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

Jon Howard
September 23, 2017

North Korean leader Kim Jong Un retaliated by calling Trump "deranged" and saying he'll "pay dearly" for his threats, while Kim's foreign minister reportedly said the country might plan to test a hydrogen bomb in the Pacific Ocean.

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.

Weighed down by banking stocks, the 30-share BSE Sensex opened lower and fell further before settling down by 447.60 points, or 1.38 per cent - its biggest single-day fall since November 15 a year ago - at 31,922.44. "We believe that the market will stabilise as the imminent benefit to the economy is understood soon". The 30-share barometer was trading down 280 points or 0.87% at 32,089.66 points.

Major losers were, Tata Steel 4.72 percent, L&T 3.45 percent, ICICI Bank 2.89 percent, SBI 2.53 percent, HeroMotoco 2.48 percent and Reliance Industries 2.32 percent.

Soldier killed as Pak violates ceasefire in Keran sector; Army pays tribute
An Indian Army jawan was martyred in ceasefire violation by Pakistan in Jammu and Kashmir on Wednesday. He added that "necessary and adequate" response has been given to the Pakistani firing.

"In view of the economic slowdown, the government is reported to be open to allowing the fiscal deficit to exceed this year's target as it considers a stimulus package in the range of Rs 40,000-50,000 crore by way of increased spending", Desai told IANS. The rupee today dropped by 34 paise to a six and a half month low level of 65.15 against the United States dollar on frenetic dollar demand from importers and banks.

Vinod Nair, head of Research, Geojit Financial Services, said, "The unexpected reaction of the equity market was triggered by the sharp depreciation of the rupee".

Investors remained jittery after China's credit rating was downgraded by S&P, the U.S. Federal Reserve hinted at one more interest rate increase in 2017 and geopolitical tensions increased between the U.S. and North Korea.

In the Asian region, Hong Kong's Hang Seng fell 0.78 per cent, Japan's Nikkei shed 0.29 per cent, while Shanghai Composite Index down 0.59 per cent in their late morning deals. The indices had the biggest lost since November 21, 2016.

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