Trump, currency ban wipe out 6 lakh crore in minutes
DSIJ Intelligence / 09 Nov 2016
When the market opened on Wednesday, November 9, 2016, all the investors were in for a shocker as there hard earned wealth invested in markets eroded by more than 5 lakh crore to 1.06 lakh crore from the previous day’s close of 1.11 lakh crore.
When the market opened on Wednesday, November 9, 2016, all the investors were in for a shocker as there hard earned wealth invested in markets eroded by more than 5 lakh crore to 1.06 lakh crore from the previous day’s close of 1.11 lakh crore.
Markets all over the globe were hoping for a Hillary Clinton victory in this hardly fought election over the past year. But as the votes were counted Donald Trump was leading the Presidential election results.
Anticipating a Trump win markets world over corrected and witnessed a knee jerk reaction as they plunged. Asian markets were down by more than 3 per cent.
Indian markets also plunged, fearing the near-term negative impact that the decision on banning the Rs 500 & Rs 1000 notes would bring on the informal economy and the main stream economic activities too.
India VIX, a gauge for volatility for next 30 days, soared close to 19 per cent points to 19.93. Signifying a huge amount of volatility in the equity markets.
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