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Sensex drops 148 pts on North Korea tension

The rupee stoked more worries, slumping to a three-week low against the dollar during the day

Press Trust of India  |  Mumbai 

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See-sawing stocks on Wednesday failed to stand up to selling pressure and ended with losses, with the hitting a one-week low, bogged down by a dogfight between the US and over the latter's nuclear programme.

The stoked more worries, slumping to a three-week low against the during the day. "A small recovery in late afternoon trade pulled the up from its morning trenches and pushed the benchmark and the Nifty to close only marginally lower. Lack of consensus among the US, and on how to pressure (North Korea) to abandon nuclear ambitions made skittish and wary of risky assets," said Karthikraj Lakshmanan, Senior Fund Manager — Equities, BNP Paribas MF.

At one point, the 30-share that opened lower touched a low of 31,586.53, but a rally in and Kotak helped the index settle at 31,661.97, a one-week low, down 147.58 points, 0.46 per cent. The index had risen 107 points on Tuesday on bargain buying. The NSE gauge Nifty traded low throughout and cracked below the 9,900-mark, but recovered just in time to close with a loss of 36 points, or 0.36 per cent, at 9,916.20.

Sun Pharma was the hardest hit, plunging 3.73 per cent to Rs 475, followed by 2.43 per cent. Financial stocks Axis Bank, and were in a pool of red, falling by up to 1.79 per cent, mainly due to profit taking activity. Losses were also reported by Lupin (2.05 per cent), (1.17 per cent) and (1.03 per cent).

Gains in index heavyweight Reliance Industries, however, offset the overall weakness a bit. Kotak Mahindra Bank, and managed to close positive.

Foreign portfolio (FPIs) went back to their selling ways diluting shares worth Rs 379.16 crore on net basis on Tuesday, showed provisional data.


First Published: Thu, September 07 2017. 00:01 IST