A day after Indian and global markets recovered, emerging market stocks and currencies were crushed once again in trade today. The Trump fears came back to haunt the Indian markets, as investors believed that Trump's policy would be inflationary, making it necessary for a more frequent hike in interest rates in the US.
The Sensex had an even worse fall, then the day Trump was elected as US President, ending a staggering 698 points ower, while the Nifty dipped 229 points in trade.
Banking stocks were the biggest losers in trade with stocks like ICICI Bank seeing losses of more than 5 per cent.
However, government owned banks managed to hold ground with stocks like Bank of India and Union Bank of India only seeing marginal gains. Shares in State Bank of India ended the day 2 per cent lower, despite the bank reporting a drop in net profits and worsening asset quality.
Sun Pharma ended the day higher, after the bank reported a good set of quarterly numbers. Vedanta and HDFC Bank were the other stocks that managed to stay resilient in a falling market.
It was carnage in midcap stocks with Jubilant Foodworks falling 10 per cent, while P C Jeweller fell 8 per cent in trade and most other stocks dipped 6-8 per cent, including the likes of Sun Pharma.
Meanwhile, the rupee was sharply lower at 67.10 in trade. The currency was down a staggering 40 paise, as emerging market currencies tumbled in trade. Check and convert currency here