The key domestic benchmark indices were trading in a negative terrain in the morning trading session with early results showing Donald Trump leading Hillary Clinton in a tight race in the US Presidential elections, which resulted in traders resorting to a cautious approach.
The focus will be on the shares of Cipla, Lupin, J&K Bank, Karnataka Bank, Oriental Bank of Commerce and UCO Bank which will unveil its September quarter earnings today.
Investors also reacted to the Government’s surprise move of withdrawing currency notes of Rs 1,000 and Rs 500 as it seeked to crackdown on black money. The move, effective from Tuesday midnight, viewed as a positive one for the longer-term, but could adversely affect short-term consumption in Asia’s third biggest economy, making Dalal Street traders wary.
At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 26741.53 down by 849.61 points or by 3.08 per cent, while the NSE Nifty was at 8267.55 points, trading lower by 276 points or by 3.23 per cent.
The BSE Sensex touched an intraday high of 27026.28 and an intraday low of 25902.45 while the NSE Nifty touched an intraday high of 8351.15 and an intraday low of 8002.25
Meanwhile, Adani Ports & Special Economic Zone Ltd. (Rs. 273.90,-5.84 per cent), Mahindra & Mahindra Ltd. (Rs. 1309.00,-5.46 per cent), Hero MotoCorp Ltd. (Rs. 3200.00,-5.03 per cent), ICICI Bank Ltd. (Rs. 269.10,-4.98 per cent), Bajaj Auto Ltd. (Rs. 2739.55,-4.40 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2304 shares traded, 178 shares advanced, 2058 shares declined while 68 were unchanged.
On the global front, Asian stocks were trading lower today as investors braced for the US presidential election results with early results indicating a tight race for the White House. US stocks closed higher in the previous trading session as Americans casted their ballots.