Nifty Crashes As Geo-Political Tensions, Shell Company Ban Weighs

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Benchmark indices came crashing down in the last 1 hour of trade, as geo-political tensions and the ban on shell companies weighed. It was after a long time we saw the Nifty crack by almost 90 points, as sentiments took a turn for the worse. It was also the fifth straight day of losses for the Nifty and the Sensex.

Nifty Crashes As Geo-Political Tensions, Shell Company Ban Weighs
The markets began on a weak note, following threats and counter threats between North Korea and the US. A slide in European stocks, also pushed Indian indices lower as well. The Sensex ended the day lower by 266 points, while the Nifty dropped 88 points in trade. 

The large part of the dip could be attributed to a fall in the stock of Tata Motors, which ended the day lower by almost 8 per cent, while the Tata Motors DVR dropped a huge 9 per cent in trade. Bank of Baroda, Eicher Motors and Gail saw the biggest losses of almost 4 per cent each.

However, it was the midcap space that saw some relentless selling pressure with the index at one stage dropping almost 4 per cent in trade. Adani Power lost a huge 9 per cent from the space, while Jaiprakash Associates dropped as much as 10 per cent.

Pharma stocks where there has been price damage continued their downslide. Dr Reddy's fell 5 per cent after the company said that the Bachupally manufacturing unit (in Hyderabad) is not renewed by German regulator post inspection.

Shares in Aurobindo Pharma, which rallied by almost 5 per cent in the morning, gave up all gains to end the day flat.

Markets are expected to continue to remain volatile on Friday as well.

Read more about: nifty sensex
Story first published: Thursday, August 10, 2017, 15:32 [IST]
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