Markets fall on rising India-Pak tensions

Benchmark Sensex declined by nearly 412 points in a volatile session on Thursday due to selling in banking, FMCG and auto shares triggered by escalating tensions between India and Pakistan.

The 30-share Sensex declined by 411.97 points or 0.51 per cent to close at 80,334.81 with 23 of its constituents ending in the red. The index opened higher and traded in a range in the first half of the session. The index hit a high of 80,927.99 in late-morning deals.

However, the barometer lost momentum in the afternoon session as selling emerged in FMCG, auto, and select banking shares. It tanked 759.17 points or 0.94 per cent to hit a low of 79,987.61 in the pre-close session.

The NSE Nifty closed lower by 140.60 points or 0.58 per cent to 24,273.80. Intra-day, it fell 264.2 points or 1 per cent to 24,150.20.

From the Sensex firms, Eternal, Mahindra & Mahindra, Maruti, Bajaj Finance, Tata Steel, Bharti Airtel, Bajaj Finserv, Asian Paints, Power Grid and State Bank of India were among the laggards.

Kotak Mahindra Bank, Axis Bank, Titan, HCL Tech, Tata Motors, Infosys and Tata Consultancy Services were the gainers. The BSE midcap gauge dropped 1.90 per cent and smallcap index declined 1.05 per cent.

Pakistan Stock Exchange plunges over 6%

The Pakistan Stock Exchange plunged by over 6 per cent on Thursday with trading halted for an hour after rumours of escalation in military action by India near Karachi. Although the rumours were unfounded, the benchmark KSE100 index tumbled 6,948.73 points, or 6.32 per cent, to 1,03,060.30, before the trading was halted. Trading resumed an official confirming the floor had calmed down.