24 September, 2017, 00:57 | Author: Barbara Daniel
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 3.30 p.m., the Sensex closed at 31,922.44 points - down 447.60 points, or 1.38 per cent, from its previous close at 32,370.04 points.
"Domestic markets became nervous after the US Federal Reserve outlined plans to unwind its $4.2 trillion balance sheet starting next month", D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, told IANS.
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 weakness in the equities was also felt in the forex market with the rupee hitting a low of 65.11, a level last seen on April 5 amidst concern regarding India's fiscal deficit.
The 50-share NSE Nifty posted its biggest single day fall in 2017 and slipped below its key psychological support of 10K level mark.
Global investor sentiment was subdued after North Korea said it might test a hydrogen bomb in the Pacific Ocean and escalated a war of words with US President Donald Trump.
Sentiment was also hurt on concerns that the government's plan for a stimulus to halt an economic slowdown may have a negative impact on the fiscal deficit, Reuters reported on Thursday citing two government sources.
The S&P BSE Mid-Cap index fell 362.85 points or 2.27 percent to settle at 15,609.89.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,204.95 crore yesterday, as per provisional data released by the stock exchanges.
"The domestic currency hit 65 levels against the USA dollar for the first time in more than five months on the back of speculation about the government going in for a fiscal deficit relaxation, with talk of a Rs 40,000-Rs 50,000 crore stimulus".
Sun Pharma, Cipla, Wipro and HCL Tech were the major gainers while Hindalco, Yes Bank, ICICI Bank and Coal India were the major losers.
Barring HealthCare sectors which managed to stay positive, Selling was led by Realty, Metal, IPO, Consumer Durables, PSUs, Power, Banks, Oil&Gas, FMCG, Auto, Teck and IT sectors.
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US nuclear weapons were withdrawn from the Korean peninsula in the early 1990s at the close of the Cold War. Instead, North Korea launched ballistic missiles over Hokkaido on August 29 and last Friday.
My next TV will likely have 4K, but my 4-year-old Vizio HD TV still works fine (though I'm sure I just jinxed it). As for the Apple TV 4K itself, that's priced at $179 for the 32GB model, and is available in stores from today.
McMaster said the USA would "have to prepare all options" if sanctions prove insufficient to stop the North's weapons drive. The country fired its latest missile over Japan on Friday, in what was described as its farthest-reaching test .
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General Assembly in NY on September 19, 2017. " Rocket Man is on a suicide mission for himself and for his regime". North Korea says its missile and nuclear programs are meant to defend it against United States hostility.
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