Market experts sweat as Trump inches closer to White House

Mumbai[India], Nov.9(ANI): As the picture in the US presidential election becomes clearer with Republican Donald Trump taking the lead over his rival Hillary Clinton, the Indian market crashed, citing US elections as the reason for the slump. Share Market expert, Siddharth Kuwawala told ANI that markets are positive regarding the demonetization of Rs 500 and 1000 currency notes. "Major reason for the Sensex slump is the rise of Donald Trump as the next President of United States," Share Market expert, Siddharth Kuwawala said. Kuwawala stressed on the fact that people at share markets across the world are not certain about Trump's economic policies as he is unpredictable in nature. A majority of polls had indicated Hillary to win the election comfortably but a likely Trump victory made global markets nervous, after traders had taken positions betting on the former. Speaking on the demonetization of Rs 500 and 1000 currency notes, Kuwawala emphasised that Share market everyday dealing is done by Cheque and Cash transactions are almost negligible. Wednesday morning witnessed a situation of blood bath on Dalal Street as nervous investors welcomed triggers with US elections outcome around the corner as Donald Trump leads in the US elections. Also, the market apprehensions are on the rise as it welcomed government's decision to withdraw Rs. 500 and Rs. 1000 notes in an attempt to curb black money. The Sensex witnessed a crash of 1584.19 points or 5.7 percent at 26006.95, while the Nifty witnessed a downfall of 474.00 points or 5.6 percent at 8069.55. 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.(ANI)