Sensex plunges nearly 350 pts on US prez poll jitters, rupee too in weak zone

Key domestic equity benchmark indices mirrored the global markets trend, as Sensex plunged 342 points to touch a low of 27,535.02 in early trade after a new US presidential poll showed Donald Trump ahead of market favourite Hillary Clinton.

In a closely fought battle, the US presidential election is scheduled to be held on 8 November, which has sent world financial markets into a tizzy, said traders.



At 10.50 am, the 30-share barometer was still down 291.20 points, or 1 percent at 27,585.41 with all the sectoral indices led by metal, realty and oil in the negative zone, falling by up to 1.73 percent. The index had lost 64.90 points in the previous two sessions.

On similar lines, the NSE Nifty cracked below 8,600-level by dropping 96.45 points or 1.10 percent to 8,529.80.

Brokers said market mood took a hit largely in tandem with global sell-off sparked by an opinion poll that put Donald Trump slightly ahead of his democratic rival Hillary Clinton in the US presidential race.

In the Asian region, Hong Kong's Hang Seng was down 1.32 per cent, Shanghai's Composite index fell 0.49 percent while Japan's Nikkei shed 1.39 percent in their early trade.

Meanwhile, the US Dow Jones Industrial Average ended 0.58 percent lower in overnight trade.

Among the laggards in the Sensex pack, shares of SBI fell nearly 3 percent, Gail dropped 2.5 percent, ONGC declined 2.4 percent, Tata Motors eased 2.2 percent and Tata Steel was down 2.1 percent.

Others such as Sun Pharma, ICICI Bank, Coal India, L&T, TCS and Reliance Industries were down over a percent each.

Rupee starts weak, slips 9 paise against dollar

The rupee early Wedneseday got off to a bumpy start as it depreciated 9 paise to 66.80 against the US dollar after demand for the American currency from importers went up.

Forex dealers said fresh demand for the US unit and a weak opening of the domestic equity market weighed on the rupee.

However, dollar's weakness against other currencies overseas after a US presidential election poll showed Donald Trump ahead of market favourite Hillary Clinton minimised the loss, they said.

Yesterday, the rupee had closed 8 paise higher at 66.71 against the US dollar on sustained dollar unwinding from exporters and banks at the Interbank Forex Exchange market.

With PTI inputs

Updated Date: Nov 02, 2016 11:03 AM

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