Markets skid amid geopolitical tensions

Mumbai: Snapping its three-session winning run, the BSE Sensex tumbled 407 points on Friday as rising tensions between the US and Iran soured risk appetite globally.

The 30-share BSE gauge settled 407.14 points, or 1.03 per cent, lower at 39,194.49.

Similarly, the broader NSE Nifty slumped 107.65 points, or 0.91 per cent, to 11,724.10.

During the week, the Sensex declined 257.58 points or 0.65 per cent, and the Nifty lost 99.2 points or 0.83 per cent.

Global markets spiralled lower while crude oil prices spurted after reports said US President Donald Trump had approved military strikes against Iran, but later decided against it.

A weakening rupee and ongoing trade concerns further weighed on domestic market sentiment, traders said.

"Domestically, the Southwest monsoon which is the major source of water for India's farms was delayed by a week leading to 43 per cent deficit for the month of June...

Crude rose by 4 per cent in the last week, which is expected to impact India's fiscal balance," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.