Sensex Tanks Ahead Of Election Results; Realty Stocks Plummet

Indian share markets settled around 2% lower today following a sell-off in the global markets and due to uncertainty over the outcome of state assembly elections tomorrow. At the closing bell, BSE Sensex ended down by 714 points, while, NSE Nifty ended down by 205 points.

Sectoral indices ended on a negative note with realty stocks, and capital goods stocks witnessing maximum selling pressure.

Globally, Asian stock markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 is down 2.1% while Hong Kong's Hang Seng is off 1.2% and China's Shanghai Composite is lower by 0.8%. European markets are lower today with shares in Germany off the most. The DAX is down 0.8% while France's CAC 40 is off 0.6% and London's FTSE 100 is lower by 0.3%.

In the news from the currencies space, the Indian rupee slipped to its three-week lows against the US dollar today.

Last week too, the rupee finished the week with a loss of 124 paise or 1.8% against the greenback.

Note that, the rupee is the worst performer in Asia in 2018. It has fallen by around 12% against the US dollar this year.

This selling pressure was seen on the back of a strong dollar and high oil prices. Similarly, the spill-over from the emerging-market turmoil in Argentina and Turkey weighed on the rupee.

However, in the near term, the rupee being under pressure could benefit export-oriented businesses.

The recent Smart Money Secrets recommendation will benefit from the rupee depreciation.

The company derives around 65% of the revenue from exports. The icing on the cake is the company's focused entry into the B2C segment, which provides it a long runway for future growth.

If you're a Smart Money Secrets subscriber, read the detailed report here.

From the banking space, market participants were tracking Kotak Mahindra Bank share price today. The scrip of the company witnessed selling pressure as the bank moved the Bombay High Court seeking legal relief against RBI on the promoter shareholding issue. The bank in its filing said that it has been left with no option but to protect its interest and by way of abundant caution, the bank has today filed a writ petition with the Hon'ble Bombay High Court to validate the bank's position.

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