Stock markets in India and other Asian countries swung wildly on Wednesday as reality sunk in of Republican Donald J Trump’s shock win in US presidential elections.
Indian bourses also bore the brunt of the government’s surprise decision on Tuesday to scrap high-denomination notes in a bid to tackle graft, terror funding and counterfeit currency.
Tokyo markets were the biggest losers in Asia while benchmark indexes in India fell as much as 6% in morning trade before recovering most of the losses.
Trump’s victory hammered stocks of software services exporters, including Tata Consultancy Services and Infosys, which receive a large part of their revenue from the US. TCS lost almost 5%.
The government’s move to scrap Rs 500 and Rs 1,000 notes hurt shares of real estate companies the most as the sector thrives on large cash transactions. DLF, India’ largest property developer, slumped 17.5% after dropping as much as 24%.
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