It was a terrible day for Indian and global markets as investors dumped stocks after Donald Trump won the US Presidential elections.
At 1.40 pm, the S&P BSE Sensex was down 406.58 points at 27,184.56 and the Nifty50 dropped 133.25 points lower at 8,410.30.
In fact, there was no place to hide for investors. Compounding the worries were the crackdown on blackmoney, with the withdrawal of 500 and 1000 rupee notes.
Tech stocks had a terrible day, with worries that Donald Trump will curb H1B visas. IT companies in India, which use the HI B visa, came in for heavy selling pressure. Stocks like Infosys, TCS, Tech Mahindra saw sharp cuts.
Shares in Infosys fell a huge 7 per cent, while Sun Pharma was down 10 per cent. Almost all of the Sensex stocks lost between 5-10 per cent.
The midcap index saw a huge cut of 9 per cent, with stocks like Reliance Infra droping 14 per cent, while stocks like Jindal Steel and Havels lost as much as 10 per cent each.
Asian markets also saw some selling pressure with the Japanese Nikkei and the Hong Kong's Hang Sang seeing cuts of near 2 per cent. Meanwhile, the rupee was steady at 66.80 to the US dollar.