Sensex Sinks 300 Points As Trump Edges Ahead In Opinion Polls

Business

oi-Sunil Fernandes

Markets in India fell, taking cues from across Asia, after a new opinion poll suggested that Donald Trump was ahead of Hillary Clinton.

By Sunil Fernandes

Updated: Wednesday, November 2, 2016, 10:01 [IST]

Benchmark indices fell, tracking Asian and the US markets, after an ABC News/Washington Post poll showed Trump was one per centage point ahead of Hillary Clinton. This was the first such lead since May 2016. Markets had hitherto factored a win for Hillary Clinton, but, with Trump edging past in opinion polls, markets were worried over uncertainty.

In Asia, most markets lost ground, following poor cues from the US. The South Korean Kospi, the Shanghai Composite and the Hong Kong's Hang Sang, all dropped more than one per cent each.

Sentiments were also affected in the global currency market, where the Euro rose to a high against the US dollar.

IT stocks saw some selling pressure with Infosys dropping to a new 52-week low of Rs 983. Among the top Nifty losers in trade were some of the Tata group stocks, including the likes of Tata Steel and Tata Motors.

There was no stock from the Nifty that was trading with gains. Banking stocks were the worst hit with State Bank of India losing 2 per cent, while other government owned banks like Allahabad Bank and Punjab National Bank also lost 2 per cent in trade.

In other asset classes, gold which is considered a safe haven surged in trade, as uncertainty over the political outcome in the US continued.

Meanwhile, the rupee opened at 66.80 to the US dollar.

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