Sensex falls 500 points as India strikes back on terrorists camps across LoC

Markets slipped on news that the Indian Army conducts surgical strikes across LoC in Pakistan

Benchmark indices have wiped off all gains and are trading near day's low after the Indian Army conducts surgical strikes across LoC in Pakistan, as noted by the Govt.

By 14:30 pm, the S&P BSE Sensex was down 512 points at 27,781 and the Nifty50 was lower 165 points at 8,580.

UR Bhat, managing director, Dalton Capital Advisors said the impact on markets will depend on how the matter plays out.

“Further impact on the market will depend on the extent of escalation. As of now the market has reacted to the limited information that has been made available. I don’t think the matter should escalate too much and the market should be able to stabilize,"said Bhat.

Meanwhile, the India VIX index, a gauge for market volatility, surged nearly 25 per cent, most this year.

The stock markets in Pakistan were unperturbed by the border skirmish. The KSE100 Index was up more than a per cent.

Top losers from the Sensex pack are Adani Ports, ICICI Bank, Axis Bank, Sun Pharma and Lupin, all slumping between 3%-4%.

ICICI Prudential Life Insurance has slipped to Rs 297, down 11% against its issue price of Rs 334 per share on the National Stock Exchange (NSE) in intra-day after weak listing.

Shares of liquor companies were in focus, rallying by up to 18% on the BSE in intra-day trade after the government of Kerala has decided not to shut down liquor outlets on Gandhi Jayanti.

United Spirits, Pioneer Distilleries, Globus Spirits, Som Distilleries & Breweries, Empee Distilleries and GM Breweries were trading higher between 5% and 17%.