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Sensex, Nifty Extend Losses As Operation Sindoor Continues
(RTTNews) - Indian shares fell sharply on Friday to extend losses from the previous session after the Indian Army said it had countered the Pakistani attack on Indian cities late last night, fueling concerns of further escalation between the two nuclear-armed nations.
The defense ministry said Indian armed forces have foiled Pakistan's attempts to target military installations in 15 cities in the northern and western parts of the country using missiles and drones.
Pakistan's fresh attempts to target Indian military installations came less than 24 hours after a similar attempt.
Amid heightened uncertainty. The benchmark S&P BSE Sensex slumped 880.34 points, or 1.10 percent, to 79,454.47.
The broader NSE Nifty index closed at 24,008, down 265.80 points, or 1.10 percent, from its previous close.
Second-line stocks saw smaller declines, with the BSE mid-cap and small-cap indexes ending down 0.1 percent and 0.3 percent, respectively.
The market breadth was weak on the BSE, with 2,488 shares declining while 1,366 shares advanced and 156 shares closed unchanged.
Among the prominent decliners, HDFC Bank, Adani Ports, Bajaj FinServ, Bajaj Finance, Reliance Industries, UltraTech Cement, Power Grid Corp and ICICI Bank lost 2-3 percent.
Defense stocks surged, thanks to the sharp escalation in the India-Pakistan tensions.
Bharat Forge rallied 4.7 percent, Bharat Dynamics soared 5.3 percent, Bharat Electronics climbed 2.9 percent and Hindustan Aeronautics added 1.8 percent.
Tata Motors advanced 3.9 percent after the U.S. struck its first trade agreement with the U.K. in a breakthrough deal.
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