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Indian shares declined after Prime Minister Narendra Modi announced an unprecedented ban on high-denomination banknotes to curb black money. Then came the double whammy of Republican candidate Donald Trump pulling off a surprise win in U.S. presidential election, defeating opponent Hillary Clinton, who was widely seen as a market favourite.
The S&P BSE Sensex dropped 1.2 percent to 27,252 after falling as much as 6.1 percent in early trade. While NSE Nifty rebounded from the 8,000-mark, to close 1.3 percent lower at 8,432. The market breadth remained abysmal for the entire day, closing the day at 1,204 declines, 199 advances and 17 stocks remaining unchanged.
Indian shares declined after Prime Minister Narendra Modi announced an unprecedented ban on high-denomination banknotes to curb black money. Then came the double whammy of Republican candidate Donald Trump pulling off a surprise win in U.S. presidential election, defeating opponent Hillary Clinton, who was widely seen as a market favourite.
The S&P BSE Sensex dropped 1.2 percent to 27,252 after falling as much as 6.1 percent in early trade. While NSE Nifty rebounded from the 8,000-mark, to close 1.3 percent lower at 8,432. The market breadth remained abysmal for the entire day, closing the day at 1,204 declines, 199 advances and 17 stocks remaining unchanged.
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Shares of the restaurant chain operator declined 4.3 percent after reporting a loss in its second quarter earnings.
The company posted a net loss of Rs 2.57 crore for quarter-ended September, compared to a Rs 1.02 crore profit in the year ago period. Net sales came in at Rs 79.63 crore for the three-month period, against Rs 79.68 crore year on year.
Also Read: Apollo Tyres’ Profits Fall, Margins Shrink In Second Quarter
Shares the drug maker gave up most of its gains after reporting a miss in its second quarter earnings.
The Mumbai-based firm posted a net profit of Rs 662 crore for quarter-ended September, compared to an estimate of Rs 708 crore by analysts polled by Bloomberg. Net group sales also missed street expectations at Rs 4,290 crore.
The total costs of the company for the quarter stood at Rs 3,470 crore versus Rs 2,780 crore.
More details HERE
Donald Trump pulled off a huge electoral upset to become the 45th president of the United States, a repudiation of the political establishment that’s jolting financial markets even as it promises to reshape the nation’s priorities and America’s relationship with the world.
Odds on the Fed hiking next month have plummeted to as low as 47 percent - that's from 82 percent at the end of trading in New York on Tuesday.
Donald Trump pulled off a huge electoral upset to become the 45th president of the United States, a repudiation of the political establishment that’s jolting financial markets even as it promises to reshape the nation’s priorities and America’s relationship with the world.
Odds on the Fed hiking next month have plummeted to as low as 47 percent - that's from 82 percent at the end of trading in New York on Tuesday.
A Donald Trump victory in the U.S. presidential election in November would probably lift gold prices, according to the mint that refines almost all the bullion output from one of the world’s biggest producers.
“If someone like Donald Trump does get himself elected, it will stimulate some fear within the economy as to where things are going,” Richard Hayes, chief executive officer of the Perth Mint, said in a Bloomberg TV interview. “Trump is very much a protectionist, he is very much for almost ‘Fortress America’.”
Read the full copy HERE
A Donald Trump victory in the U.S. presidential election in November would probably lift gold prices, according to the mint that refines almost all the bullion output from one of the world’s biggest producers.
“If someone like Donald Trump does get himself elected, it will stimulate some fear within the economy as to where things are going,” Richard Hayes, chief executive officer of the Perth Mint, said in a Bloomberg TV interview. “Trump is very much a protectionist, he is very much for almost ‘Fortress America’.”
Read the full copy HERE
Shares of the Mumbai-based firm fell 2.7 percent after disappointing street with its second quarter earnings.
It reported a net profit of Rs 23.48 crore for quarter-ended September, compared to Rs 103.91 crore same period last year. A Bloomberg poll of analysts’ estimates had pegged the figure at Rs 53.77 crore.
The stock was down 17.8 percent in opening trade but recovered most of its losses before the result announcement. (more details HERE)
#Election2016 | S&P Futures plunge 5%, limit down, as Trump holds lead https://t.co/hyjbLTeJ0U pic.twitter.com/GUTjCiWaQE
— BloombergQuint (@BloombergQuint) November 9, 2016
Bloomberg's Guy Johnson discusses the similarities between the U.S. election and Brexit with Bloomberg's David Gura and Megan Murphy on "Bloomberg Politics: Election 2016.
Sean Darby, chief global equity strategist at Jefferies, discusses the U.S. election and its impact on the markets. He speaks to Bloomberg's Yvonne Man on "Bloomberg Politics: Election 2016."
For more movers & shakers in market, click HERE
U.S. stock futures hit limit down trigger
— BloombergQuint (@BloombergQuint) November 9, 2016
Read | https://t.co/jhr6s5ijRh pic.twitter.com/EtuSVUG3jQ
Prime Minister Narendra Modi’s decision to discontinue Rs 500 and Rs 1,000 currency notes in circulation will boost tax revenues and dent consumption in the near-term, according to a report by brokerage firm Nomura.
It said the latest government measures to crack down on black money and corruption are a big medium-term positive for the Indian economy.
Read the full report HERE
Prime Minister Narendra Modi’s decision to discontinue Rs 500 and Rs 1,000 currency notes in circulation will boost tax revenues and dent consumption in the near-term, according to a report by brokerage firm Nomura.
It said the latest government measures to crack down on black money and corruption are a big medium-term positive for the Indian economy.
Read the full report HERE
Indian shares recovered some of their opening losses after Clinton overtook Trump after winning California and Washington. (Catch the latest poll updates HERE)
The Sensex recovered 3.5 percent from the day’s low, but is still down 2.8 percent at 26,857. The 50-share Nifty is down 2.7 percent to 8,300, after falling as much as 6.3 percent in opening trade.
Indian shares dropped like nine pins after Prime Minister Narendra Modi’s government unexpectedly pulled out high-denomination banknotes and as early results from the U.S. election raised possibilities that Donald Trump may prevail over Hillary Clinton.
The S&P BSE Sensex declined 6.1 percent to 25,902 while the NSE Nifty lost 6.3 percent to 8,002. The market breadth was abysmal at 1,448 declines, 69 advances and 325 stocks remaining unchanged.
Except Dr. Reddy’s Labs (+0.4%), all 50 stocks on the Nifty declined led by Adani Ports (-6.5%), M&M (-6.9%), Tata Power (-6.4%), Ambuja Cements (-5.9%), BHEL (-6.1%) and Hindalco Industries (-6%)
Indian shares dropped like nine pins after Prime Minister Narendra Modi’s government unexpectedly pulled out high-denomination banknotes and as early results from the U.S. election raised possibilities that Donald Trump may prevail over Hillary Clinton.
The S&P BSE Sensex declined 6.1 percent to 25,902 while the NSE Nifty lost 6.3 percent to 8,002. The market breadth was abysmal at 1,448 declines, 69 advances and 325 stocks remaining unchanged.
Except Dr. Reddy’s Labs (+0.4%), all 50 stocks on the Nifty declined led by Adani Ports (-6.5%), M&M (-6.9%), Tata Power (-6.4%), Ambuja Cements (-5.9%), BHEL (-6.1%) and Hindalco Industries (-6%)
The S&P BSE Sensex dropped 4.8 percent to 26251 while the Nifty slumped 5.5 percent to 8,067. The rupee fell 0.2 percent to 66.7575 per dollar, while the SGX Nifty slumped a record 4.5 percent in Singapore, as the government’s move to abolish high-denomination banknotes are seen hurting shares of property developers, jewellery makers.
Taking its strongest step yet to bring down black money and corruption in the economy, the government has said that currency notes of the denomination of Rs 500 and Rs 1000 will no longer be legal tender.
Who Wins? Who Loses?
Modi’s move will hit jewelry purchases, @Swans3a reportshttps://t.co/Ankfd0kUHX
— BloombergQuint (@BloombergQuint) November 9, 2016
Cash done, but what about black money stored as gold, land and in tax havens?@PayaswiniLLB reportshttps://t.co/NbYaUWjbgj
— BloombergQuint (@BloombergQuint) November 9, 2016
Good Morning!
The Nifty Futures on the Singapore Exchange, an early indicator of Nifty’s performance in India, fell 3.4 percent to 8,266.
Asian markets gave up their early gains and slumped after Republican candidate Donald Trump overtook Democratic candidate Hillary Clinton. Mexico’s peso, often seen as a barometer for the U.S. presidential race, tanked 6.6 percent while the perceived safe haven assets like gold and yen surged.
To get the beat-by-beat coverage of the U.S. elections, click HERE
Good Morning!
The Nifty Futures on the Singapore Exchange, an early indicator of Nifty’s performance in India, fell 3.4 percent to 8,266.
Asian markets gave up their early gains and slumped after Republican candidate Donald Trump overtook Democratic candidate Hillary Clinton. Mexico’s peso, often seen as a barometer for the U.S. presidential race, tanked 6.6 percent while the perceived safe haven assets like gold and yen surged.
To get the beat-by-beat coverage of the U.S. elections, click HERE
Clinton is seen as a continuity candidate, while Trump is a political novice who has advocated policies such as winding back free-trade agreements that could send jitters across markets.
#Election2016 | If Donald Trump wins... pic.twitter.com/Tp4ZvqQGtH
— BloombergQuint (@BloombergQuint) November 9, 2016
The MSCI Asia Pacific Index lost 1.1 percent to 136.29, after rising as much as 0.8 percent. The dollar fell against the yen for the first time in four days as early results indicated the U.S. presidential election may be a tight race.
#Election2016| Gold soars, crude crashes pic.twitter.com/8IhrEIj3gE
— BloombergQuint (@BloombergQuint) November 9, 2016
Futures on the S&P 500 Index tumbled 1.7 percent, having swung from gains of as much as 0.8 percent. Hong Kong’s Hang Seng Index slid 1.7 percent and China’s Shanghai Composite Index fell 0.3 percent, retreating from a 10-month high.
Crude oil prices dropped as much as 3 percent while gold extended its climbed 2.3 percent.
Also Read: Gold Surges Above $1,300 as Florida Race Goes Down to the Wire
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