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Sensex tanks 1000 pts as Trump leads Clinton; Realty sinks 15%

Gold jumped nearly 4 percent to its strongest in more than five weeks as investors sought safe havens with Republican Donald Trump leading Democrat Hillary Clinton in the race for the White House.

It marked gold's biggest single-day gain since June when it rose as much as 8 percent when Britain decided to leave the European Union.

Trump won the key battleground state of Ohio and led Clinton in a series of other states that were too close to call, including Florida and North Carolina.

Equity benchmarks recouped more than half of early losses amid US elections uncertainty and black money crackdown. Only Lupin outperformed among Sensex 30 stocks.

The Sensex recovered more than 1000 points to trade at 26919.49, down 671.65 points or 2.4 percent. The Nifty was down 221.75 points or 2.60 percent at 8321.80.

Global markets will have a period of prolonged uncertainty if Trump wins, says Ramesh Damani. That is because Trump's main election promise has been curbs on free trade and on immigration, and he may be under pressure to talk about that in the first month of office. However, Trump is a businessman and he will not favour any policy that could lead to potential recession, says Damani

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