Markets tumble over 1% amid as India-Pak conflict flares up
Mumbai: Stock market benchmark indices Sensex and Nifty tumbled over 1 per cent each on Friday as tensions soared between India and Pakistan, fuelling fears of a wider conflict.
Besides, steep losses in realty, financial and utility stocks also dented investor sentiments, traders said.
The 30-share BSE benchmark gauge tanked 880.34 points or 1.10 per cent to settle at 79,454.47, in a largely range-bound trading.
The NSE Nifty dropped 265.80 points or 1.10 per cent to 24,008.
As many as 2,522 stocks declined while 1,343 advanced and 145 remained unchanged on the BSE.
The market capitalisation of BSE-listed firms eroded Rs 7,09,783.32 crore to Rs 4,16,40,850.46 crore ($4.86 trillion) in two days.
From the Sensex firms, ICICI Bank, Power Grid, UltraTech Cement, Bajaj Finance, HDFC Bank, Reliance Industries, Bajaj Finserv, Adani Ports, Mahindra & Mahindra and NTPC were among the laggards.
Titan Company climbed over 4 per cent higher after the Tata group firm reported a 13 per cent increase in its consolidated profit after tax at Rs 871 crore in the March quarter, driven by robust sales.
Larsen & Toubro jumped nearly 4 per cent after the firm reported a 25 per cent increase in consolidated profit after tax to Rs 5,497 crore for Q4 FY25.
In contrast, Tata Motors, State Bank of India and Asian Paints were among the gainers.
On the weekly front, the BSE benchmark dropped 1,047.52 points or 1.30 per cent, and the Nifty declined 338.7 points or 1.39 per cent.
The BSE smallcap gauge declined 0.30 per cent, and
the midcap index dipped 0.10 per cent.
Among sectoral indices, realty tanked 2.08 per cent, utilities (1.50 per cent), financial services (1.40 per cent), power (1.11 per cent), Bankex (1.04 per cent), FMCG (0.65 per cent) and services (0.63 per cent). Capital Goods jumped 1.67 per cent, industrials (1.10 per cent), consumer durables (1.29 per cent) and metal (0.17 per cent).
The rupee pared its initial losses and settled for the day higher by 22 paise to 85.36 against the US dollar on Friday, as likely intervention by the Reserve Bank of India helped contain excess depreciation of the rupee.
