Sensex crashes, Nifty sees 2017's biggest fall

24 September, 2017, 00:55 | Author: Gladys Mathis
  • Sensex down 200 points in early trade Nifty slips below 10,100-mark

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 U.S., a weak rupee and heavy selling pressure in capital goods, metal and banking stocks. The move can potentially lead foreign portfolio investors (FPIs) away from emerging markets such as India. At 1:06 PM, the Sensex was trading at 32,079.79, down 294 points while the Nifty was at 10,011 points, losing 108 points or 1.07 per cent.

Meanwhile, the rupee fell to four-month low amid FII outflows on expectation of rate hike by the US Federal Reserve loomed investors sentiment. "Investors are also fretting on the impact on fiscal deficit targets if the government were to go overdrive with economic revival plans".

The Indian stock markets which witnessed sluggish trading sessions over the entire week came down crashing after North Korea threatened to test a nuclear weapon in the Pacific.

The broader Nifty fell by 144.80 points, or 1.43 percent to 9,977.10 after moving in range of 10,095.05 and 9,963.25.

The Sensex and Nifty fell on Friday following nervousness in global markets as investors turned cautious following new United States sanctions targeting North Korea and a China credit rating downgrade.

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The BSE Sensex on Friday plunged 447.60 points as the government's reported plan for Rs 40,000-50,000 crore stimulus spending to revive the slowing economy raised concerns over the fiscal deficit. This is also the weakest closing since September 11 when the index had hit 31,882.16.

Banking stocks were among the top laggards, with the S&P BSE Bankex index declining 1.9 percent.

Following extreme weakness in stocks, the market capitalisation of BSE-listed companies slumped Rs 2,68,853.7 crore to Rs 1,33,40,008 crore. The Indian rupee opened flat at 64.80 per dollar on Friday against its previous close at 64.81 per dollar.

However, the rupee recovered in the intra-day trade to end the day at 64.79 per dollar.

It was followed by SBI 3.73 percent, Tata Steel 3.64 percent, Reliance 3.07 percent, Hero Motoco 2.82 percent, Axis Bank 2.62 percent, Coal India 2.31 percent and L&T 2.27 percent.

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