India : Sensex recovers but still down 300pts after Trump win; SBI up 2%
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
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.
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.
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.
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.
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).
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.
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.
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