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Stocks slump on US-North Korea tensions

11 August, 2017

Indian shares fell over 1 percent on Friday and were headed for their first weekly loss in six, tracking global markets as escalating tensions between the United States and North Korea continued to drive investors away from risk assets.

Asian equity markets slid further and Wall Street closed sharply lower after U.S. President Donald Trump warned Pyongyang against attacking Guam or U.S. allies.

“The mood got aggravated because global markets opened negatively … it’s more of a fear factor …,” said Anita Gandhi, whole-time director, Arihant Capital Markets, adding that markets were overripe in terms of valuation.

The broader NSE Nifty was down 0.75 percent at 9,746.50 as of 0518 GMT, falling as much as 1.2 percent to its lowest in a month.

The benchmark BSE Sensex was 0.69 percent lower at 31,313.59. Both indexes are set to post nearly three percent fall on week.

Nifty Bank index dropped as much as 1.3 percent. The index was down nearly 2.5 percent this week up to Thursday’s close.

Nifty Auto index fell as much 2.3 percent to its lowest since May 24, with Tata Motors and Eicher Motors figuring among top losers.

Union Bank of India Ltd fell as much as 7.7 percent to its lowest in over seven months after the state-run bank’s profit fell about 30 percent, missing analysts’ estimate.

Shares of J Kumar Infraprojects and Prakash Industries resumed trade after India’s Securities Appellate Tribunal stayed a SEBI order on trading curbs. Shares in both companies shed as much as 20 percent.

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Stocks slump on US-North Korea tensions

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