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

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

Yesterday only, on Friday, The benchmark equity indices Sensex and Nifty plunged heavily on news reports that North Korea may conduct another hydrogen bomb test in the 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 U.S., a weak rupee and heavy selling pressure in capital goods, metal and banking stocks. This is also the weakest closing since September 11 when the index had hit 31,882.16.

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

Key equity benchmarks remained depressed, with Sensex dropping almost 350 points and Nifty shedding over 120 points to touch 9,992.

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.

Weak Asian cues after China's sovereign rating was downgraded by agency on fears over its ballooning debt and sustained foreign fund outflows, too negatively impacted market sentiment.

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The rupee fell to a four-month low in early trade on the back of heavy capital outflows over expectations of a rate hike by the US Federal Reserve.

BSE realty melted the most by 4.29 per cent.

Major Sensex losers were: Tata Steel, down 4.70 per cent at Rs 654.55; Larsen and Toubro, down 3.49 per cent at Rs 1,184.90; Reliance Industries, down 2.83 per cent at Rs 817.50; ICICI Bank, down 2.77 per cent at Rs 277.10; and Hero MotoCorp, down 2.59 per cent at Rs 3,788.15.

"The rupee fell sharply today to breach the 65-mark against the United States dollar but recovered later".

Provisional figures from the stock exchanges showed that FIIs continued with their selling spree and off-loaded stocks worth Rs 5,448.66 crore during the week. The Indian rupee opened flat at 64.80 per dollar on Friday against its previous close at 64.81 per dollar.

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