Sensex crashes over 500 pts, Nifty cracks 2% on Bihar polls -- 9 Nov 2015

BJP's loss in the Bihar elections weighs on the market. The Sensex plunges 579.45 points or 2.2 percent at 25685.79. The Nifty is down 171 points or 2 percent at 7782. About 131 shares have advanced, 838 shares declined, and 22 shares are unchanged.


                                                       

The Sensex plunges 579.45 points or 2.2 percent at 25685.79. The Nifty is down 171 points or 2 percent at 7782. About 131 shares have advanced, 838 shares declined, and 22 shares are unchanged. Sun Pharma tanks 7 percent. Dr Reddy's Labs, Axis Bank, Vedanta and ICICI Bank are major losers.  The rupee weakened past 66 per dollar for the first time since September 29 as it has opened lower by 65 paise at 66.41 per dollar against 65.76 Friday. NS Venkatesh of IDBI Bank said, "Expect market to open on a nervous note following the outcome of Bihar elections. The non-farm payroll numbers from the US could likely result into an early lift-off from the Fed in December. These factors will keep the markets worried." "We expect the rupee to trade within a range of 65.90-66.25/dollar for the day," he added. The dollar jumped to a more than six-month high after data showed the US economy created more jobs than expected in October. Asian stocks kicked off the new trading week mixed, mirroring the handover from Wall Street amid weakening commodity prices. Meanwhile, below-view trade figures released at the weekend from China may keep a lid on risk appetite. October exports fell 6.9 percent from a year ago, dropping for a fourth month, while imports slipped 18.8 percent, leaving the country with a record high trade surplus of $61.64 billion, the General Administration of Customs said on Sunday. The Nasdaq Composite and Dow Jones Industrial Average edged up 0.4 and 0.3 percent respectively, after a better-than-expected October jobs report raised the likelihood of a December rate hike. The S&P 500 finished flat on Friday.


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