Stock Markets Live: Sensex crashes 860 points, Nifty down 1.14%, auto, pharma stocks drag

The rupee recovered from its all-time low level and witnessed a range-bound trade against the US dollar in early hours on Thursday, as investors remained cautious ahead of the US Fed meeting outcome later this week.

Forex traders said RBI interventions will keep the USD/INR pair between 83.80 and 84.35. Moreover, the US Federal Reserve monetary policy and officials' comments will be in focus to derive further momentum.

Shares of Tata Steel climbed more than 2 per cent on Thursday after the firm reported a net profit of Rs 758.84 crore for the September 2024 quarter.

The stock went up by 2 per cent to Rs 156.80 on the BSE.

 China's exports to Russia in October rose 24.4 per cent from a year earlier, the fastest pace since November last year, Chinese customs data showed on Thursday, as Beijing affirmed strong ties with Moscow.

China and Hong Kong stocks edged up on Thursday, buoyed by investor optimism over potential stimulus measures that outweighed concerns about worsening trade tensions under a second Donald Trump presidency.

The domestic bourses shredded off the gains from Wednesday as the BSE Sensex tumbled as much as 900 points in the early trade with auto, pharma, banking, and financial services stocks trading in red. 

Bajaj Finserv, UltraTech Cement, and Mahindra & Mahindra emerged as the biggest losers as of 10:08 am. 

 Asia-Pacific equity markets were mixed on Thursday as investors weighed the implications of a Donald Trump presidency, while also eyeing monetary policy decisions from the U.S. Federal Reserve and other major central banks later in the day.

 The Indian rupee declined to a lifetime low on Thursday in the wake of expectations that Donald Trump's victory is likely to boost the dollar in the coming months.

The rupee INR=IN dipped to 84.29, inching past the previous all-time low of 84.28 hit on Wednesday.

- China's yuan fell to a near three-month low against the dollar on Thursday, dragged lower by a much weakened official guidance and market worries about higher tariffs on Chinese goods following Donald Trump's win in the US presidential election.

 Fuel demand growth in China and India will determine the direction of global oil prices in 2025 as supply remains ample, the CEO of Hengli Petrochemical International 600346.SS said on Thursday.

"Supply has been doing very well for the last couple of years, and will continue to do so," Janet Kong said at the FT Commodities Asia Summit.

China will continue to have an important role in global oil demand because of its focus on petrochemicals even as fuel consumption in its road transportation sector peaks amid energy transition, Vitol's global head of research said on Thursday.

Automakers are bracing for President-elect Donald Trump to impose new tariffs on vehicles from Mexico and potentially from other countries and to reverse many existing pro-electric vehicle policies, industry associations and executives said.

Trump has said he plans to begin rescinding Environmental Protection Agency and Transportation Department vehicle rules on his first day in office and is considering paring back or eliminating EV tax breaks and other incentives.

Donald Trump's US presidential election victory boosted the stock market on Wednesday as investors bet on lower corporate taxes and deregulation, lifting shares of Tesla (TSLA.O), banks, small-cap companies and Trump's own media company.

His promise to make Tesla CEO Elon Musk head of a government efficiency commission after the billionaire-backed Trump throughout his electoral campaign sparked a 15 per cent surge in shares of the electric automaker.

US stocks rallied sharply to close at record highs on Wednesday after Republican Donald Trump won the 2024 US presidential election in a stunning comeback four years after being voted out of the White House.

The Dow Industrials, S&P 500 and Nasdaq Composite each ended at record levels with investors expecting lower taxes, deregulation and a US president who is not shy to weigh in on everything from the stock market to the dollar, although fresh tariffs could bring challenges in the form of a higher deficit and inflation.