Sensex plunges nearly 300 pts to slip below 31,600, as mounting geo-political tension triggers correction

Key equity benchmark indices retreated sharply after a weak opening, with Sensex tumbling over 250 points tracking weakness in other Asian markets as geo-political tension intensifies following North Korea’s latest nuclear test done yesterday. Brokers said apart from profit booking in recent gainers by investors, a weak trend in Asian markets on mounting geopolitical tensions after North Korea said it had successfully tested a hydrogen bomb, pulled down the indices. Extending losses, the Sensex slumped 293.68 points or 0.9 percent to touch a low of 31,598.55 as investors continue to turn 3risk-averse and are exiting stocks after the recent run-up. At 12.05PM, the Sensex was at 31,621.77, down 270.46 points, or 0.8 percent from previous close. [caption id=“attachment_3911591” align=“alignleft” width=“380”]  PTI[/caption] The broader 50-stock Nifty also lost considerable ground and was down 74.20 points, or 0.7 percent at 9,900.20. Other Asian indices such as Japan’s Nikkei dropped nearly 1 percent, Hang Seng fell 0.7 percent and KOSPI Composite index was also down around 1 percent. The US Dow Jones ended 0.18 per cent higher in Friday’s trade. Among key laggards in Sensex pack, Adani Ports plunged 3.1 percent, HeroMoto Corp dropped 1.9 percent, Asian Paints fell 1.8 percent, Bharti Airtel declined 1.6 percent and Hindustan Unilever eased 1.2 percent. Others like Dr Reddy’s, Tata Motors, Infosys, L&T, Kotak Bank and HDFC Bank were down 1 percent each.