• Advertise
  • Contact Us
  • Daily The Business
  • Privacy Policy
Friday, May 9, 2025
Daily The Business
  • Login
No Result
View All Result
DTB
No Result
View All Result
DTB

Indian shares post worst session in over a month ahead of US election

November 4, 2024
in Markets
Indian shares post worst session in over a month ahead of US election
Share on FacebookShare on TwitterWhatsapp

Indian shares logged their worst session in more than a month on Monday, weighed down by uncertainty around the hotly-contested U.S. presidential election, while volatility spiked to a three-month high.

The NSE Nifty 50 fell 1.27% to 23,995.35, while the BSE Sensex lost 1.18% to 78,782.24. Both benchmarks logged their biggest single-day drop since Oct. 3.

“Investors are cautious. They are refraining from making major bets and are taking profits because of uncertainty over U.S. presidential elections,” said Kranthi Bathini, director of equity strategy at WealthMills Securities.

The benchmarks fell about 6% each in October on record monthly foreign outflows and dull earnings. They had gained 15% in the previous four months and hit record highs, but are still overvalued compared to historical averages, according to analysts.

In the U.S., Democrat Kamala Harris and Republican candidate Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s election and the winner might not be known for days after voting ends.

Autos lead rise in Indian shares in special Diwali session

“While a potential victory for Harris is seen as a neutral-to-positive event for markets, a Trump victory is seen as a positive due to his pro-corporate policies, including the plan to cut tax rates for companies,” said Bathini.

Meanwhile, markets have priced in a 25-basis-point rate cut from the U.S. Federal Reserve on Nov. 7. Lower U.S. rates could spur higher foreign inflows into emerging markets such as India.

All the 13 major sectors logged losses on the day, while the broader, more domestically focussed small- and mid-caps lost 2% and 1.3%, respectively.

The Nifty volatility index rose to 16.69, its highest since early August.

Forty-two of the Nifty 50 constituents declined. Among them, Sun Pharma retreated 2.6% after a U.S. court granted U.S.-based Incyte Corp’s preliminary injunction to prevent the Indian firm from launching a key drug.

Two-wheeler maker Bajaj Auto lost 3.6% after posting lower domestic sales in October.

Hero MotoCorp dropped 4.3% after CLSA flagged a decline in market share last month.

Tags: Indian sharesIndian stocksNSE Nifty 50 indexS&P BSE Sensex
Share15Tweet10Send
Previous Post

Forget bedsheet ghosts and toilet paper mummies, celebs are calling in FX crews for Halloween

Next Post

Tabarak Ur Rehman Launches 1000-Mile Run to Raise $1 Million for Education in Pakistan

Related Posts

Rubio urges India and Pakistan to de-escalate, backs direct dialogue
Markets

Rubio urges India and Pakistan to de-escalate, backs direct dialogue

May 8, 2025
Flight operations resume at Karachi airport
Markets

Flight operations resume at Karachi airport

May 8, 2025
PSX bleeds amid Indo-Pak tensions: KSE-100 plunges nearly 7,000 points
Markets

Bloodbath at PSX: KSE-100 closes nearly 6,500 points lower amid Pakistan-India escalation

May 8, 2025
PSX bleeds amid Indo-Pak tensions: KSE-100 plunges nearly 7,000 points
Markets

Bloodbath at PSX: KSE-100 closes 6,500 points lower amid Pakistan-India escalation

May 8, 2025
SBP-held foreign exchange reserves increase $118mn to $10.33bn
Markets

SBP-held foreign exchange reserves increase $118mn to $10.33bn

May 9, 2025
Gold price per tola falls Rs4,200 in Pakistan
Markets

Gold price per tola falls Rs4,200 in Pakistan

May 8, 2025

Popular Post

  • FRSHAR Mail

    FRSHAR Mail set to redefine secure communication, data privacy

    126 shares
    Share 50 Tweet 32
  • How to avoid buyer’s remorse when raising venture capital

    33 shares
    Share 337 Tweet 211
  • Microsoft to pay off cloud industry group to end EU antitrust complaint

    45 shares
    Share 18 Tweet 11
  • Saudi Arabia Launches World’s First Self-Driving Flying Taxi to Transport Hajj Pilgrims

    42 shares
    Share 17 Tweet 11
  • SingTel annual profit more than halves on $2.3bn impairment charge

    42 shares
    Share 17 Tweet 11
American Dollar Exchange Rate
  • Advertise
  • Contact Us
  • Daily The Business
  • Privacy Policy
Write us: info@dailythebusiness.com

© 2021 Daily The Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Need Help? Chat with us
Start a Conversation
Hi! Click one of our member below to chat on WhatsApp
The team typically replies in a few minutes.
DTB
No Result
View All Result
  • Advertise
  • Contact Us
  • Daily The Business
  • Privacy Policy

© 2021 Daily The Business

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.