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Sensex, Nifty snap four-session gaining streak, down 1% on N Korea tensions

All that happened in Tuesday's session

SI Reporter  |  New Delhi 

stock, fall, sensex, down

Snapping four sessions of gains, the benchmark indices logged their biggest percentage fall of the year as the firing of a missile over Japan by North Korea rattled investors, while the F&O expiry of August series due Thursday also hit sentiment.  

The S&P BSE shed 362 points to end at 31,288, while the Nifty50 settled below its crucial 9,800 mark.  

In a sharp escalation of tensions on the Korean peninsula, North Korea fired a missile early on Tuesday that flew over Japan and landed in Pacific waters about 1,180 kilometres (735 miles) off the northern region of Hokkaido.

Overseas, European and tumbled post the development, while the yen jumped to four-month highs against the dollar.

US futures fell as much as 0.85% on the missile before trimming some losses.

4:46 PM JP Associates, Videocon, others may be referred to NCLT

Stocks of JP Associates, Videocon, Ruchi Soya and Uttam Galva etc tanked up to 14% on news reports that these companies will be referred to The National Company Law Tribunal (NCLT) if debt issue does not get resolved by Mid-December. READ MORE

3:52 PM

Anand James, Chief Market Strategist, Geojit Financial Services
 
Concerns of heavy floods in the financial capital and the heavy selling by FIIs in equities over the past one month ensured that risk appetite was down to a trickle, especially as Asian markets were in a sea of red following North Korea threats. The speeding process of NPA resolution may provide some respite to the market ahead of the F&O expiry, after it managed to hold the crucial 60-DMA level.

3:41 PM Sensex heatmap at close

heatmap
Source: BSE

3:38 PM

Market breadth
 
The broad market depicted weakness. There were more than two losers for every gainer on BSE. On the BSE, 1,717 shares fell and 841 shares rose. A total of 142 shares were unchanged.

3:36 PM

Broader markets
 
The BSE Midcap and the BSE Smallcap indices shed 0.8% and 1%, respectively. 

3:35 PM

Markets at close
 
The Sensex settled at 31,388, down 362 points, while the broader Nifty50 ended at 9,796, down 116 points. 

3:29 PM Nifty PSU Bank leading sectoral loser 

PSU Bank
Source: NSE

3:28 PM

Bitcoin value crosses Rs 3 lakh
 
Bitcoin, a leading crypto currency price has crossed Rs. 3 lakh mark on Indian exchanges today morning. At present price quoted on Zebpay, oldest and largest Bitcoin Indian Exchange is Rs 3,00,230 per unit while globally it just fell from $4500 and quoting at $4370. On Unocoin, another big Indian exchange Rs.3, 02,000 per unit

3:21 PM

Market Comment
 
There is good reason for this euro strength to prevail as bouts of risk-off are likely to persist. North Korea’s missile did not fall out of a clear sky; the test launch was likely a ‘retaliation’ to the annual joint military exercises between South Korea and the US, which saw Kim Jong-un as reason to reiterate that the North is also ready should it ever come to an armed conflict. While Japan did not try to shoot down the missile, PM Abe was quick to fire back with words, calling the test launch an “unprecedented, grave and serious threat”. Japan has called an emergency meeting of the UN Security Council (Source: Rabobank International)

3:20 PM

Oil prices gyrate on US hurricane damage 
 
Flooding from tropical storm Harvey caused ongoing large-scale US refinery outages on Tuesday, while crude prices rose on the back of supply disruptions in Colombia and Libya.
 
US West Texas Intermediate (WTI) crude rose 30 cents, or 0.6% to $46.87 a barrel, after falling more than 2% in the previous session. International Brent crude futures were up 29 cents, or 0.6% at $52.18 per barrel.

3:16 PM

Stocks tumble as North Korea tensions escalate; euro tops $1.20
 
World stocks tumbled and safe-haven assets jumped on Tuesday after North Korea fired a missile over northern Japan, fuelling worries of fresh tension between Washington and Pyongyang.
 
The pan-European STOXX 600 index fell more than 1% to a six-month low, also weighed down by the surge of the euro above a key level, while US futures fell as much as 0.85% on the missile news before paring losses CLICK HERE FOR MORE

global markets
global markets

3:15 PM HCL Info bucks trend

HCL Infosystems gained over 3% to Rs 48.60 on BSE after the company's board approved rights issue of shares for raising equity capital aggregating up to Rs 500 crore.

HCL Infotech

3:12 PM Nandan Nilekani vs Vishal Sikka: A check on Infosys' performance CLICK HERE FOR MORE

3:11 PM

I-T department slaps Rs 7,900-cr penalty on Vodafone over tax dues
 
The income-tax department has slapped a unit of billionaire Li Ka-shing's CK Hutchison Holdings with a penalty of Rs 7,900 crore. The penalty is on a tax demand of the same amount over a 2007 deal in which it had sold its India mobile phone business to Vodafone Group Plc CLICK HERE FOR THE STORY

3:10 PM

Markets check
 
At 3:05 pm, the Sensex was trading at 31,390, down 360 points, while the broader Nifty50 was ruling at 9,799, down 113 points. 

3:07 PM Ruchi Soya, Uttam Galva, Monnet Power, Nagarjuna Oil, SEL Manufacturing, Shakti Bhog, East Coast Energy, Videocon, JP Associates, Unity Infra may be sent to NCLT: TV reports

3:05 PM

Prabhudas Lilladher on the financial sector
 
Margin headwinds have increased in last few quarters especially with the MCLR regime introduced in last financial year coupled with higher refinancing of corporate loans as credit demand remains muted and banks remain flush with liquidity, leading to rapid yield erosion. 
 
Asset quality issues have added to pressure on yields of banks mainly corporate book dominated but is likely to slow as slippages are expected to slow down going ahead. 
 
RBIs interest data points out that MCLR has been much more effective mechanism to pass on the interest rate cuts, although deposits flow from demonetisation has been the major factor for higher MCLR cuts in last few months. 
 
Banks have utilised savings rate cut to stem up the pressure on MCLR, but we believe margin pressure are here to remain high as further shift towards MCLR takes place

3:05 PM

China stock markets unfazed by North Korea
 
China’s major shares indexes moved only marginally on Tuesday as investors paused for breath after a recent rally. After two sessions of solid gains, there was some profit-taking on Chinese exchanges on Tuesday.

The CSI300 index fell 0.2% to 3,834.54 points while the Shanghai Composite Index gained 0.1 percent to 3,365.23 points.

3:00 PM

European markets hit six-month lows
 
European markets were trading lower on rising tension in North Korea. The pan-European STOXX 600 index fell more than 1% to a six-month low, also weighed down by the surge of the euro above a key level. France's CAC 40 and Britain's FTSE 100 were also down over 1% each. READ FULL REPORT HERE

2:46 PM Buzzing stock

Reliance Infrastructure surged nearly 8% to Rs 520 on reports that renewable energy firm Greenko is in talks to buy the company's electricity business in Mumbai.

Reliance Infra

2:30 PM Volatility index

India VIX rallied over 7% to 13.5

VIX
Source: NSE



2:15 PM

NTPC divestment gets off to flying start
 
The government's 5% stake sale in NTPC on Tuesday got off to a flying start with 86 per cent of shares reserved for institutional investors getting subscribed by afternoon. READ MORE

ntpc

2:03 PM Top five losers on Nifty

Nifty-losers
Source: NSE

1:54 PM Nifty dips below 9,800

losers
Source: NSE

1:44 PM

Proprietary trades drive GIFT City volumes
 
Trading volumes at stock exchanges set up at the GIFT City, an international financial services centre (IFSC), are seeing a gradual uptick. But, the bulk of the volumes are on account of proprietary trading by brokers, while participation by overseas investors is yet to take off in a big way. READ FULL REPORT HERE 

1:24 PM Sectoral trend 

All sectoral indices were trading in red in noon deals 

sectors
Source: NSE


1:06 PM

Market Check
 
Equity benchmarks extended losses in afternoon trade with Sensex was down 300 points at 31,451, while the broader Nifty 50 index was trading at 9,817, down 95 points

12:51 PM

Bharti Airtel completes acquisition of Tikona Digital Networks
 
Bharti Airtel fell over 1% after it announced that the telecom major has completed the acquisition of shares of Tikona Digital Networks. With the said acquisition of shares, Tikona Digital Networks has become a wholly owned subsidiary of Bharti Airtel.
 
The transaction for the trading of the spectrum in Rajasthan circle is still pending for approval from the DoT.

A Bharti Airtel office building is pictured in Gurugram, previously known as Gurgaon, on the outskirts of New Delhi in India. (Photo: Reuters)

12:35 PM PSU Banks erase losses

PSU Banks erased lossed to turn green agter falling almost 1% in the early morning deals. The Nifty PSU Bank index is currently trading 0.3% higher.

Source: NSE

12:20 PM Suryalakshmi Cotton Mills tumbles

Suryalakshmi Cotton Mills tanked 6.44% to Rs 93 on BSE after net profit fell 92.9% to Rs 0.52 crore on 8.8% decrease in net sales to Rs 171.98 crore in Q1 June 2017 over Q1 June 2016.

12:04 PM

Buzzing stock
 
Rajshree Sugars & Chemicals surged 11% to Rs 58.25 on BSE after net profit jumped 141.76% to Rs 18.18 crore on 46.37% rise in net sales to Rs 201.59 crore in Q1 June 2017 over Q1 June 2016.

sugar

11:47 AM

Nandan Nilekani vs Vishal Sikka: A check on Infosys' performance
 
Under Nilekani's stewardship, Infosys' total income on a consolidated basis grew 280% betweeen March 2003 - March 2007, ACE Equity data show. Profit after tax (PAT), too, grew at a brisk pace - up 282% in five years. 
 
During this five-year period, Infosys outperformed the NiftyIT index by a wide margin with a gain of nearly 280% on the National Stock Exchange (NSE). The Nifty IT index shed 65% during this period, while the benchmark Nifty50 moved up 338%.
 
Click here for a comparison of how Infosys fared on key financial parameters during the five financial years when Nandan Nilekani was its CEO and the three years when Vishal Sikka headed it 

Nandan Nilekani
Illustration: Ajay Mohanty

11:32 AM

Financial year change to Jan-Dec ruled out, all states not in favour
 
The Centre’s plan to change the financial year cycle from April-March to January-December has been put on hold and may not materialise in the Narendra Modi government’s current term, according to a senior official.
 
Any change in the financial year would have to be agreed upon by all states, and a number of them were still not in its favour, the official, who did not wish to be named, said on Monday. Besides, the government did not see many advantages in switching to the January-December cycle, the official added.

Click here for more

11:16 AM BUZZING STOCK

Religare Enterprises rose 2.33% to Rs 57.10 on BSE after the company said it has raised Rs 30 crore through issue of non-convertible debentures on private placement basis to one of its wholly-owned subsidiaries.

11:02 AM

Infosys falls on buyback news

Infosys fell 0.6% after reports that founders may sell some of their stake in the company's Rs 13,000-crore share buyback programme. READ MORE

Infosys
Infosys headquarters in Bengaluru

10:50 AM Market Check

Equity benchmarks extended losses in morning as the Sensex was down nearly 250 points at 31,510, dragged by index heavyweights NTPC, HDFC, Coal India, HUL and Infosys. The broader Nifty50 index fell below its crucial 9,850 level.

10:39 AM

Don't buy diamonds just for investing
 
Indian Commodity Exchange (ICEX) went live with derivatives of diamonds on Monday. The best part about the world’s first diamond futures contracts is that even retail investors can participate in the trading and buy diamonds using a systematic investment plan (SIP). 
 
But experts say prices of these precious stones are volatile and one needs to have a long investment horizon.
 

10:23 AM

Four companies line up Rs 2,500 cr IPOs next month
 
Looking to tap into the upbeat investor sentiment, as many as four companies, including Bharat Road Network Ltd and Matrimony.Com, are expected to come out with their IPOs (initial public offers) next month to raise over Rs 2,500 crore.
 
The other two firms are consumer electronics manufacturer Dixon Technologies and construction company Capacit'e Infraprojects. READ MORE

IPO, foreign banks, foreign investment banks, investment banks, banks, IPOs

10:10 AM

Mutual funds keep fingers crossed on rules for merger of schemes
 
The mutual fund industry is in a wait-and-watch mode over regulations regarding merger of schemes. 
 
The mutual fund advisory panel appointed by the Securities and Exchange Board of India (Sebi) is due to meet on Friday amid expectations that fund houses may not be allowed to continue with multiple schemes in the same category.
 
There are 2,041 schemes offered by 40 mutual funds, averaging 50 per fund house. Sebi feels these are too many for investors to understand, differentiate and choose from. READ MORE

mutual fund
mutual fund

10:04 AM

Economy watch: GDP numbers
 
We expect the GDP growth for the first quarter of ongoing fiscal year i.e. FY18 at 6.5% at constant 2011-12 prices. This growth is contingent on realization of Gross Value Added (GVA) growth at 6.3% (Source: CARE Ratings report)

10:02 AM

Hurricane Harvey and its impact on OMCs
 
We expect Indian refiners to extend their strong Q1FY18 performance in core GRMs in Q2FY18 as well. QTD Singapore benchmark margins are quoting at record highs of USD7.8/bbl gaining from global tailwinds. 
 
Disruption in the US Gulf coast refineries due to the fury of Hurricane Harvey would likely benefit Indian refiners. The region, which constitutes ~45% of USA’s refining capacity, has seen capacity shutdowns of ~1mnbbl/d, with an additional ~1mnbbl/d shutdowns expected going ahead (~3% of global refining capacity). Consequently, US gasoline cracks have surged to ~USD24/bbl, 2x recent levels. 
 
Consensus estimates 7-10 days outage before operations resume which will support gasoline cracks. Gasoline represents ~12-15% of India’s refining slate (second largest component). Overall, we expect export major, RIL and OMCs to be among the major beneficiaries of the trend
 
(Source: Edelweiss Research)

10:00 AM

Centrum upgrades Mayur Uniquoters
 
We upgrade our rating on Mayur Uniquoters to Buy from Hold and revise our target price to Rs435 as the company’s footwear business is well on its way to recovery and its high margin profile remains intact. 
 
We expect good performance to be maintained in the coming quarters, aided by i) continued recovery in the footwear segment, and ii) higher traction in exports. The company’s foray into the PU business and its new plant in Mysore will also add to its growth momentum, albeit in the medium term as these projects are expected to start in the next couple of months. 
 
Q1FY18 results beat estimates as higher margins supported overall earnings. We remain convinced of Mayur’s medium-to-long-term growth opportunity

10:00 AM Changes on Nifty50

 
ACC, Bank of Baroda and Tata Power were under pressure, down 1-2% after NSE decided to exclude these stocks from Nifty50. HPCL and UPL gained up to 2% on addition in Nifty50.The changes will be effective from September 29

9:59 AM

Edelweiss on DLF
 
Realty major DLF on Sunday said it has entered into a joint venture (JV) with GIC to build rental assets in India after its promoters sold 33.34% stake in the rental arm to the Singapore sovereign wealth fund for Rs 8,900 crore.
 
The deal arrangement should help address DLF’s stretched balance sheet, though it comes at the expense of significant equity dilution and leads to lowering of our estimate of NAV/share. Its residential operations remain challenging with sluggish new sales, little new launches and persistent slowdown in its mainstay Gurgaon market. Gains from lower interest expense are negated somewhat by loss of 33.34% DCCDL rentals and equity dilution. Rental income should see meaningful uptick only post FY19. We maintain ‘HOLD/SU’.

9:45 AM

Gold climbs to 9-1/2 month high
 
Gold prices rose for a third day on Tuesday to its highest since November as mounting geopolitical tensions over a new North Korean missile launch stoked demand for safe-haven assets and weighed heavily on the dollar and equities.
 
Spot gold rose 0.6% to $1,316.90 per ounce, after earlier touching its highest since November 9 at $1,322.33.
 
Gold gained 1.4% in the previous session in its biggest one-day percentage rise since mid-May.

Gold

9:37 AM Sectoral Chart

All sectoral indices were trading in red dragged by pharma, realty and PSU Bank indices, which fell over 0.7% each.

Source: NSE




9:31 AM

NTPC cracks
 
NTPC slips over 3% , becoming the biggest laggared on BSE Sensex as the govt readies to sell up to 10% stake in power utility NTPC for Rs 13,800 crore in one of the biggest disinvestment deals.
 
The two-day offer for sale (OFS) will have a core component of 412 million shares (5%), with a greenshoe option to sell another 5%. If the OFS is fully subscribed, it will be the third-biggest divestment deal ever by the government. 


9:23 AM Top gainers and losers on BSE Sensex

Nifty
Source: BSE

9:21 AM Broader Markets

The broader markets were outperformed the benchmark indices a little with BSE Midcap and BSE smallcap down 0.2% each.

9:21 AM

Market snapshot (Source: Edelweiss Research)
 
Market Wide PCR up from 0.937 to 1.027; Nifty OI PCR down from 1.06 to 1.059; Nifty up 0.6%, Futures OI up 3%; Nifty Aug futures trading at 4 points premium as against 16 points premium;  India VIX at 12.64% as against 12.57%

9:20 AM Markets open

Snapping four sessions of gains, benchmark indices open in red with Nifty falling below 9,900 following Asian stocks after North Korea fired a missile over northern Japan, setting up a tense start to trading for markets in the region.

At 9:19 am, the S&P BSE Sensex was trading at 31,625, down 125 points while the broader Nifty50 index was ruling at 9,878, down 34 points

9:19 AM Vijaya Bank launched a Rs 1,000-crore share sale to institutional investors through QIP .The bank has  fixed the floor price of the share sale at Rs 66.36 per share -a discount of 6.61 % to Monday's closing price of Rs 70.75 per share on the BSE

9:18 AM

Nifty Bank outlook:
 
Nifty Bank opened on a positive note on Monday and traded in line with Nifty. It was trading above its 24200 zones for the most part of the day and finally it ended the session on a flattish note. Now it has support near to 24000 zones then 23600 while on the upside hurdles are seen at 24600 then 24800 zones.
 
(Source: Anand Rathi Research)

9:17 AM

F&O watch:
 
Nifty August Future opened on a positive note on Monday and after the initial consolidation, the bulls managed to pull the market towards 9875 levels. It witnessed strong buying interest at every minor decline and finally the session ended on a positive note with the gains of around 20 points 
 
India VIX was down by around 5%. On the option front, maximum Put OI is at 9800 strike followed by 9700 strike while maximum Call OI is at 10000 followed by 10100 strike. We have seen put writing at all the strikes in between 9650 to 9900 strikes while, call unwinding was seen at 9700 and 10100 strikes.
 
(Source: Anand Rathi Research)

9:15 AM

New enterants in the Nifty
 
A good start to the week on Monday may not continue today as tensions resurfaced in the Korean peninsula. This time, North Korea sent a missile reportedly over Japan and into the Pacific waters. Hurricane Harvey is causing its share of destruction in Houston and other areas. The southwest monsoon in India continues its vigorous run along the West Coast. Rainfall deficit still remains in most states. 
 
From September 29, the Nifty will see new faces. Bajaj Finance, HPCL and United Phosphorus will get included while ACC, Bank of Baroda, Tata Power and Tata Motors DVR will exit the benchmark index. The outlook is a weak start and swings could be in store ahead of the F&O expiry on Thursday
 
(Source: Amar Ambani, head of research, IIFL)

9:12 AM

Govt to sell up to 10% in NTPC 
 
The government on Tuesday will sell up to 10% in power utility NTPC for Rs 13,800 crore in one of the biggest disinvestment deals. The two-day offer for sale (OFS) will have a core component of 412 million shares (five per cent stake), with a greenshoe option to sell another five per cent. If the OFS is fully subscribed, it will be the third-biggest divestment deal ever by the government. READ MORE

NTPC Photo: Wikipedia
NTPC Photo: Wikipedia

9:11 AM

Market outlook for the day
 
Today the markets are likely to open on negative note. All emerging markets are trading mixed. The coming session is likely to witness a range of 9800 on declines and 10000 on advances: SMC Global

9:01 AM

Crude Check
 
US Crude oil prices hit one-month low on worries refinery shutdowns due to the flooding could boost inventory.
 
US crude futures stood at $46.79 per barrel in early Tuesday trade, up 0.5% on the day, after having fallen to as low as $46.15 on Monday.

Oil block auction faces uphill battle

8:59 AM

Infosys founders will participate in Rs 13,000-crore share buyback
 
Infosys on Monday said some of its founders would participate in the company’s share buyback. 
 
Infosys, which was founded by N R Narayana Murthy and six others, and their shares were distributed among family members also.
 
“In terms of the buyback regulations, under the tender offer route, the promoters have the option to participate in the buyback. We would like to inform you that some of the members of the promoter and promoter group of the company have communicated their intention to participate in the proposed buyback,” said the company in a note to the BSE on Monday.  READ MORE

Narayana Murthy, Infosys

8:54 AM

Nifty view from Prabhudas Lilladher:
 
Nifty has recovered significantly from the low of 9,740 and as of now is getting set for the expiry of future contracts, however bias is positive with Nifty having its near-term support at 9,840. The support for the day is seen at 9,865, while the resistance is seen at 9,950.
 
Click here for top trading ideas

markets, stocks, sensex, nifty, bse, nse
Photo: Shutterstock

8:52 AM

Stock recos from MOSL for today's trade
 
MARUTI SUZUKI - BUY
Last Close: Rs 7,579
Stop Loss: Rs 7,475
Target: Rs 7,850
 
YES BANK - BUY
Last Close: Rs 1,753
Stop Loss: Rs 1,715

8:49 AM

NSE adds three firms to broad Nifty 50 index

National Stock Exchange said on Monday it would add Bajaj Finance, Hindustan Petroleum Corp, and UPL to its broad Nifty 50 index, while removing four constituents.
 
To make room for the new entries, the exchange will remove ACC, Bank of Baroda, Tata Power and Tata Motors' deferential voting rights (DVR), according to a statement. READ MORE

The National Stock Exchange building in Mumbai. (Photo: Reuters)
 

8:41 AM

SGX Nifty
 
The Nifty50 futures on the Singapore Stock Exchange were trading 48 points lower at 9864 indicating a gap down opening for the domestic market.

8:41 AM

North Korea fires missile over Japan
 
North Korea fired a missile early on Tuesday that flew over Japan and landed in the Pacific waters off the northern region of Hokkaido, South Korea, and Japan said, in a sharp escalation of tensions on the Korean peninsula.

North Korea has conducted dozens of ballistic missile tests under young leader Kim Jong-Un, the most recent on Saturday, but firing projectiles over mainland Japan is rare.
 
The last North Korean projectile to fly over Japan was in 2009. The United States, Japan, and South Korea considered that launch to have been a ballistic missile test while North Korea said it was a rocket carrying a communications satellite into orbit. READ MORE

North Korea ballistic missile launch
Representative Image

8:38 AM

Asian shares tumble
 
Asian share markets tumbled on Tuesday, while the yen jumped to four-month highs against the dollar after North Korea fired a missile over northern Japan, setting up a tense start to trading for markets in the region.
 
S&P mini futures ESc1 fell as much as 0.85% on the news before paring losses to trade 0.5% below its close on Monday, when it was little changed.
 
Japan’s Nikkei fell 0.7% to four-month low while South Korea’s Kospi shed 0.5%, helping to drag down MSCI’s broadest index of Asia-Pacific shares outside Japan 0.3%.

8:37 AM

Wall Street ends lower
 
The S&P 500 and Dow ended little changed in overnight trade, as Tropical Storm Harvey crippled the US energy hub in Texas
 
The Dow Jones Industrial Average fell 5.27 points, or 0.02%, to close at 21,808.4, the S&P 500 gained 1.19 points, or 0.05%, to 2,444.24. The Nasdaq Composite added 17.37 points, or 0.28%, to 6,283.02.

stocks, wall street, stock, wall

8:35 AM Good Morning and welcome to market live blog. Catch all the live market action here.

First Published: Tue, August 29 2017. 15:34 IST
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Sensex, Nifty snap four-session gaining streak, down 1% on N Korea tensions

All that happened in Tuesday's session

All that happened in Tuesday's session
Snapping four sessions of gains, the benchmark indices logged their biggest percentage fall of the year as the firing of a missile over Japan by North Korea rattled investors, while the F&O expiry of August series due Thursday also hit sentiment.  

The S&P BSE shed 362 points to end at 31,288, while the Nifty50 settled below its crucial 9,800 mark.  

In a sharp escalation of tensions on the Korean peninsula, North Korea fired a missile early on Tuesday that flew over Japan and landed in Pacific waters about 1,180 kilometres (735 miles) off the northern region of Hokkaido.

Overseas, European and tumbled post the development, while the yen jumped to four-month highs against the dollar.

US futures fell as much as 0.85% on the missile before trimming some losses.

image
Business Standard
177 22

Sensex, Nifty snap four-session gaining streak, down 1% on N Korea tensions

All that happened in Tuesday's session

Snapping four sessions of gains, the benchmark indices logged their biggest percentage fall of the year as the firing of a missile over Japan by North Korea rattled investors, while the F&O expiry of August series due Thursday also hit sentiment.  

The S&P BSE shed 362 points to end at 31,288, while the Nifty50 settled below its crucial 9,800 mark.  

In a sharp escalation of tensions on the Korean peninsula, North Korea fired a missile early on Tuesday that flew over Japan and landed in Pacific waters about 1,180 kilometres (735 miles) off the northern region of Hokkaido.

Overseas, European and tumbled post the development, while the yen jumped to four-month highs against the dollar.

US futures fell as much as 0.85% on the missile before trimming some losses.

image
Business Standard
177 22