Lagatar24 Desk
Mumbai: Amid escalating military tensions between India and Pakistan, the Indian stock market witnessed a sharp downturn on Friday. On the final trading day of the week, investors showed heightened caution, leading to a steep market opening. The Sensex opened 724.18 points lower at 79,610.63, while the Nifty plunged 240.60 points to 24,033.20.
By 11:03 am, the Sensex had dropped 850.54 points to 79,484.27, and the Nifty was trading 264.20 points lower at 24,012.65.
Banking sector under pressure
The Nifty Bank Index also bore the brunt of the selloff, sliding 658.95 points to 53,706.70. Weak cues from global markets, along with fears of intensified military activity near border areas, pushed investors to shift away from risky assets.
Defence stocks outperform market
In contrast to the broader market mood, defence sector stocks performed strongly. Shares of Bharat Dynamics, HAL (Hindustan Aeronautics Ltd), and BEL (Bharat Electronics Ltd) saw heavy buying, registering gains between 5% and 10%. Analysts say rising national security threats and expected increases in government defence spending have boosted investor confidence in defence-related companies.
Volatility grips broader market
Meanwhile, shares in IT, banking, and auto sectors witnessed notable declines. Market experts suggest that uncertainty will likely persist until the Indo-Pak conflict stabilizes.
Titan tops gainers, Power Grid leads losers
Only 4 out of 30 Sensex stocks were in the green by midday. Titan led the gainers with a 4.09% rise, followed by Larsen & Toubro (3.07%), Tata Motors (2.6%), and Asian Paints (0.09%). On the losing side, Power Grid fell 2.49%, followed by ICICI Bank (2.20%), UltraTech Cement (2.23%), NTPC (2.12%), and Eicher Motors (1.85%).
Broader decline across blue chips
Other major stocks under pressure included Bajaj Finserv, Adani Ports, Nestlé, Reliance Industries, Bajaj Finance, Tata Steel, HDFC Bank, HUL, Sun Pharma, Bharti Airtel, IndusInd Bank, Maruti Suzuki, TCS, Tech Mahindra, Axis Bank, Infosys, Kotak Mahindra Bank, ITC, and SBI.
