Indian shares tumble as N.Korea tensions weigh

Prakash Industries

11/08/2017 06:48

* NSE index down 0.75 pct, BSE index 0.69 pct 
    * Financials, autos drag 
    * Both indexes set for weekly loss 
 
    By Tanvi Mehta 
    Aug 11 (Reuters) - Indian shares fell over 1 percent on 
Friday and were headed for their first weekly loss in six, 
tracking global markets as escalating tensions between the 
United States and North Korea continued to drive investors away 
from risk assets.  
    Asian equity markets slid further and Wall Street closed 
sharply lower after U.S. President Donald Trump warned Pyongyang 
against attacking Guam or U.S. allies.  MKTS/GLOB  
    "The mood got aggravated because global markets opened 
negatively ... it's more of a fear factor ...," said Anita 
Gandhi, whole-time director, Arihant Capital Markets, adding 
that markets were overripe in terms of valuation. 
    The broader NSE index  .NSEI  was down 0.75 percent at 
9,746.50 as of 0518 GMT, falling as much as 1.2 percent to its 
lowest in a month. 
    The benchmark BSE index  .BSESN  was 0.69 percent lower at 
31,313.59. Both indexes are set to post nearly three percent 
fall on week. 
    Nifty Bank index  .NSEBANK  dropped as much as 1.3 percent. 
The index was down nearly 2.5 percent this week up to Thursday's 
close.  
    Nifty Auto index  .NIFTYAUTO  fell as much 2.3 percent to 
its lowest since May 24, with Tata Motors  TAMO.NS  and Eicher 
Motors  EICH.NS  figuring among top losers. 
    Union Bank of India Ltd  UNBK.NS  fell as much as 7.7 
percent to its lowest in over seven months after the state-run 
bank's profit fell about 30 percent, missing analysts' estimate. 
 urn:newsml:reuters.com:*:nL4N1KW4EX 
    Shares of J Kumar Infraprojects  JKIP.NS  and Prakash 
Industries  PRKI.NS  resumed trade after India's Securities 
Appellate Tribunal stayed a SEBI order on trading curbs. Shares 
in both companies shed as much as 20 percent.  urn:newsml:reuters.com:*:nL4N1KX1W9 
 
 (Reporting by Tanvi Mehta in Bengaluru; Editing by Vyas Mohan) 
 ((tanvi.mehta@thomsonreuters.com; +91 80 67491310; Reuters 
Messaging: tanvi.mehta.thomsonreuters.com@reuters.net)) 
 
Keywords: INDIA STOCKS/