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Sensex drops 232 points on rupee slipping to 4-month low

24 September, 2017, 00:56 | Author: Samuel Sharp
  • Sensex slumps 282 points as N. Korea threatens H-bomb test in Pacific Ocean

US President Donald Trump is "mentally deranged" and will "pay dearly" for his threat to destroy North Korea, the communist country said on Friday as its foreign minister hinted that the regime may explode a hydrogen bomb over the Pacific Ocean.

At 10.15 a.m., the 30-share BSE index Sensex was down 282.47 points or 0.87 per cent at 32,087.57 and the 50-share NSE index Nifty was down 103.8 points or 1.03 per cent at 10,018.10. It had lost 53.72 points in the previous three days.

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 fell 1 per cent on Friday, while the rupee hit its weakest point since early April amid concerns that the government's plan for a stimulus to halt an economic slowdown may have a negative impact on the fiscal deficit. The Nikkei 225 index lost 0.25 percent, or 51.03 points, to close at 20,296.45, while the broader Topix index also ended down 0.25 percent, or 4.13 points, at 1,664.61.

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 sentiments, they added.


Sun Pharma, Cipla, Wipro and HCL Tech were the major gainers while Hindalco, Yes Bank, ICICI Bank and Coal India were the major losers.

"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 rupee today dropped by 31 paise to a four-month low level of 65.12 against the USA dollar on frenetic dollar demand from importers and banks. The rupee was in a sticky spot in the beginning, which dropped to a near six-month low against the dollar during the day on liquidity concerns after the US Fed said it will roll back its massive stimulus and speculation of a widening fiscal deficit.

Nifty Metal index melted up to 3 per cent, with Jindal Steel & Power plunging over 6 per cent.

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.

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