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Weekly Review: Sensex tumble 350 points; Nifty drops below 10000-level

24 September 2017, 12:54 | Melanie Burgess

Sensex plunges nearly 300 points on weak global cues, US rate hike concern; rupee hits 4-month low

Sensex slumps 282 points as N. Korea threatens H-bomb test in Pacific Ocean

Key Indian equity indices on Friday witnessed the steepest fall since November 2016, on the back of escalating geo-political tensions between North Korea and the United States, a weak rupee and heavy selling pressure in capital goods, metal and banking stocks.

At 9.40 AM: Sensex fell over 256 points or 0.79% to 32,113.58 while Nifty was down by over 88 points or 0.87% at 10,033.75.

The rupee - which plummeted by a whopping 53 paise to end at 64.80 a dollar on Thursday - dropped by 31 paise to a four-month low level of 65.12 intra-day trading against the USA dollar before closing at 64.79/80 on Friday amid frenetic dollar demand from importers and banks.

Besides, investors remained cautious about the government's plans for a stimulus programme which might lead to fiscal deficit.

At 11.30 AM: Sensex fell over 301 points or 0.93% to 32,068.37 while the wider Nifty was down by over 112 points or 1.11% to 10,009.30.

The Nifty started the week at 10,133.10 and marked new life highs at 10,178.95 and a low of 9,952.80.

Indian shares plunged the most in ten months on Friday as concerns over the nation's fiscal deficit and escalating tensions in North Korea prompted a selloff.

Asian stocks fell on the mooted possibility of North Korea conducting another hydrogen bomb test, this time in the Pacific Ocean.

Shinzo Abe calls for enforcement of sanctions against North Korea
North and South Korea remain technically at war after their 1950-53 conflict ended in an armistice instead of a peace treaty. The South Korean official said Monday's flight was the first time the Marine jets flew so close to the North Korean border.

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India is considering a plan to loosen the fiscal deficit target so that it could spend an additional 500 billion rupees ($7.71 billion) in the financial year ending March 2018, two government sources said on Thursday.

BSE realty melted the most by 4.29 percent.

The rupee also pared some initial losses in late morning deals to trade at 65.04, down by 23 paise against the dollar due to strong demand for the greenback from importers and banks.

According to the provisional data, FPIs offloaded equities worth Rs 1,241.73 crore.

The rupee resumed lower at 64.95 per dollar as against yesterday's closing level of 64.81 per dollar at the Interbank Foreign Exchange (Forex) Market.

However, the rupee recovered in the intra-day trade to end the day at 64.79 per dollar. Metal, capital goods and power too added to the weakness.

Major losers were, Tata Steel 4.72 percent, L&T 3.45 percent, ICICI Bank 2.89 percent, SBI 2.53 percent, HeroMotoco 2.48 percent and Reliance Industries 2.32 percent.

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