Sensex at five-week low; Nifty settles at 9,710, down 350 pts for the week
All that happened in Friday's session
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The markets settled at their five-week lows as PSU banks and metal stocks tanked, while escalating tensions between the United States and North Korea continued to drive investors away from risk assets.
The Nifty PSU Bank index dipped nearly 5% after Oriental Bank, Union Bank of India and State Bank of India fell 5% each post disappointing earnings for the June quarter. Meanwhile, volatility index India VIX hit its highest in six months, suggesting market participants expect major volatility on the Nifty over the next thirty days.
Overseas, global markets tumbled for a fourth day and were on course for their worst week since November, as the escalating war of words over North Korea drove investors on Friday toward the yen, the Swiss franc and gold.
Europe's main London, Frankfurt and Paris markets started between 0.5 and 1.1% lower and Germany's ultra-safe 10-year government bonds were trading at their highest prices since June.
4:19 PM
Anand James, Chief Market Strategist, Geojit Financial Services
Though Sebi’s softened stance on shell companies revived midcap stocks, volatility persisted keeping risk appetite under check. VIX soared over 15 for the first time in 6 months, as anxiety prevailed over the aggravating tensions between the US and North Korea, and investors were largely cautious ahead of the weekend. IIP and CPI numbers due shortly should offer the markets some distraction. Investors would be keeping their eyes on escalating tensions on the Korean peninsula for its impact on neighbouring economic powerhouses.
3:53 PM
Sectoral trend
PSU banks and metal stocks shed the most.
PSU banks and metal stocks shed the most.
Source: NSE
3:51 PM
Nifty Pharma bucks trend
Nifty Pharma (up 0.1%) was the sole sectoral gainer among NSE indices. All but two pharma stocks ended in green. CLICK HERE TO TRACK INDEX
Nifty Pharma (up 0.1%) was the sole sectoral gainer among NSE indices. All but two pharma stocks ended in green. CLICK HERE TO TRACK INDEX
3:44 PM
Top Sensex gainers and losers
Source: BSE
3:41 PM
Markets breadth negative
Market breadth depicted weakness. There were more than two losers against every gainer on BSE. 1,530 shares fell and 1000 shares rose. A total of 129 shares were unchanged.
Market breadth depicted weakness. There were more than two losers against every gainer on BSE. 1,530 shares fell and 1000 shares rose. A total of 129 shares were unchanged.
3:39 PM
Broader markets outperform
The BSE Midcap (down 0.2%) was down marginally, while the BSE Smallcap settled nearly unchanged.
The BSE Midcap (down 0.2%) was down marginally, while the BSE Smallcap settled nearly unchanged.
3:38 PM
Markets at close
The Sensex settled at 31,213, down 317 points, while the broader Nifty50 closed at 9,710, down 109 points.
The Sensex settled at 31,213, down 317 points, while the broader Nifty50 closed at 9,710, down 109 points.
3:30 PM
3:26 PM
Earnings impact
SBI tumbles as much as 5.9% post Q1 results as bad loans soar. CLICK HERE FOR THE STORY
SBI tumbles as much as 5.9% post Q1 results as bad loans soar. CLICK HERE FOR THE STORY
3:19 PM
39 stocks from BSE 500 index hit 52-week lows
Markets have been on a downward spiral since August 1 when the S&P BSE Sensex ended at a record high of 32,575 levels. Since then, the index has tanked 4.2%, or around 1,381 points in past eight trading sessions. CLICK HERE TO READ MORE
3:16 PM
European markets
European markets trade lower. Europe's main London, Frankfurt and Paris markets started between 0.5 and 1.1% lower and Germany's ultra-safe 10-year government bonds were trading at their highest prices since June.
3:05 PM
Markets check
At 3:00 pm, the Sensex was trading at 31,175, down 355 points, while the broader Nifty50 was ruling at 9,697, down 122 points.
3:00 PM
Volatility index
India VIX shoots up 11%, highest in six-month.
India VIX shoots up 11%, highest in six-month.
Source: NSE
2:30 PM
Earnings impact
Union Bank of India tanked over 7% to Rs 124 after the lender’s net profit for the first quarter ended June 2017 (Q1FY18) dipped by 30.1% to Rs 116 crore on a sharp rise in provisions for bad loans and taxes. The Mumbai-based lender had posted a net profit of Rs 166 crore in April-June 2016 (Q1FY17). CLICK HERE FOR DETAILED EARNINGS
Union Bank of India tanked over 7% to Rs 124 after the lender’s net profit for the first quarter ended June 2017 (Q1FY18) dipped by 30.1% to Rs 116 crore on a sharp rise in provisions for bad loans and taxes. The Mumbai-based lender had posted a net profit of Rs 166 crore in April-June 2016 (Q1FY17). CLICK HERE FOR DETAILED EARNINGS
2:07 PM
Market falls 4% in 7 sessions: Is it a good time to buy?
Given the developments, analysts say there could be more pain in store for the markets that have recently taken cognizance of the developing geopolitical situation. CLICK HERE TO READ FULL REPORT
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First Published: Aug 11 2017 | 3:36 PM IST