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Sensex at five-week low; Nifty settles at 9,710, down 350 pts for the week

SI Reporter/New Delhi 11 Aug 17 | 03:36 PM

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. 

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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.

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Sensex

Company Price Gain (%)
Dr Reddy's Labs2,301.251.79
M & M1,424.500.85
Asian Paints1,122.050.49
Axis Bank536.550.30
Infosys1,006.150.27

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