India-Pakistan tension deepens in the stock market, Sensex slipped 412 points
Mumbai:
The local stock market standard index Sensex fell by about 412 points on Thursday, while the Nifty slipped 140 points due to increasing selling in the last hour of trading amid growing tension on the border between India and Pakistan. There was more or less trading in the stock market in one range, but due to the emphasis of selling in the last hour, it came down rapidly. As soon as the news of Pakistan’s failed attempt to target some border cities of the country, the selling intensified.
Sensex closed on so on
BSE’s 30 -share standard index Sensex fell 411.97 points, or 0.51 percent to close at 80,334.81 points and its 23 shares were in loss. However, the Sensex was open with an edge and reached a high of 80,927.99 points at one time from buying. But in the afternoon session, the index speed slowed due to selling in companies, vehicles and select banking shares making daily consumption goods (FMCG). It fell 759.17 points, or 0.94 percent, to a low of 79,987.61 points, one hour before the trading shutdown.
Nifty also slipped
The National Stock Exchange (NSE) standard index Nifty also closed at 24,273.80 points with a decline of 140.60 points, or 0.58 percent. At one time during the trading, it fell 264.2 points to 24,150.20 points.
Border tension
Officials said the Indian armed forces on Wednesday night destroyed a Pakistani air defense system in Lahore, which thwarted the Pakistani army’s efforts to attack several military bases in northern and western India. The Ministry of Defense said that Pakistan’s attacks were made neutralized with the help of integrated human-interest aircraft immune system. In a strong retaliation for the Pahalgam massacre, the Indian Army had destroyed nine terrorist bases in Pakistan and Pakistan -occupied Kashmir (PoK) through missiles in the early hours of Wednesday.
The deepening of tension on the border had an impact on the stock market and among the companies included in the Sensex, there was a decline in 23 shares including the Internal (East Zomato), Mahindra, Maruti, Bajaj Finance, Tata Steel, Bharti Airtel, Bajaj Finserv, Asian Paints, Power Grid and State Bank of India.
On the other hand, seven companies including Kotak Mahindra Bank, Axis Bank, Titan, HCL Tech, Tata Motors, Infosys and Tata Consultancy Services were in profit.
The BSE Midcap index fell by 1.90 percent in the market and 1.05 percent in smallcap. Jiojit Investment Limited Research Head Vinod Nair said, “The Indian stock market saw profits in the Indian stock market till the end of the trading session due to increasing tension and border firing between India and Pakistan.”
FII invests
Nair said that the market did not get any significant confidence from the review meeting of the US central bank as the Federal Reserve has feared inflation and unemployment to increase from the aggressive fee policy. However, the global market remains stable and positive. According to the stock market data, foreign institutional investors (FIIs) on Wednesday bought shares worth Rs 2,585.86 crore.
Let us tell you that in other markets of Asia, South Korea’s Cupi, Japan’s Nikki 225, China’s Shanghai Composite and Hong Kong’s Hangseng closed with profit.
Europe’s markets were trading with an edge in the afternoon session. The American markets also closed with an edge on Wednesday. Apart from this, global oil standard Brent crude climbed one percent to $ 61.75 per barrel.
The BSE Sensex rose 105.71 points to 80,746.78 on Wednesday and NSE Nifty increased by 34.80 points to close at 24,414.40 points.
(This news has not been edited by the NDTV team. It has been published directly from the syndicate feed.)