Opening Bell – Sensex falls over 250 points; Metal, Banking stocks drag

stock market downAt 9:15 AM, the S&P BSE Sensex is trading at 27,597 down 279 points, while NSE Nifty is trading at 8,542 down 83 points.

The rupee opened lower by eight paise at 66.78/$ as against the previous close of 66.70/$.

Asian markets opened weak as overnight US indices triggered a sharp correction in global markets with Europe, Latin America following suit. This after pollsters predicted a closer than expected result in the US elections on the 8th November which showed both candidates evenly poised. This set the “cat among st the pigeons’ & the Dow Jones slipped to July levels from where the rally started giving up all the gains of the last 4 months.

Expect high volatility as data is analysed by experts & opinion on the results keeps market on the tenter hooks. Gold continues to hit new highs as uncertainty drives the price higher.

The Fed meet underway is expected to keep rates unchanged. Investors have priced in a status quo for now ahead of the US Presidential elections.

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