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.
Key Indian equity indices on Friday witnessed the steepest fall since November 2016, on the back of escalating geo-political tensions between North Korea and the USA, a weak rupee and heavy selling pressure in capital goods, metal and banking stocks.
After opening at 32,361.37, the Sensex traded in a range of 32,524.11 and 31,886.09 before closing the week at 31,922.44, showing a loss of 350.17, or 1.09 percent. It had lost 53.72 points in the previous three days.
Meanwhile, the rupee fell to four-month low amid FII outflows on expectation of rate hike by the US Federal Reserve loomed investors sentiment.
Mumbai: The equity markets plunged sharply on Friday while the rupee slumped to a near six-month low against the dollar amidst concern that the latest stimulus plan to revive domestic growth would have an adverse impact on India's fiscal deficit.More news: Catalan referendum saga continues with police raid
"In view of the economic slowdown, the government is reported to be open to allowing the fiscal deficit to exceed this year's target as it considers a stimulus package in the range of Rs 40,000-50,000 crore by way of increased spending", Desai told IANS.
At 9.40 AM: Sensex fell over 256 points or 0.79% to 32,113.58 while Nifty was down by over 88 points or 0.87% at 10,033.75. Weak Asian cues after China's sovereign rating was downgraded by agency on fears over its ballooning debt and sustained foreign fund outflows negatively impacted sentiments.
The rupee fell 31 paise to 65.12 against the dollar, its lowest level since May 23 in early trade at forex market, said a PTI report on Friday.
Sun Pharma, Cipla, Wipro and HCL Tech were the major gainers while Hindalco, Yes Bank, ICICI Bank and Coal India were the major losers.
Sector-wise, all the 19 sub-indices of the BSE closed in the red, led by capital goods (down 603.52 points), metals (down 554.26 points) and banking (down 526.84 points) indices.