Mumbai – Indian equity markets witnessed a sharp sell-off on Thursday as escalating geopolitical tensions between India and Pakistan rattled investor sentiment, dragging benchmark indices deep into the red.
The BSE Sensex plummeted by over 1,000 points, closing at 79,309.10, while the NSE Nifty 50 slipped below the crucial 24,000 mark, ending at 23,963.25, down 310.55 points or 1.28%.
Market breadth remained firmly negative with 2,577 stocks declining, only 784 advancing, and 101 remaining unchanged.
Geopolitical Jitters Shake Confidence
Investors were spooked after reports of cross-border drone and missile attacks intensified fears of an armed conflict. The India VIX, a measure of market volatility, surged by 3.51%, indicating heightened nervousness.
Sectoral Snapshot
Defence and Drone Manufacturing stocks were the rare bright spots, gaining momentum on expectations of increased government spending.
Realty stocks tumbled, with the sector down nearly 3%, while Midcap and Smallcap indices saw declines of 0.40% and 1.22% respectively.
Key Stock Movers
Titan Company shares rose nearly 5% post strong Q4 results and a dividend announcement of ₹11 per share.
Larsen & Toubro (L&T) surged 3.69% after posting a quarterly net profit of ₹5,497 crore.
Tata Motors climbed 2.97%, driven by robust sales figures and optimism surrounding its EV strategy.
Cybersecurity Measures in Focus
In a preemptive move to thwart cyber threats amid the heightened tensions, both NSE and BSE restricted access to their websites from abroad.
Market Outlook
Analysts caution retail investors against panic selling and suggest maintaining a long-term perspective. Immediate support for Nifty is pegged at 23,950. A breach below could drag it further to 23,450.
As geopolitical developments unfold, markets are expected to remain volatile. Investors are advised to stay alert and consider defensive sectors and quality blue-chip stocks for stability.
