Share Market Crashes Ahead Of US Elections, Slides Over 1,000 Points

The share market tumbled in early trade on Monday as investors turned cautious ahead of the US presidential elections and Federal Reserve interest rate decision. While Sensex crashed over 1,000 points, Nifty was below the 24,000-mark at 11:45 am.

Reliance Industries, Sun Pharma, Infosys, Tata Motors and Infosys were among the major laggards in the Sensex pack, while Mahindra & Mahindra, Tech Mahindra and HCL Technologies were the gainers.

Sensex, an indicator for the top 30 BSE stocks, was at its peak of 85,000-plus over a month ago.

Foreign Institutional Investors (FIIs) offloaded equities worth over 90,000 crore in October, making it the worst month in terms of outflows. Exchange data showed foreign investors sold Rs 211.93 crore-worth equities last Friday.

The other Asian markets, including Seoul, Shanghai and Hong Kong, were trading higher while the US markets ended in the green on Friday.

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The US Federal Reserve is likely to cut its lending rate on Thursday, allowing the central banks in other countries to lower their interest rates.

The share market was closed during the regular hours on Friday, but opened for a special Muhurat trading session in the evening in view of Diwali. The one-hour session saw the Sensex climbing 335 points to 79,724 while Nifty went up 99 points to 24,304.