Nifty ends below 8450, Sensex recovers 1300 points post Trump win

3:30 pm Market closing: The market staged a comeback in late tarde after intraday swing of around 1500 points. The Sensex was down 338.61 points or 1.2 percent at 27252.53 and the Nifty slipped 111.55 points or 1.3 percent at 8432. About 635 shares have advanced, 2131 shares declined, and 96 shares were unchanged.

Dr Reddy's Labs, Sun Pharma, SBI, GAIL and Lupin were top gainers while TCS, Maruti, Hero MotoCorp, BHEL and Adani Ports were losers

3:20 pm IT: America had a chance to create history by electing Hillary Clinton as the US President, says Infosys Founder, NR Narayana Murthy. But he feels Donald Trump will do what is best for the US. His election as President will not impact Indian companies.

The challenge for Indian companies with respect to the US is to try to become more valuable to the customers. IT companies can increase value, by mainly delivering on the innovation front and improving productivity and quality of output, says Murthy.

3:10 pm Coal India: State-owned Coal India allocated 24.9 million tonnes (MT) of coal under spot e-auction in the first six months of the current fiscal, down 7.7 per cent from the year-ago period.

The decline comes amid government's goal to secure availability of coal to meet the demand of various sectors of the economy including power.

Coal India Ltd (CIL) had allocated 27 MT of the fuel in the April-September period of last fiscal, according to the government data.

3:00 pm Trump in power: The prospect of a Donald Trump presidency unnerves businesspeople and economists who see him as a reckless novice who might disrupt trade and imperil the struggling global economy.

Financial markets tumbled today as Trump claimed victory after a campaign marked by fiery anti-foreign rhetoric and promises to tear up trade deals, restrict immigration and lock up political rivals.

Trump's confrontational stance toward China and other trading partners, shifting and radical positions on key issues and lack of detailed plans have left many saying it is impossible to know what he might do in office.

2:55 pm Earnings: Oriental Bank of Commerce's Q2 profit fell 49.1 percent year-on-year to Rs 153.3 crore and net interest income declined 4.9 percent to Rs 1,315.6 crore. Net NPA increased to 8.93 percent from 8.11 percent on sequential basis.

2:50 pm Market expert N Jayakumar says he expects new highs in market by January 2017.

2:45 pm Order win: Kolkata Port has called for global competitive tenders for maintenance dredging in the shipping channel leading to Haldia Dock Complex in the Hooghly Estuary for a period of five years from January 2017.

Dredging Corporation of India is the successful bidder and the award of work to the company by Kolkata Port is under finalisation. The value of contract is Rs 1,119 crore.

2:40 pm US Futures recover: Stock index futures came well off session lows after Hillary Clinton conceded the presidential election to Donald Trump.

However, Dow futures were still about 300 points lower after earlier falling 800 points. Stock futures fell and bonds rallied as markets feared Donald Trump could pull off an upset and take the White House.

2:31 pm Europe falls: European stocks were trading lower after Democrat candidate Hillary Clinton called Donald Trump to concede the US Presidential election.

The Pan-European Stoxx 600 was 2 percent lower. Autos and Banks' stocks were leading the falls, dropping more than 3 percent.

2:25 pm US-India pact: US presidency under Donald Trump , a confessed big fan of India and Prime Minister Narendra Modi, is most likely to boost Indo-US strategic relationship with a special emphasis on defence ties and counter-terrorism cooperation.

Trump, 70, had recently described India as "a key, and key strategic ally" and looks forward to deepening the diplomatic and military cooperation that is the shared interest of both countries.

The billionaire businessman who has lauded economic policies of Modi had said he wants to work with him.

At an event in New Jersey less than a month from now, Trump had promised to the Indian-American community in him India would find a true friend at the White House.

2:15 pm Modi move effects: The government's ban on high-value notes is expected to come as a shot in the arm for financial savings in the long term as households may cut down allocation for physical assets such as gold and property, says a Morgan Stanley report.

According to the global financial services major, this could affect economic activity in the near term, but will be more than offset by the positive impact resulting from improved transparency and tax compliance in the medium term.

"... households have traditionally parked their savings in physical assets such as gold and property. This move would also have an impact on their allocation decisions and have the impact on improving financial savings within the economy," Morgan Stanley said in a research note.

From a funds flow perspective, household physical savings stand at around USD 270 billion (13 per cent of GDP) while financial savings are USD 160 billion (7.7 per cent).

2:10 pm Earnings: Pharma major Lupin's second quarter earnings missed analysts' expectations. Profit jumped 57.7 percent year-on-year to Rs 662.2 crore.

Revenue during the quarter increased 28.9 percent to Rs 4,290.5 crore compared with year-ago period.

Profit was estimated at Rs 736.5 crore on revenue of Rs 4,938.1 crore and EBITDA was expected at Rs 1,229.5 crore with margin at 28 percent for the quarter, according to analysts polled by CNBC-TV18.

2:00 pm Market Check
Equity benchmarks recovered sharply from day's low but are still under pressure with Sensex losing over 300 points after the Republican Party won US elections and Donald Trump became 45th President.

The 30-share BSE Sensex was down 329.43 points or 1.19 percent at 27261.7 after showing 1300 points recovery. The 50-share NSE Nifty fell 113.30 points or 1.33 percent to 8430.25.

The gap between advances and declines also narrowed a bit. About five shares declined for every share rising against 13:1 in morning on the BSE.

Healthcare stocks rebounded sharply after Hillary Clinton lost US elections. Pharma majors Sun Pharma and Dr Reddy's Labs gained more than 4 percent. Lupin rallied 3 percent.

SBI also participated in recovery, up 2.5 percent.

1:55 pm Shares of Indonesian companies controlled by Donald Trump 's hotel business partner, Indonesian tycoon Hary Tanoesoedibjo, surged on Wednesday as the Republican nominee clinched the US presidency, defeating Democratic rival Hillary Clinton .

Trump has a partnership with Tanoesoedibjo, who controls the MNC Group conglomerate, to manage hotels in the Indonesian island of Bali and in the West Java city of Bogor.

Shares of PT MNC Investama surged 23 percent, PT Media Nusantara Citra Tbk rose 2.1 percent and PT MNC Land was up 0.7 percent. The broader Jakarta stock exchange was down 1.4 percent.

1:50 pm US elections: Hillary Clinton called Donald Trump to concede the presidential election early Wednesday, her aspiration to become the first woman elected U.S. president dashed by the businessman's stunning, chaotic rise to the peak of American politics.

Trump unexpectedly won the presidency, fueled by projected or apparent wins in swings states Florida, North Carolina, Ohio and Pennsylvania, NBC News projected.

1:42 pm Market check: The Sensex is down 383.47 points or 1.4 percent at 27207.67, and the Nifty down 128.40 points or 1.5 percent at 8415.15.
About 324 shares have advanced, 2295 shares declined, and 86 shares are unchanged.

Dr Reddy's Labs, Sun Pharma, Lupin and SBI were top gainers while Adani Ports, TCS, Hero MotoCorp, Infosys and Maruti Suzuki were major losers in the Sensex.

1:40 pm European Markets: European stock futures fell sharply on Wednesday and were poised for their worst day since the Brexit vote in the UK as global markets were left stunned by the rising possibility of Republican candidate and political outsider Donald Trump becoming the next US President.

Futures for the Euro STOXX 50 fell 4.2 percent, and futures for the STOXX 600 were down 4.1 percent. Futures for the FTSE, DAX and CAC were down 3.3-3.9 percent lower.

Republican Donald Trump edged closer to winning the White House with a series of shocking wins in key states such as Florida and Ohio, rattling world markets that had expected Democrat Hillary Clinton to defeat the political outsider in Tuesday's US election.

1:30 pm Asian markets: Asian stock markets tumbled and investors scrambled into assets perceived to be safe on nervousness over the outcome of the U.S. presidential election.

Japan's Nikkei 225 tanked 5.36 percent, or 919.84 points, at 16,251.54, as the yen, regarded as a safe haven currency, strengthened amid nervousness over the vote. Dollar/yen was trading at 102.65 as of 3:08 pm HK/SIN, after climbing as high as 105.46 earlier. At the yen's strongest level in Wednesday's session, it was fetching 101.15 per dollar.

1:20 pm Pharma stocks rally. Sun Pharma, Dr Reddy's Labs and Luoin are top gainers in the Sensex.

1:15 am Market recovers: The market recovers from morning jolts. The Sensex is down 648.98 points or 2.3 percent at 26942.16 and the Nifty is down 204.70 points or 2.4 percent at 8338.85. About 271 shares have advanced, 2335 shares declined, and 80 shares are unchanged.

1:07 pm Donald Trump leads Hillary Clinton 265-218 in the race to 270 electoral vote

1:02 pm Breaking: The Associated Press is among the first news networks to call the US Presidential race, says Donald Trump will be the next US President.

The market continued to skid with the Sensex down 764.19 points or 2.8 percent at 26826.95, and the Nifty down 242.50 points or 2.8 percent at 8301.05. About 235 shares have advanced, 2339 shares declined, and 73 shares were unchanged.

Adani Ports, BHEL, Hero MotoCorp, TCS and ICICI Bank are losers in the Sensex while Dr Reddy's Labs, Lupin and NTPC are gainers.

Sanjay Dutt, Director, Quantum Securities said that this is a perfect opportunity to deploy one's cash now. ''I don't think people need to panic in India and otherwise. The steps announced last night were positive,'' he said, adding that his sense is that steps were directed at counterfeiting, cross border deals and Hawala.

12:59 pm Market Expert: Speaking to CNBC-TV18 Sanjay Dutt, Director, Quantum Securities said, "This is a perfect opportunity to deploy one's cash now. I don't think people need to panic in India and otherwise. The steps announced last night were positive."

12:56 pm Losers: ICICI Bank, HDFC, Infosys, TCS, ITC and Reliance Industries are leading contributors' to Sensex fall, down 2-5 percent.

12:52 pm Outperformers: Pharma stocks recovered as Hillary Clinton is likely to lose US elections. Analysts were expecting Democratic win in the US presidential election would have a negative impact on drug pricing control.

Lupin (ahead of earnings today) and Dr Reddy's Labs gained 0.3 percent each.

12:49 pm Oil weak: Oil prices tumbled as vote counting showed Donald Trump edging ahead in an unexpectedly tight US presidential election, throwing world markets into turmoil in a result reminiscent of June's Brexit vote.

US West Texas Intermediate (WTI) crude futures fell to a session low of USD 43.07 per barrel, down more than 4 percent from their last close and their lowest since September, before edging back to USD 44.22 a barrel.

International Brent crude futures were down 1..65 percent at USD 45.28 a barrel.

12:46 pm Fitch on banks' NPAs: Indian banks' asset-quality indicators are close to their weakest levels and Fitch expects the outlook on asset quality to remain challenging for the next 12-18 months, with the stressed asset ratio for all banks reaching around 12 percent in FY17 (FY16: 11.4 percent). A meaningful recovery depends on the pace of NPL resolution and credit growth.

Resolving outstanding problem loans will be difficult for state banks. State banks had an average stressed asset ratio of 14.5 percent at FYE16, compared with 4.5 percent for the private banks, the rating agency says.

12:44 pm US elections: Donald Trump needs 4 seats to reach 270 electoral votes.

12:42 pm Europe futures: FTSE futures fell 3.4 percent and CAC lost 5.5 percent, indicated negative start on US elections results.

12:40 pm Suhas Harinarayanan of JM Financial says, "We are soon entering the buy zone after the market reactions to US elections and black money crackdown."

12:38 pm Market under pressure: The Sensex was down 863.29 points or 3.13 percent at 26727.85 and the Nifty down 277.15 points or 3.24 percent at 8266.40.

12:35 pm Asia Update: Asian stock markets tumbled and investors scrambled into assets perceived to be safe on nervousness over the outcome of the US presidential election.

Japan's Nikkei 225 tanked 5.36 percent, or 919.84 points, at 16,251.54, as the yen, regarded as a safe haven currency, strengthened amid nervousness over the vote.

Australia's ASX 200 closed down 1.92 percent, or 101.19 points, at 5,156.6. The index was initially up 0.8 percent at the open, before the projections came in. The benchmark index saw broad losses across all sub-indexes, except for gold which was up 9.61 percent.

12:30 pm US elections: Republican party leader Donald Trump is leading Hillary Clinton 265-218 in the race to 270 electoral votes.

12:23 pm Rupee update: In line with equities, the rupee plummeted further by 17 paise to 66.79 against the US dollar in afternoon trade on government's move to withdraw higher-denomination currency notes compounded with US election trend.

The domestic currency opened lower at 66.70 as against yesterday's closing level of 66.62 per dollar at the Interbank Foreign Exchange (Forex) market.

12:18 pm FM on black money: Finance Minister Arun Jaitley says the government wants economy to become cashless and would like to see move towards plastic movement. He believes official transactions will increase post government move.

He further says all arguments against this move are by those in favour of black money. One should not need to panic if cash is at home.

12:14 pm US futures: Dow futures briefly dropped more than 800 points and bonds rallied as markets feared Donald Trump could pull off an upset and take the White House.

Just before midnight ET, S&P 500 futures and Nasdaq 100 futures plunged more than 5 percent.

That was just above levels identified as "limit down" by the CME, which confirmed to CNBC that S&P and Nasdaq futures can trade above but not below those prices until 9:30 am, ET, when the Wednesday US trading session begins.

12:10 pm Market Outlook: So far Trump is getting big lead over Clinton. Abnish Kumar Sudhanshu of Amrapali Aadya Trading & Investments said he believes the market to take it negatively going forward and expect significant selloff post Trump victory as we witnessed in the opening session of the market. Selloff could appear across the globe and across the assets barring the safe heavens gold and silver.

Since, the market is already going through painful state and there is further expectation of getting more wound. he advises investors to avoid bottom fishing at this point of time until things doesn't cool off.

12:06 pm Europe likely to fall: European bourses are set for a troubled day as initial US exit polls show Republican presidential candidate Donald Trump outperforming in the polls.

The FTSE 100 is expected to start the day trading 237 points lower, opening at 6,601, the German DAX should drop 415 points at 10,053 and the French CAC is seen falling 171 points to 4,200.

According to NBC News, Donald Trump has won a raft of key states in the race to the White House including Alabama Iowa, Idaho,South Carolina, Montana and Texas. Meanwhile Hillary Clinton has won in a number of states including California, Illinois, Maryland, Massachusetts, New Mexico, New Jersey, New York, Rhode Island, Vermont and Washington.

The Republicans are set to retain the six-year control over the US House of Representatives. The results are still coming in.

12:03 pm Infosys' Murthy on black money measures: Terming the decision to demonetise Rs 500 and Rs 1,000 currency notes as a "master stroke", IT czar N R Narayana Murthy today said the move will address issues like black money and corruption and also help the economy become more digital.

"Prime Minister is working hard to reduce corruption.

Black money is a scourge on any developing economy. He (Narendra Modi) has been a great supporter of digital economy.

So yesterday when he made the announcement, I thought it was a master stroke," he said at an event here.

Murthy added that this hopefully will help reduce corruption and black money and also accelerate the move towards digital economy.

12:00 pm Market Check

Equity benchmarks are trading off day's lows but still down 3 percent as Republican party leader Donald Trump has taken a lead in US presidential elections.

The 30-share BSE Sensex was down 856.57 points at 26734.57 and the 50-share NSE Nifty fell 276.85 points to 8266.70. The broader markets hit hardest with the BSE Midcap and Smallcap indices shedding 4.7 percent and 5.7 percent, respectively.

About 11 shares declined for every share rising on the BSE.

Manish Chokhani of Enam Holdings said the market has tested the bottom in today's fall and it is a great buying opportunity.

11:55 am FII view: India is the most resilient economy to a Donald Trump victory in the US elections, says Ken Peng, City Private Bank. He also sees the rupee remaining strong while expecting various currencies weaken.

Global trade estimates may also see a revision on the downside, says Peng.

James Sullivan of JPMorgan says the common factor among all the markets is that they dislike uncertainty. The lack of clarity on the policies he may employ will be a cause for volitility in the markets. Traders are also spooked by the fact that Trump victory may add to US's debt.

11:45 am Gold: With the government's latest measures expected to take the sheen off physical gold, investors today flocked to buy gold ETFs and sovereign gold bonds on stock exchanges.

The gold exchange traded funds gained as much as three percent in early trading on the BSE, with HDFC Mutual Fund - HDFC Gold Exchange Traded Fund jumping to Rs 2,900 per gram.

Sovereign gold bonds were also trading higher with gains up to 4 percent in early trade.

While gold was trading higher, gold futures were marginally lower at MCX.

11:35 am Result: Taro Pharmaceutical Industries, the subsidiary of Sun Pharma, has reported a 7.2 percent degrowth in second quarter profit at USD 123.7 million despite higher operating income.

"The increase in operating income was offset by the decrease in forex income and an increase in tax expense, resulting in diluted earnings per share of USD 3 compared to USD 3.11 YoY," the healthcare company explained the reason for lower bottomline.

Revenue during July-September quarter increased 7.9 percent year-on-year to USD 228.8 million, driven by the US generic business.

11:30 am Banks: Banks stocks fell sharply amid steep market correction on US elections jitters. Bank Nifty crashed 7 percent intraday Wednesday but analysts expect strong growth in banks going ahead, especially after the government announced measures to curb the black money.
"Banks should see stronger growth – not just in deposits, but in transaction fees as well. Interest rates should fall with increased formal money supply," Bank of America Merrill Lynch said in its research note.

11:25 am IT impact: The Indian IT sector has been critical to the US economy, says Vineet Nayyar, Vice Chairman of Tech Mahindra. Due to this, Donald Trump winning US elections may not be a problem for the IT sector.

Negative comments had come from Trump earlier with regards to H1B visas. However, it may not be a cause of concern for IT companies as they constitute less than 20 percent of the H1B visas, says R Chandrashekhar, President, Nasscom.

Trump had earlier said that he will be India's best friend once he win presidency. This Chandrashekhar says should reassure people that India is only to gain from his victory.

11:20 am Gold: Gold jumped nearly 5 percent on Wednesday to its strongest in more than five weeks as investors sought safe havens with Republican Donald Trump leading Democrat Hillary Clinton in the race for the White House.

It marked gold's biggest single-day gain since June when it rose as much as 8 percent when Britain decided to leave the European Union.

11:15 am Interview: The Indian jewellery market will be the worst hit with the ban on Rs 500 and Rs 1000 currency notes, says S Subramaniam, CFO of Titan Company. This is due to the preference of shoppers to pay amounts over Rs 2 lakh in cash.

There is expected to be a slowdown in the market and a short term disruption due to the ban and the US elections with a Donald Trump win likely.

11:10 am Pennsylvania tied after 95.6 percent of votes. Michigan and Wisconsin also on the radar.

Don't miss: Midcap index crashes 5% on black money crackdown

Selling pressure continues on Dalal Street as government cracks whip on black money while Donald Trump needs only 26 electoral votes to win US elections . The Sensex is down 902.15 points or 3.3 percent at 26688.99 and the Nifty is down 303.90 points or 3.4 percent at 8239.65.

About 167 shares have advanced, 2171 shares declined, and 64 shares are unchanged.

BHEL, Adani Ports, ICICI Bank, Hero and ITC are losers in the Sensex. Not a single stock is in the Sensex.

Dow futures plunged more than 800 points and bonds rallied as markets feared Donald Trump could pull off an upset and take the White House.

S&P 500 futures fell more than 5 percent just before midnight ET. Trade volume in eMini S&P futures was about 17 times their average daily volume, according to a note from Citi.

Investors moved into the safety of bonds Tuesday evening and stock futures cratered as traders questioned whether Democrat Hillary Clinton could still win the race, as expected. The Mexican peso fell 10 percent against the US dollar.

10:59 am US futures update: Dow futures plunged more than 800 points and bonds rallied as markets feared Donald Trump could pull off an upset and take the White House.

S&P 500 futures fell more than 5 percent just before midnight ET. Trade volume in eMini S&P futures was about 17 times their average daily volume, according to a note from Citi.

Investors moved into the safety of bonds Tuesday evening and stock futures cratered as traders questioned whether Democrat Hillary Clinton could still win the race, as expected. The Mexican peso fell 10 percent against the US dollar.

10:57 am Safe-haven currencies: Safe-haven currencies surged as investors remained on the edge while waiting for U.S. polling results.

The yen climbed from an earlier session low of 105.46 to as high as 101.44 versus the dollar.

Yen crosses also gained, with the euro/yen pair at 114.31, down from an earlier high of 116.02, while pound/yen traded at 127.53, down from levels near 130. The Japanese currency also strengthened against the Australian dollar, climbing from levels near 82.00 to as high as 77.27.

The Swiss franc climbed to a session high of 0.9576 against the dollar from an earlier low of 0.9835..

10:54 am JM Financial on black money: The brokerage house views the measures as a big positive reform measure though would likely lead to both transitory and permanent changes in sectors: 1) transitory - a shift to organized and legalised channels in the medium term for activities and sectors such as payment/collection for loans, OTC sales in pharma, building materials and 2) on a more permanent basis, sectors such as real estate, and jewellery could slowdown.

Banks, it believes, stand to gain from the deposits they can garner though the impact of slowdown in property market could result in some stress in the already
slowing LAP (loans against property) and in general, the cash based payments of instalments could slowdown.

10:50 am Realty collapses further: Nifty Realty Index fell nearly 17 percent as Indiabulls Real Estate, DLF and HDIL were down 22-25 percent after the government's measures to curb the black money.

10:46 am Hindalco board meet on Nov 12: A meeting of the board of directors of the company, scheduled on November 12, 2016 will consider approval of raising of funds by issue of equity shares, global depository receipts/ American depository receipts/, foreign currency convertible bonds/, fully convertible debentures/partly convertible debentures/ preference shares convertible into equity Shares, and/or any other financial instruments convertible into equity shares (including warrants, or otherwise, in registered or bearer form) and/or any security convertible into equity shares.

10:42 am Sunil Singhania of Reliance MF said he is optimistic on the government's move to curb the black money and feels it is good for India's financial space and further improvement in GDP.

For US elections, he says it was an unpleasant surprise as Trump leading Clinton for the race of White House.

10:40 am Expert on Black Money crackdown: Nilesh Shah, MD & CEO , Envision Capital, said this is a perfect reform and perfect step towards nation building.

He said this is significantly going to raise India's image and ratings internationally.

It will create some disruption in the near term but it is a fantastic buying opportunity from the long term perspective.

He further said banks and financial sectors will benefit the most out of all of this. These sectors unduly got battered today but in the long term they will recover.

10:38 am Oil prices crack: Oil prices tumbled as vote counting showed Republican Donald Trump doing better than expected in several crucial battleground states in the US presidential election.

US West Texas Intermediate (WTI) crude futures fell to a session low of USD 43.07 per barrel, down more than 4 percent from their last close and their lowest since September, before inching back to USD 43.32 a barrel.

International Brent crude futures were down 3.2 percent at USD 44.56 a barrel.

10:36 am Republican party candidate Donald Trump needs 26 electoral votes to become US President. He is leading in 244 seats against Clinton 209 seats.

10:34 Earnings: Taro Pharmaceutical Industries, the subsidiary of Sun Pharma, has reported a 7.2 percent degrowth in second quarter profit at USD 123.7 million despite higher operating income.

"The increase in operating income was offset by the decrease in forex income and an increase in tax expense, resulting in diluted earnings per share of USD 3 compared to USD 3.11 YoY," the healthcare company explained the reason for lower bottomline.

Revenue during July-September quarter increased 7.9 percent year-on-year to USD 228.8 million, driven by the US generic business.

10:31 am US futures: Dow Jones futures plunged more than 800 points . S&P 500 futures lost over 5 percent. Trading in S&P futures suspended till 8 pm IST.

10:25 am Market slips further: Equity benchmarks started falling further as Donald Trump leading Hillary Clinton in the US presidential elections.

The Sensex was down 1,009.24 points or 3.66 percent at 26581.90, and the Nifty down 328.40 points or 3.84 percent at 8215.15.

10:23 am Brokers on Black Money: Anti-black money move augurs well for inflation: Brokers

"We believe the move (to scrap old Rs 500 and Rs 1000 notes) generally bodes well for the inflation outlook since black money was associated with higher inflation," says broking firm Nomura in a note to clients. However, it is likely to hurt near-term consumption demand, Nomura cautions.

IDFC Securities too sees a similar link between inflation and the anti-black money move.

"With counterfeit and black money going out of system, it will have an easing impact on inflation," says the IDFC Securities note.

"Thus it would negate inflationary impact of GST (if any). As India moves towards being a digital cash economy, India's economic growth will get a boost from structurally lower inflation," the note says.

10:20 am US elections update: Republican party contender Donald Trump is leading Democratic party candidate Hillary Clinton in the race for the White House.

Trump leads with 244 seats against Clinton in 209.

10:18 am Will volatility continue?: Adrian Mowat, Managing Director, Chief Asian and Emerging Market Equity Strategist, JPMorgan advises to refrain from buying into the market today as it likely to go lower.

There is going to be a lot of volatility in the global markets if Hillary Clinton loses the US elections, he says. This is due to the vacuum of information until more clarity on the policies he employs in US emerges.

A Trump victory is going to be a bigger and more impactful shocker than Brexit. A decline in dollar has much broader implications that the sterling.

But Mowat adds that despite having a global impact, India is comparatively isolated on the Trump news compared to the other emerging markets, especially China and Mexico.

10:16 am FII view on black money measures: The ban on Rs 500 and Rs 1000 currency is going to formalise the shadow economy, says Sanjay Mookim, Director, India Equity strategy, Bank of America Merrill Lynch. It will also lead to potential reduction in corruptions and help increase tax collections.

The government's move will also have a negative impact on consumption in the country, he adds.

The correction that comes out of this and the US elections will be a good buying opportunity for investors to buy into the market. The short-term investors may suffer for a few weeks.

10:13 am Market Update: Market is now slipping a bit as the probability of a Trump win increases. Udayan Mukherjee says one should not read too much into the Nifty recovery.

Contrary to the general view among experts, Udayan Mukherjee says Trump cannot ignore the message--protectionism and nationalism--he had given to voters.

"Markets will be worried about Trump," says Udayan.

The Sensex was down 851.95 points or 3.09 percent at 26739.19 and the Nifty fell 278.00 points or 3.25 percent to 8265.55.

About 13 shares declined for every share rising on the BSE.

US Elections Live:  Clinton in 209, wins California; Trump in 232, takes Florida

10:11 am Precious metals rally: Gold jumped nearly 4 percent to its strongest in more than five weeks as investors sought safe havens with Republican Donald Trump leading Democrat Hillary Clinton in the race for the White House.

It marked gold's biggest single-day gain since June when it rose as much as 8 percent when Britain decided to leave the European Union.

Trump won the key battleground state of Ohio and led Clinton in a series of other states that were too close to call, including Florida and North Carolina.

10:09 am Realty stocks hit hardest: Realty stocks hit badly after the Prime Minister Narendra Modi announced a ban on Rs 1,000 and Rs 500 notes to curb the black money.

Nifty Realty Index was down 14 percent as DLF, HDIL, Indiabulls Real, Unitech, Oberoi Realty and Prestige Estates cracked 10-19 percent.

10:08 am Stocks off day's low: IT, pharma stocks now off day's lows as market recovers.

Nilesh Shah says the business models of both these industries are still good and represent good buying opportunity.

IT industry's problem is not a possible Trump win alone, he says, adding that growth visibility is an issue even if valuations have corrected significantly. He would rather bet on pharma where the growth visibility is still better as well as valuations have become cheaper.

10:06 am Asia Update: Asia markets fell amid choppy session, as polling closed in some US states in the world's most closely watched election of recent times.

Japan's Nikkei 225 shed 4.12 percent, after rising more than 1 percent, as the yen, regarded as a safe haven currency, climbed amid nervousness over the vote.

10:02 am India Inc reaction: "Trump is a businessman and hopefully he will be more pragmatic than ideological," says Vineet Nayyar of Tech Mahindra.

"Yes there will be problems, but overall IT spend is a tiny drop in the spend of corporations, and I don't think Trump will reverse that.

He raised all kind of issues in his campaign, but IT has not been a focus area for him," Nayyar says.

10:00 am Market Check: Equity benchmarks recouped more than half of early losses amid US elections uncertainty and black money crackdown. Only Lupin outperformed among Sensex 30 stocks.

The Sensex recovered more than 1000 points to trade at 26919.49, down 671.65 points or 2.4 percent. The Nifty was down 221.75 points or 2.60 percent at 8321.80.

Global markets will have a period of prolonged uncertainty if Trump wins, says Ramesh Damani. That is because Trump's main election promise has been curbs on free trade and on immigration, and he may be under pressure to talk about that in the first month of office. However, Trump is a businessman and he will not favour any policy that could lead to potential recession, says Damani

10:00 Market update: After severe cuts in early trade, the market has recovered a bit.  The Sensex is down 696.21 points or 2.5 percent at 26894.93, and the Nifty down 229.85 points or 27 percent at 8313.70. About 144 shares have advanced, 1929 shares declined, and 52 shares are unchanged.

9:56 am Pressure on global markets will have a spillover effect on Indian equities, says Nilesh Shah.

9:55 am  FII view: Lot of negative triggers could keep the market in check for the next few weeks or even a couple of months, says Nilesh Shah of Envision. This could lead to the market retesting the lows of Brexit. But this represents a good opportunity to accumulate quality shares, he says

9:50 am Forex woes: The dollar tumbled against the yen and euro while the Mexican peso fell off a cliff as polling results in the knife-edge US presidential race pointed to a strong showing by property mogul Donald Trump.

The greenback plunged 3.8 percent to 101.50 yen while it lost almost two percent against the euro, which bought USD 1.1224 in Tokyo trading.

The peso, which has become a proxy for the property mogul's chances of becoming US president, slumped to below 20 against the dollar, an historic low.

9:45 am "Today is a good day to make a list of quality stocks and start a systematic investment plan," says Udayan Mukherjee. He says that if things does get ugly over the next 2-3 months, you will be able to get a good average price.
"The India story is not broken," he says.

9:40 am Market outlook: The move on currency notes will hurt businesses and sentiment in the short term, but this a is a good move which will imporve India's standing in the long run, says Envision Capital's Nilesh Shah.

"Today is more a day of collateral damage, not of fundamentals," he says, but adds that this is a "fantastic buying opportunity.

9:35 am Market check: The Sensex is down 681.02 points or 2.5 percent at 26910.12, and the Nifty down 228.20 points or 2.67% at 8315.35.
About 87 shares have advanced, 1871 shares declined, and 40 shares are unchanged.

9:25 am FII view: Speaking to CNBC-TV18 Marc Faber of The Gloom, Boom & Doom Report, says Indian government move to clampdown on black money is negative in the longer run. I don't think big corruption comes from bank notes.

His view is that regardless of who wins the US elections, stock markets would go down.

9:20 am Reaction: Ashok Tyagi, Group CFO, DLF said that the government's move to demonetise Rs 500 and Rs 1000 notes is a bold and disruptive move. The suddenness was brilliant, he said. He believes the impact will be felt, if at all, in the secondary property market.

There has been a downward pricing in secondary markets in Delhi over the last 3-4 years. Unfortunatley, it hasn't hasn't had an impact on offtake, he said, adding that even if the prices come down slightly, I don't see an immediate uptick in the residential sales.

9:17 am Technical analyst Ashwani Gujral says the market is showing strength at lower levels, as it is gradually digesting the news of a Trump victory in the US Presidential election. Udayan Mukherjee says stick to blue chips and quality names in midcap space. Don't go for realty stocks just because it has fallen.

9:16 am Real estate stocks bleed: Real estate stocks have taken a pounding in early trade as the sector is expected to feel the heat of the government's move to phase out the old Rs 500 and Rs 1000 notes. The general view is that a lot of purchases may get deferred in the short term.

Shares of leading realty companies like Godrej Properties, DLF, Indiabulls Real Estate, Sobha Developers, Oberoi, HDIL and Unitech were down 12-15 percent.

Brokerage firm IDFC Securities feels luxury real estate and land prices could correct near term, though it may be a positive over the long run.

"Though chaotic initially, it is a structurally positive move for real estate sector. Eventual correction would bring middle class back in the market thus curbing the highest ever inventory build-up in India's real estate market," says the IDFC note.

9:15 am Market opening: It is a blood bath on Dalal Street as nervous investors sell with Donald Trump leading in US elections . The government's decision to withdraw Rs 500 and Rs 1000 notes in an attempt to curb black money is hitting the market. The Sensex is down 1584.19 points or 5.7 percemt at 26006.95, and the Nifty down 474.00 points or 5.6 percent at 8069.55. About 35 shares have advanced, 1218 shares declined, and 18 shares are unchanged.

ICICI Bank, BHEL, Adani Ports, Tata Motors and Maruti Suzuki are losers.

9:10 am Trump leads in 168, takes Ohio. Clinton leads in 131

9:00 am Market outlook: With the US elections outcome around the corner, market apprehensions are on the rise. Dow futures were down about 650 points in early morning trade.

In a conversation with CNBC-TV18, Geoffrey Dennis, UBS, said it is still unclear what the outcome of the US polls will be. The market has seen a sharp decline in the futures.

Whether the US polls will have an impact on India, Dennis says it is being predicted that Donald Trump's win will see more downside in the market. The emerging markets will suffer significantly. Bonds will rise, yields will fall.

US Elections Live: Clinton leads in 122, wins New Mexico; Trump in 168, takes Ohio

US election jitters and Modi's black money crackdown will weigh on Indian markets as the SGX Nifty indicates a gap down opening on Dalal Street. Asia markets fell in Wednesday's choppy session, as polling closed in some US states in the world's most closely watched election of recent times.

Corporate India gives a thumbs up to the biggest crackdown on black money, calls it a short term pain for long term gain. Banks are likely to benefit with higher CASA growth and PSU banks may gain. MFIs and NBFC collection cycles could get disrupted temporarily, consumer staples oil marketing companies (OMCs) and autos may see significant change but temporary hit. Real-estate, jewellery, liquor stocks & tobacco and casino may get fall sharply.

Australia's ASX 200 was down 0.57 percent, slipping from gains of 0.8 percent at the open. The benchmark index's energy sub-index was down 2.14 percent, but losses were limited by the financials sub-index, which was down a more modest 0.18 percent.

Japan's Nikkei 225 shed 1.34 percent, after rising more than 1 percent, as the yen, regarded as a safe haven currency, climbed amid nervousness over the vote.