Sensex posts biggest weekly fall in 18 months, melts 318 points

New Delhi: The BSE Sensex slumped over 318 points on Friday following global sell-off triggered by mounting geo-political tensions between the US and North Korea.

Weakening global risk appetite has sparked a wide round of profit-taking after shares scaled record highs last week.  This is the first weekly fall in six for the markets.

The BSE 30-share Sensex remained in the negative zone and settled down 317.74 points, or 1.01 percent, at 31,213.59, its weakest closing since July 4. The index had tumbled 794.08 points in the last four sessions. The NSE Nifty after cracking the 9,700-mark to hit a low of 9,685.55, finally settled lower 109.45 points, or 1.11 percent, at 9,710.80, a level last seen on July 7.

Sentiment suffered another jolt after the Economic Survey said achieving the high end of the 6.75-7.5 percent growth projected previously will be difficult due to appreciation of rupee, farm loan waivers and transitionary challenges from implementing GST.

Both indexes ended nearly 3.5 percent lower for the week, snapping a five-week winning streak, marking their worst week since mid-February 2016.