Sensex, Nifty close lower as rising India-Pakistan tension spooks investors
Benchmark stock market indices closed lower for the second consecutive day as geopolitical tension between India and Pakistan dampened investor sentiment.Initially, markets opened higher but fell over 1% a few minutes into the day, but heavyweight stocks recovered, paring some losses later in the session.The S&P BSE Sensex lost 588.80 points to end at 79,212.53, while the NSE Nifty50 was down 207.35 points to end at 24,039.35.advertisement
Pranay Aggarwal, Director & CEO of Stoxkart, said that the downturn can be largely attributed to the ongoing geopolitical tensions between India and Pakistan.TCS emerged as the top gainer on Sensex, surging 1.36%, followed by Infosys which added 0.60%. Tech Mahindra rose by 0.50%, while UltraTech Cement gained 0.46%, and IndusInd Bank rounded out the top five gainers with a 0.32% increase.On the losing front, Adani Ports suffered the steepest decline, tumbling 3.61%. Axis Bank wasn't far behind with a sharp drop of 3.48%, while Eternal plunged 3.41%. Bajaj Finserv fell 2.85%, and Power Grid slipped 2.56%."Investors should keep a close watch on the upcoming earnings results and management commentary for demand trends, capex plans, and overall business outlook which will eventually shape the market's trajectory going forward," said Palka Arora Chopra, Director, Master Capital Services Ltd.advertisementBroader market indices saw selling pressure with the Nifty Midcap100 dropping 2.55% and the Nifty Smallcap100 declining 2.45%, while market volatility spiked as the India VIX jumped 5.58%.Among sectoral indices, only Nifty IT managed to stay afloat with a gain of 0.72%, swimming against the tide of the broad market selloff.All other sectors ended in the red, with Nifty Media taking the worst hit, plunging 3.24%.Nifty Realty tumbled 2.80%, followed by Nifty Pharma falling 2.24%, Nifty PSU Bank declining 2.24%, and Nifty Metal shedding 2.10%. Nifty Healthcare dropped 2.42%, while Nifty Consumer Durables fell 1.85%.Other significant losers included Nifty Auto down 1.67%, Nifty Oil & Gas slipping 1.43%, Nifty Financial Services retreating 1.39%, Nifty Private Bank decreasing 1.28%, and Nifty FMCG declining 0.62%."Although the present situation has caused temporary distress, particularly in the general market, it seems to be sentiment-based and tied to short-term geopolitical risks. A bounce back can be anticipated early next week, subject to how events shape up during the weekend," said Swapnil Aggarwal, Director, VSRK Capital.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch
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an hour ago
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