Operation Sindoor Triggers Uncertainty, Indices Pare Losses And Start Trading In Green
On Sensex, Tata Motors, HDFC Bank, PowerGrid, SBI, and Bajaj Finance emerged among the gainers in the session, while the laggards were dominated by HCL Tech, Asian Paint, HUL, Nestle, and Infosys.
The Indian stock markets saw a muted start to trading on Wednesday as markets woke up to the news of the Indian military launching Operation Sindoor on neighbour Pakistan last night. As part of the operation, India made targeted strikes on terrorist infrastructure in some parts of Pakistan-Occupied-Kashmir (POK) and Pakistan.
This weighed down on sentiment as relations between the two countries hit a new rock bottom. The BSE Sensex tanked more than 100 points to inch closer to 80,500, around 9:16 AM, while the NSE Nifty50 inched down almost 30 points to trade just over 24,350.
On the 30-share Sensex, Tata Motors, HDFC Bank, PowerGrid, SBI, and Bajaj Finance emerged among the gainers in the session so far. Meanwhile the laggards were dominated by HCL Tech, Asian Paint, Hindustan Unilever, Nestle, and Infosys.
However, indices remained heavily volatile and reversed the sentiment before paring their losses and trading in green. Around 9:30 AM, the Sensex climbed close to 150 points and tried to inch closer to 80,800, while the Nifty jumped 50 points to cross 24,400 in the session.
In the broader markets, the Nifty Midcap Select dominated in green and gained 1.29 per cent. Sectorally, the Midsmall Financial Services and Financial Services Ex-Bank indices led the gains and rose 2.32 per cent and 1.68 per cent respectively.
Also Read : Rupee Weakens In NDF Market As IAF Executes Operation Sindoor Against Pakistani Terrorists
Operation Sindoor
Experts pointed out that the focused and non-escalatory nature of 'Operation Sindoor' stands out for the markets. V K Vijayakumar, Chief Investment Strategist, Geojit Investments noted, “We have to wait and watch how the enemy reacts to this precision strikes by India. The market is unlikely to be impacted by the retaliatory strike by India since that was known and discounted by the market."
Globally, US Fed kicked off its monetary policy meeting to discuss key interest rates and investors will also be keen to see how the American banking regulator shapes the economy with its decision.
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