Indian shares slide on profit booking ahead of US elections, Fed rate decision

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Key Points

Bengaluru: Indian shares dropped more than 1% on Monday, weighed down by broad-based profit booking, while volatility spiked ahead of the U.S. presidential election and the likelihood of further U.S. interest rate cuts...

Despite the gains on the special session on Friday, the market remains under pressure, said Palka Arora Chopra, director at Master Capital Services...

Investors are adopting selling on any rise approach, with the market likely to be guided by U.S. presidential elections on Tuesday and rate decisions from several global central banks, including the Fed (Federal Reserve) later in the week...

Analysts said there could be further profit booking in the coming sessions, with volatility likely to rise further, as investors await clarity on the political front and the rate trajectory in the worlds largest economy...

The Nifty volatility index rose to 17.25, its highest since early August on Monday.. Drug maker Sun Pharma fell 3% after a U.S. district court granted a preliminary injunction moved by Incyte Corp, preventing it from launching a key drug...

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