- Government scraps Rs 500 and Rs 1,000 currency notes
- The stock markets were expected remain open, and clearing and settlement systems will operate normally, exchange official said.
- Indian shares dropped after Narendra Modi’s unexpectedly pulled out high-denomination banknotes.
- Realty stocks plunged up to 20 percent in early trade on Wednesday
- New high-security Rs 500 and Rs 2,000 currency notes are going to be available in ATMs from 11 November
- Rupee falls 28 paise against US dollar to 66.90 in late morning trade on Wednesday
The Indian equity markets remained deep in the red during most of the trading hours on Wednesday, but finally recovered towards the fag-end to close lower by slightly more than a percent.
Following global cues, as also domestic developments, key Indian indices had reacted adversely to the victory of Republican candidate Donald Trump in the US presidential election and the government's decision on Tuesday evening to demonetise Rs 500 and Rs 1,000 currency notes.
After crashing 1,688 points, or 6.12 percent, in early trade on Wednesday, the Sensex regained a large part of the losses to close lower by around 338.61 points, or 1.23 percent, at 27,252.53 points against the previous close of 27,591.14 points.
At the National Stock Exchange, the Nifty closed at 8,432 points, down 111.55 points, or 1.31 percent.
Indian Stocks Crash as Trump Wins
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.
Trump as President Would Mean Gold’s Going Higher
A Donald Trump victory in the US 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.
Gold Surges to Hit Three-Year High
Gold zoomed Rs 900 to hit three-year high of Rs 31,750 per ten gram in the national capital after Donald Trump was declared the President.
Gold surges Rs 750 to a hit 6-week high of Rs 31,600 per 10 gram on black money crackdown and the US election trends.
The black money crackdown and Trumps victory has resulted in many companies to win, while some other lost.
