Markets in Red, Sensex Slumps 281 Points to 32088, Nifty at 10021

24 September, 2017, 00:53 | Author: Franklin Nunez
  • Sensex down 200 points in early trade Nifty slips below 10,100-mark

"There will be some kind of profit-booking at these levels wherein a large amount of froth had been built up in the last 1-1/2 months", said Virmani.

Market across the globe turned cautious as geo-political issues returned following fresh barrage of barbs between US President Donald Trump and North Korean president Kim Jong-un, threatening destruction of North Korea and fresh Hyderogen bomb test in pacific by latter.

The Nifty50 had reclaimed that level on September 11. The broader Nifty lost 157.50 points, or 1.56%, to close at 9,964.40. The S&P BSE Small-Cap index fell 394.73 points or 2.37 percent to settle at 16,293.03.

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"Approaching F&O expiry has added to liquidation pressure", said an analyst.

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 rupee fell to a almost six-month low of 65.14 against the United States dollar - its lowest since April this year", Desai added. But later, the domestic currency managed to recover.

The first-quarter GDP growth slipped to a three-year low of 5.7 per cent this fiscal year. Weak Asian cues after China's sovereign rating was downgraded by agency on fears over its ballooning debt and sustained foreign fund outflows negatively impacted sentiments.

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Shares have lost their momentum after hitting record highs recently as valuations turned expensive, with most sectoral indices ending in the red.

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.

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.

China, Russia urge Korean peninsula dialogue
Japanese Prime Minister Shinzo Abe is considering ramping up their military power in response to threats from Kim. The North also flew two powerful new midrange missiles over Japan in recent weeks.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,204.95 crore yesterday, as per provisional data released by the stock exchanges.

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