It's a turbulent time for markets today, with Trump defying polls and inching closer to winning the US elections, and Prime Minister Modi's surprise announcement scrapping Rs. 500 and 1000 notes with instant effect - like Cinderella, some people are no longer princes and princesses at midnight. The announcement - targeting corruption and the black economy - is likely to bring down prices of real estate markets and gold sales for a while, as the economy re-adjusts. The RBI will start issuing new anti-counterfeit 500 and 2000 rupee notes tomorrow. 

Sensex is down 900+ points (-3.5%) and global indices are tanking as a Trump presidency becomes increasingly likely. Gold is seeing the biggest rally since Brexit. The Republican candidate ran an anti-immigrant, anti-trade campaign that seems to have resonated with large parts of the US electorate, especially the white working class who formed his core constitutency. If Trump wins, investors should prepare for a continued slump tomorrow. 

Stock in spotlight: DLF Limited, a bellweather stock for real-estate, lost 20% of its value since markets opened and is the top losing stock today, a result of the crackdown on the cash economy. 

Photo of the day: Supporters of Trump cheer as another state is called for the Republican candidate. Reuters