November 9, 2016 9:31 PM

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Sensex drops 339 points, gold surges Rs 900 to 3-year high

After suffering huge losses in early trade, the Sensex at the Bombay Stock Exchange staged a remarkable recovery in late deals, but still ended with a significant loss of 339 points at 27,253, today. In early trade, the Sensex had tumbled a mammoth 1,689 points, to 25,902. The Nifty at the National Stock Exchange fell 112 points, to close at 8,432. The Realty sector took a huge battering, as it sank over 10 percent. Stocks fell after the government's crackdown on black money, and amid Donald Trump's victory in the US presidential election. Elsewhere in Asia, major stock markets in Japan, China, Hong Kong, South Korea and Singapore suffered big losses of between 0.6 percent and 5.7 percent. European bourses in the UK, Germany and France's CAC-40 declined more modestly. But at the forex market, the rupee recouped all its early losses, to strengthen a good 19 paise, and close at a two-month high of 66.43 against the dollar. Gold prices shot up 900 rupees, to a 3-year high of 31,750 rupees per ten grams in Delhi.And Brent crude oil futures reversed most of its early losses of almost 4 percent, to trade near 46 dollars a barrel, as the oil market recovered from an initial negative reaction to Donald Trump's surprise victory.

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