US markets ended lower on Monday to start the new week on a risk-off note as uncertainties over the US Presidential Election outcome and the Fed rate decision kept investors on the edge. The Dow Jones fell over 250 points, recovering from the lows of the day as at one point, the index was down over 400 points. The S&P 500 and Nasdaq Composite swung between gains and losses.
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The Nifty Oil and Gas index fell 2.5% on Monday, led by a selloff in oil marketing companies (OMCs) due to uncertainty around falling crude prices, US presidential elections, and fear of global oversupply. Indian Oil, Hindustan Petroleum, and Bharat Petroleum declined 4.14%, 3.13%, and 3.14%, respectively, amid concerns over refining margins and marketing margins.
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D-Street dropped over 1% on Monday, as unrelenting selling by foreign investors deepened bearish sentiment. Nifty closed below 24,000 for the first time in three months, dragged down by Reliance Industries as well as two-wheeler and power stocks. The outcome of the US presidential elections and the US Fed’s rate-setting meeting could determine the market's direction in near term, said analysts.
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