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Why today's trade turned out to be a Black Friday for markets

Here's what all you need to know about today's market mayhem.

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Why today's trade turned out to be a Black Friday for markets
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The possibility of North Korea conducting another hydrogen bomb test spooked the markets yet again. On the buzz, the 50-share NSE Nifty fell 156.00 points or 1.54% to 9,965.90 while the BSE Midcap and Smallcap indices were down 2.5% each.

While, the North Korea worries were biggest reason for downfall, many events happened that scared the investors on Friday.

Here's what all you need to know about today's market mayhem: 

North Korea jitters:
North Korea said on Friday it might test a hydrogen bomb over the Pacific Ocean after US President Donald Trump said he would destroy the country if it threatened the United States or its allies.

China's credit rating:
Indices that are already trading under fear of hydrogen bomb test were hit hard by S&P Global Ratings' downgrade to China's sovereign credit rating. On Friday, the ratings agency said the country's attempts to reduce risks from its rapid buildup in debt are not working as quickly as expected and credit growth is still too fast.

Rupee dips to lowest in 6 months: 
Indian rupee nosedived to six-month low over government's stimulus package to revive Indian Economy.  The rupee today dropped by 34 paise to a six and a half month low level of 65.15 against the US dollar. 

However, by afternoon, the Indian rupee recouped most of its losses.

Slowdown in Global Markets: 
US indices were in red on Thursday as investors got ready for a third interest rate hike this year and over the US ordered new sanctions against North Korea. 

Besides, Europe's main stock index fell in early trading on Friday, following a slide in Asian stocks and a rush to safe-haven currencies overnight after North Korea said it might test a hydrogen bomb in the Pacific Ocean.

(With inputs from Agencies)

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