Sensex cracks 900 pts; Trump needs 26 electoral votes to win

The gold exchange traded funds gained as much as three percent in early trading on the BSE, with HDFC Mutual Fund - HDFC Gold Exchange Traded Fund jumping to Rs 2,900 per gram.

Sovereign gold bonds were also trading higher with gains up to 4 percent in early trade.

While gold was trading higher, gold futures were marginally lower at MCX.

11:35 am Result: Taro Pharmaceutical Industries, the subsidiary of Sun Pharma, has reported a 7.2 percent degrowth in second quarter profit at USD 123.7 million despite higher operating income.

"The increase in operating income was offset by the decrease in forex income and an increase in tax expense, resulting in diluted earnings per share of USD 3 compared to USD 3.11 YoY," the healthcare company explained the reason for lower bottomline.

Revenue during July-September quarter increased 7.9 percent year-on-year to USD 228.8 million, driven by the US generic business.

11:30 am Banks: Banks stocks fell sharply amid steep market correction on US elections jitters. Bank Nifty crashed 7 percent intraday Wednesday but analysts expect strong growth in banks going ahead, especially after the government announced measures to curb the black money."Banks should see stronger growth – not just in deposits, but in transaction fees as well. Interest rates should fall with increased formal money supply," Bank of America Merrill Lynch said in its research note.11:25 am IT impact: The Indian IT sector has been critical to the US economy, says Vineet Nayyar, Vice Chairman of Tech Mahindra. Due to this, Donald Trump winning US elections may not be a problem for the IT sector.

Negative comments had come from Trump earlier with regards to H1B visas. However, it may not be a cause of concern for IT companies as they constitute less than 20 percent of the H1B visas, says R Chandrashekhar, President, Nasscom.

Trump had earlier said that he will be India's best friend once he win presidency. This Chandrashekhar says should reassure people that India is only to gain from his victory.

11:20 am Gold: Gold jumped nearly 5 percent on Wednesday 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.

11:15 am Interview: The Indian jewellery market will be the worst hit with the ban on Rs 500 and Rs 1000 currency notes, says S Subramaniam, CFO of Titan Company. This is due to the preference of shoppers to pay amounts over Rs 2 lakh in cash.

There is expected to be a slowdown in the market and a short term disruption due to the ban and the US elections with a Donald Trump win likely.

11:10 am Pennsylvania tied after 95.6 percent of votes. Michigan and Wisconsin also on the radar.Don't miss: Midcap index crashes 5% on black money crackdownSelling pressure continues on Dalal Street as government cracks whip on black money while Donald Trump needs only 26 electoral votes to win US elections. The Sensex is down 902.15 points or 3.3 percent at 26688.99 and the Nifty is down 303.90 points or 3.4 percent at 8239.65. About 167 shares have advanced, 2171 shares declined, and 64 shares are unchanged.BHEL, Adani Ports, ICICI Bank, Hero and ITC are losers in the Sensex. Not a single stock is in the Sensex. Dow futures plunged more than 800 points and bonds rallied as markets feared Donald Trump could pull off an upset and take the White House.

S&P 500 futures fell more than 5 percent just before midnight ET. Trade volume in eMini S&P futures was about 17 times their average daily volume, according to a note from Citi.Investors moved into the safety of bonds Tuesday evening and stock futures cratered as traders questioned whether Democrat Hillary Clinton could still win the race, as expected. The Mexican peso fell 10 percent against the US dollar.