The benchmark indices Sensex and Nifty ended sharply lower on Friday, as rising tensions between India and Pakistan sent shockwaves across Dalal Street. The Sensex closed at 79,454.47, falling 1.10%, while the Nifty slipped to 24,008.00, down 1.10%.
Broader markets ended flat, with the BSE Midcap down 0.10% and the Smallcap index shedding 0.30%. The Nifty Bank closed at 53,595.25, losing 1.42%.
India VIX, a measure of market volatility, spiked 3%.
Key highlights of today’s trading session
Border fire echoes on Dalal Street
Markets were rattled by fresh geopolitical developments. Following the tragic April 22 attack in Pahalgam, which claimed 26 civilian lives, the situation at the India-Pakistan border worsened. India responded with targeted strikes, and in retaliation, multiple drone and missile attacks were reported from across the border.
Foreign Investors
Until recently, foreign institutional investors (FIIs) had been pouring money into Indian equities. Since April 15, they had pumped in over Rs 50,000 crore across 16 consecutive sessions. But the heightened geopolitical risk may prompt them to rethink. The rupee, already under pressure, recorded its sharpest single-day drop in over two-and-a-half years, closing at 85.58 against the US dollar.
Who took the biggest hit?
A red wave swept across sectors such as banks, FMCG, realty. In the Nifty 50 pack, some of the heaviest losers included ICICI Bank, PowerGrid, UltraTech Cement, Bajaj Finance, and Adani Ports.
Only a few managed to stay afloat
Among the rare green spots were stocks like Titan, L&T, BEL, Tata Motors, and Asian Paints.
Drone stocks take flight amid tensions
The rising relevance of unmanned aerial vehicles in modern warfare gave a boost to India’s drone and defence stocks. ideaForge Technologies jumped over 18%, Zen Technologies hit the upper circuit, Paras Defence soared 6%, while HAL and Bharat Electronics posted 2-3% gains.
