Sell-off grips Dalal Street on black money crackdown, US election

09/11/2016 11:37

Heavy sell-off across the board saw the stock market benchmark shedding nearly 976 points in the late morning deals on Wednesday as traders react to the Modi government’s surprise move of withdrawing currency notes of Rs 500 and Rs 1,000 as it seeks to crackdown on black money, and tracking weak cues from fellow Asian peers as early results showing Donald Trump’s lead in the US Presidential elections.

At 11:12 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 26,614.36, down by 976.78 points or 3.54 per cent while the NSE Nifty was at 8,228.2, down by 315.35 points or 3.69 per cent.

Markets witnessed heavy selling pressure mainly in the realty and consumer durables sector stocks.

Meanwhile, Cipla, Lupin, J&K Bank, Karnataka Bank, Oriental Bank of Commerce and UCO Bank will unveil their September quarter earnings today.

Major show spoilers were Adani Ports & Special Economic Zone Ltd. (Rs. 270.60,-6.98%), Hero MotoCorp Ltd. (Rs. 3170.00,-5.92%), ICICI Bank Ltd. (Rs. 266.60,-5.86%), Tata Consultancy Services Ltd. (Rs. 2157.90,-5.51%), Housing Development Finance Corporation Ltd. (Rs. 1320.00,-4.95%), among others.

The market breadth, indicating the overall strength of the market, was weak. On BSE, out of the total 2,518 shares traded, 180 advanced while 2,271 shares declined and 67 remained unchanged.

On the global front, Asian markets were trading in the red as investors braced for the US presidential election results with early results indicating Donald Trump’s lead in the race for the White House.

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