Indian equity markets witnessed a sharp downturn on Friday, with benchmark indices tumbling over 1% during early trade, spooked by mounting geopolitical tensions between India and Pakistan.
The domestic indices opened on a flat-to-positive note but quickly slipped into the red as investor sentiment soured. By 11:55 am, the BSE Sensex had dropped 1,132.10 points, or 1.42%, to 78,669.26, while the NSE Nifty declined 374.40 points, or 1.54%, to 23,872.30.
In the 30-share Sensex pack, only Infosys, TCS, IndusInd Bank, and Tech Mahindra managed to stay in positive territory. On the losing side were Axis Bank, Bajaj Finserv, PowerGrid, Bajaj Finance, and Eternal, leading the sell-off.
Broader markets bore the brunt of the decline, with the Nifty Midcap 100 down 1,791.35 points (3.26%) at 53,178.50 and the Nifty Smallcap 100 losing 610.76 points (3.06%) to trade at 16,352.75.
The Nifty Bank index also suffered, slipping 856.25 points, or 1.55%, to 54,345.15.
Sector-wise, Nifty Media took the steepest hit, plunging 3.73%, followed by Nifty Energy (-2.91%), Nifty Realty (-2.76%), Nifty Metal (-2.56%), and Nifty FMCG, which declined between 1.3% and 1.5%. Nifty PSU Bank was also in the red, down 2.15%.
Analysts said investors are closely watching diplomatic developments surrounding India-Pakistan relations. Any positive signals or reassuring comments from the government could help calm nerves on Dalal Street.
In terms of fund flows, Foreign Institutional Investors (FIIs) were net buyers, pumping in Rs 8,250.53 crore on April 24. However, Domestic Institutional Investors (DIIs) offloaded equities worth Rs 534.54 crore on the same day.
(With IANS inputs)
