Sensex dips 447.6 points on fiscal fears, N Korea rhetoric
22 Sept 2017 10:10 PM IST
Mumbai: Stock benchmarks on Friday came under panic attack and closed the day with losses of over 1 per cent due to fears of fiscal maths going haywire because of an imminent government spending push to revive the economy.
The risk-off mode was on full display in light of a fresh war of words that broke out between the US and North Korea.
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.
From the very start which saw a lower opening, the 30- share index kept rolling down before settling lower by 447.60 points, or 1.38 per cent -- its biggest single-day fall since November 15 last year -- at 31,922.44. The loss was the largest in nearly 10 months.
This is also the weakest closing since September 11 when the index had come in at 31,882.16. It had lost 53.72 points in the previous three days. The broader Nifty cracked below the psychologically important 10,000-mark to hit a low of 9,952.80 before ending at 9,964.40, down 157.50 points – or 1.56 per cent – the single-biggest loss since November 15, 2016. This was the lowest closing since September 8.
On a weekly basis, the BSE recorded a hefty fall of 350.17 points, or 1.08 per cent, the biggest since August 11.
The NSE, too, ended lower by 121 points, or 1.19 per cent for the week.
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