Rising tensions between India and Pakistan wiped off around Rs 2.40 lakh crore of BSE-listed companies in terms of market capitalisation.
Rising tensions between India and Pakistan wiped off around Rs 2.40 lakh crore of BSE-listed companies in terms of market capitalisation. The BSE Sensex which kicked off the day on a firm note slipped over 550 intraday after the government said it had conducted surgical strikes on militants preparing to infiltrate from Pakistan. Later, the 30-share index closed 465.28 points, or 1.64 per cent, down at 27827.53, while the 50-share Nifty index settled 153.90 points, or 1.76 per cent, down at 8,591.25. Total market capitalisation of BSE-listed companies plunged to Rs 109.62 crore from Rs 112.04 crore on Wednesday.
Among the 51-components in the Nifty index, 46 stocks ended the day in negative terrain with Bharat Heavy Electricals Ltd (BHEL) slipping the most 7.51 per cent, followed by Adani Ports (down 4.52 per cent), Hindalco (down 4.37 per cent), Aurobindo Pharma (down 4.30 per cent) and Bank of Baroda (down 3.98 per cent).
G Chokkalingam, founder, Equinomics Research and Advisory said, “New about tension between India and Pakistan spooked market sentiments on Thursday. Some profit booking at higher levels further dampened the mood.”
Sectorwise, the BSE Realty index, BSE Power index and BSE Helthcare index plunged 6.31 per cent, 4.11 per cent and 3.26 per cent, respectively, on Thursday. Rest all other sectoral indices also ended the day in red.
Other Asian peers ended on higher note after banking shares recovered in Europe, US durable goods orders data beat estimates and OPEC members surprised market participants with a preliminary deal to curb output. Hang Seng, Nikkei and Shanghai closed higher by 0.51 per cent, 1.39 per cent and 0.36 per cent, respectively.