Mumbai— Indian stock markets plunged on Friday as escalating tensions between India and Pakistan triggered a wave of investor caution. The selloff followed Pakistan’s missile strikes in retaliation for India’s precision attacks on terror camps in Pakistan and Pakistan-occupied Kashmir. All eight missiles were successfully intercepted by Indian air defense systems.
At market close, the Sensex sank 880.34 points, or 1.10%, to 79,454.47. The Nifty fell 265.80 points, also down 1.10%, ending at 24,008.
“Investors shifted to risk-off mode amid geopolitical uncertainty,” said Rupak De of LKP Securities, noting that the Nifty managed to hold above the 24,000 level, supported by the 21-day exponential moving average.
Among the top laggards on the Sensex were ICICI Bank, down 3.09%, PowerGrid (-2.61%), Bajaj Finance (-1.84%), and Reliance Industries (-1.84%).
On the upside, Titan surged 4.25%, followed by Larsen & Toubro (4.02%), Tata Motors (3.86%), State Bank of India (1.39%), and Asian Paints (0.2%).
Sectoral indices reflected widespread caution, with Nifty Bank, financial services, and realty all down over 1%. Realty was the worst hit, falling nearly 2%. Other sectors like auto, IT, energy, pharma, FMCG, and healthcare also ended in the red. However, PSU banks, consumer durables, media, and metal stocks offered some relief with modest gains.
In the broader market, the Nifty Midcap 100 closed flat, while the Nifty Smallcap 100 slipped 0.61%.
Meanwhile, the rupee traded in a volatile range between 85.90 and 85.35 against the dollar, as geopolitical tensions kept currency traders on edge.
“Any fresh escalation is likely to weigh heavily on the rupee,” said Jateen Trivedi of LKP Securities.
Market participants will be closely watching for further developments along the border, which could continue to influence investor sentiment and volatility in the coming days. (Source: IANS)
