the FBI has reopened its investigation into the Democrat’s use of an unauthorised e-mail server. A Trump win is seen as negative for markets and could also cut the odds of a potential Fed interest rate hike in December. The Fed is likely to keep interest rates steady on Wednesday but may offer some cues over tightening next month. Shanghai Composite fell, Hang Seng tumbled over 1 per cent and Nikkei 225 tanked over 1 per cent as a stronger yen curbed the lure for exporter stocks.
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BANKNIFTY FUT TREND : BUY ZONE
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The 30-share BSE SENSEX closed at 27,527.22, down by 349.39 points or by 1.25 per cent and the NSE Nifty ended at 8,514, down by 112.25 points or by 1.3 per cent. The BSE Sensex touched intraday high of 27,679.32 and intraday low of 27,500.81. The NSE Nifty touched intraday high of 8,549.5 and intraday low of 8,504.85.
With latest polls indicating that Trump has not only closed the gap with Clinton but has managed to take a slim lead ahead of the November 8, 2016 election, traders are exiting risky assets. A survey by ABC News/Washington Post put Trump one percentage point ahead of Clinton, with 46 per cent support. Caution ahead of the outcome of the US Federal Reserve’s policy decision later on Wednesday also weighed.
Meanwhile, any improvement in India’s credit rating was dashed as S&P retained the country’s credit rating of BBB-, ruling out any upgrade for the next two years. Traders were also cautious ahead of Thursday’s Services PMI for the month of October.
The top losers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (down 4.10 per cent), Tata Motors Ltd. (down 3.19 per cent), State Bank of India (down 2.75 per cent), Sun Pharmaceutical Industries Ltd. (down 2.61 per cent) and Reliance Industries Ltd. (down 2.31 per cent), among others.
On the sectoral front, Oil & Gas and Realty fell 2.76 per cent and 2.18 per cent, respectively.
The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 3201, shares advanced were 1047 while 2034 shares declined and 120 were unchanged.
Asian stocks stumbled as polls showed that Trump has edged past Clinton in the US Presidential race adding to the nervousness of traders, following the news that the FBI has reopened its investigation into the Democrat’s use of an unauthorised e-mail server. A Trump win is seen as negative for markets and could also cut the odds of a potential Fed interest rate hike in December. The Fed is likely to keep interest rates steady on Wednesday but may offer some cues over tightening next month. Shanghai Composite fell, Hang Seng tumbled over 1 per cent and Nikkei 225 tanked over 1 per cent as a stronger yen curbed the lure for exporter stocks.
