Sentiment also got a boost after gold jumped almost 5 per cent in global market to its strongest in more than five weeks as investors sought safe havens in view of Trump's victory over Democrat Hillary Clinton in the United States election.
In a stunning result, billionaire businessman Donald Trump today beat seasoned politician Hillary Clinton in the knife-edge polls, defying the odds to become the 45th US President after starting off as a rank political outsider. "But since morning the market has been recovering led by short covering and bottom fishing due to strong bargain given a sharp gap down of more than 6 per cent".
The 30-share Sensex opened as much as 1,339.76 points, or 4.86 per cent lower on Wednesday, at 26,251.38 points, against the previous close at 27,591.14 points.
Indian equity benchmarks have made a gap-down opening and are witnessing blood-bath in early deals, with frontline gauges trading with a cut of over two and a half percent, breaching their crucial 27,000 (Sensex) and 8,350 (Nifty) levels.
The Sensex today recorded the worst intra-day plunge in almost 15 months. The Nifty50 of the National Stock Exchange is down 263.05 points or 3.1% at 8280.50. It recouped the losses and closed at its highest level since September 8.
Broader markets also performed weak with the BSE small-cap index falling 2.78 per cent and mid-cap down 2.03 per cent.
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"In a sudden move the government has demonetised the Rs 500 and Rs 1,000 currency notes".
In domestic market, foreign portfolio investors (FPIs) bought shares worth a net Rs 86.66 crore yesterday, as per provisional data.
The top losers on the Sensex were Mahindra & Mahindra down by 5.25%, Adani Ports &Special down by 4.85%, Hero MotoCorp down by 4.14%, HDFC down by 4.04% and Bajaj Auto down by 3.91%. But upon the recovery, four stocks were in the green, three of them in the pharma space - Dr. Reddy's, Sun Pharma and Lupin. The US Dow fell 3.5 per cent, Australia's S&P ASX/200 lost 1.2 per cent, Japan's Nikkei was down 4.5 per cent, Hong Kong's Hang Seng fell 1.7 per cent and South Korea's Kospi was down 1.4 per cent.
While the markets were seen to favour a Clinton win as that would mean a continuity in USA policy, analysts said the strong recovery of the Sensex in afternoon reflected relief that the uncertainty over the U.S. election had ended.
At 11:40 am, the market cap stood at Rs 106 lakh crore, a loss of Rs 5 lakh crore.