Markets Make A Sharp Recovery As Fears Over Trump Recede

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Benchmark indices made a solid recovery in trade, as European markets recovered as investors realized that the fears over Donald Trump as the next US President maybe overdone. The Nifty which had opened a staggering 615 points lower, recovered almost all of the losses.

Markets Make A Sharp Recovery As Fears Over Trump Recede

The Sensex ended the day lower by 338.61 points, while the Nifty ended the day lower by 111.55 points. However, real estate stocks came in for some heavy selling pressure after the government discontinued the use of Rs 500 and Rs 1,000 notes.

Shares in HDIL, Sobha Developers and Prestige Real Estate, all fell sharply. There were fears that blackmoney that enters the real estate business, may now come a cropper after the government's latest move.

IT stocks took a pounding after worries that Donald Trump would block the use of H1 B visas. Indian companies use H1B visas to provide IT related services to companies in the US. Shares like Infosys, TCS and Wipro saw selling pressure through the day.

Most banking stocks also ended the day lower led by losses in PSU banks. However, State Bank of India shares made a remarkable recovery and ended the higher by 2 per cent.

Meanwhile, the rupee was trading firm at 66.80 to the US dollar.

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Read more about: sensex, nifty
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