Markets

Sensex drops over 162 points on US-Iran flare-up

Asian Paints was the top loser in the Sensex pack.

Market benchmark Sensex tumbled 162 points on Friday as global investors turned risk-averse after the killing of a top Iranian general by the US fuelled fears of a geopolitical conflict.

Brent crude futures surged 4.4% to USD 69.16 per barrel as investors turned jittery on supply concerns.

The 30-share BSE index ended 162.03 points, or 0.39%, lower at 41,464.61. Similarly, the broader NSE Nifty closed 55.55 points, or 0.45%, down at 12,226.65.

Asian Paints was the top loser in the Sensex pack, dropping 2.16%, followed by Axis Bank, Bajaj Auto, SBI, NTPC and Bajaj Finance.

On the other hand, Sun Pharma, TCS, HCL Tech, Infosys, Tech Mahindra and Bharti Airtel rose up to 2.08%.

According to traders, investors moved away from risky assets after top Iranian commander Qasem Soleimani was killed in a US strike in Iraq.

World leaders reacted to the assassination with alarm, flagging concerns over a rise in regional tensions.

Bourses in Shanghai and Hong Kong ended in the red, while Seoul settled a tad higher.

Stock exchanges in Europe opened significantly lower.

On the currency front, the rupee depreciated 37 paise against the US dollar to 71.75 (intra-day).

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Printable version | Feb 29, 2020 10:25:46 AM | https://www.thehindu.com/business/markets/sensex-drops-over-162-points-on-us-iran-flare-up/article30469875.ece

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