Sensex cracks 221 pts, Nifty ends below 9,200; Sun Pharma sheds 3%
NEW DELHI: US President Donald Trump order for missile strikes against Syria sent out shock waves through the financial markets on Friday, as equities and the dollar tanked while crude prices saw a sudden jump.
On Trump’s orders, US warships in the Mediterranean Sea launched 50-60 Tomahawk cruise missiles at the Shayrat air base in Homs governorate, from where Syrian warplanes had carried out the chemical attacks, killing innocent people.
Succumbing to global pressures, the domestic equity market ended in the red. The S&P BSE Sensex tanked 221 points to close at 29,706 with Reliance Industries, Infosys and Sun Pharma being the major contributors to the fall.
The headline index, which opened at 29,850 against the previous close of 29,927, hit an intraday high and low of 29,886 and 29,668, respectively.
On similar lines, the Nifty50 index of the National Stock Exchange settled 64 points lower at 9,198.
Shares of Reliance Industries snapped a six-day winning momentum and slipped 2.28 per cent to end at Rs 1,405 after Trai ordered its telecom arm Reliance Jio to withdraw its Summer Surprise offer.
The day belonged to newly-listed Avenue Supermarts, whose stock price surged up to 15 per cent before ending the day at Rs 750 a share, up 13 per cent.
In the sectoral landscape, pharma stocks fell the most, with Sun Pharma, Lupin and Dr Reddy’s contributing the most to the fall.
"If this geopolitical tension escalates further, Nifty may retrace to 9,100 in the near future but it will not change the prevailing uptrend. Traders should maintain positive yet caution approach and keep a close eye on world markets for further cues," said Jayant Manglik, President, Retail Distribution, Religare Securities Ltd.
On the global front, crude oil prices hit a one-month high after the US attacks on Syria.
Gold dazzled, rising more than 1 per cent on Friday to hit a five-month high as investors sought safe-haven assets.
Bucking the trend, stocks rose in China on Friday to post their best weekly gain since late November, helping the Shanghai benchmark to close at a 15-month high, as risk appetite rose on Beijing's decision to launch a new economic zone in the Hebei province.
The blue-chip CSI300 index rose 0.1 per cent to 3,517, while the Shanghai Composite Index added 0.2 per cent to 3,286. For the week, CSI300 rose 1.8 per cent
European stocks opened in the red.
On Trump’s orders, US warships in the Mediterranean Sea launched 50-60 Tomahawk cruise missiles at the Shayrat air base in Homs governorate, from where Syrian warplanes had carried out the chemical attacks, killing innocent people.
Succumbing to global pressures, the domestic equity market ended in the red. The S&P BSE Sensex tanked 221 points to close at 29,706 with Reliance Industries, Infosys and Sun Pharma being the major contributors to the fall.
The headline index, which opened at 29,850 against the previous close of 29,927, hit an intraday high and low of 29,886 and 29,668, respectively.
On similar lines, the Nifty50 index of the National Stock Exchange settled 64 points lower at 9,198.
Shares of Reliance Industries snapped a six-day winning momentum and slipped 2.28 per cent to end at Rs 1,405 after Trai ordered its telecom arm Reliance Jio to withdraw its Summer Surprise offer.
The day belonged to newly-listed Avenue Supermarts, whose stock price surged up to 15 per cent before ending the day at Rs 750 a share, up 13 per cent.
In the sectoral landscape, pharma stocks fell the most, with Sun Pharma, Lupin and Dr Reddy’s contributing the most to the fall.
"If this geopolitical tension escalates further, Nifty may retrace to 9,100 in the near future but it will not change the prevailing uptrend. Traders should maintain positive yet caution approach and keep a close eye on world markets for further cues," said Jayant Manglik, President, Retail Distribution, Religare Securities Ltd.
On the global front, crude oil prices hit a one-month high after the US attacks on Syria.
Gold dazzled, rising more than 1 per cent on Friday to hit a five-month high as investors sought safe-haven assets.
Bucking the trend, stocks rose in China on Friday to post their best weekly gain since late November, helping the Shanghai benchmark to close at a 15-month high, as risk appetite rose on Beijing's decision to launch a new economic zone in the Hebei province.
The blue-chip CSI300 index rose 0.1 per cent to 3,517, while the Shanghai Composite Index added 0.2 per cent to 3,286. For the week, CSI300 rose 1.8 per cent
European stocks opened in the red.
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