Markets continue to trade lower amid rising India-Pak tensions; Sensex tanks nearly 800 points
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Mumbai (PTI): Stock market benchmark indices Sensex and Nifty continued to trade sharply lower on Friday late morning session as tensions soared between India and Pakistan fuelling fears of a wider conflict.
India on Thursday night swiftly thwarted Pakistan's fresh attempts to strike military sites with drones and missiles including in Jammu and Pathankot after foiling similar bids at 15 places in northern and western regions of the country, as tensions soared between the two countries.
The Indian armed forces on Wednesday had carried out precise missile strikes on nine terror targets in Pakistan-occupied Kashmir (PoK) and Pakistan under ‘Operation Sindoor’.
Extending its previous day's decline, the 30-share BSE benchmark gauge tanked 771.01 points to 79,566.02 during the late morning trade. The NSE Nifty dropped 205.55 points to 24,068.25.
"Under normal circumstances, on a day like this, the market would have suffered deep cuts. But this is unlikely due to two reasons. One, the conflict, so far, has demonstrated India's clear superiority in conventional warfare, and therefore, further escalation of the conflict will inflict huge damage to Pakistan.
"The market is inherently resilient, supported by global and domestic macros. Weak dollar and potentially weakening US and Chinese economies are good for the Indian markets," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
From the Sensex firms, Power Grid, ICICI Bank, NTPC, Eternal, UltraTech Cement, Adani Ports, Bajaj Finserv and Bajaj Finance were among the laggards.
Larsen & Toubro jumped 4 per cent after the firm reported a 25 per cent increase in consolidated profit after tax (PAT) to Rs 5,497 crore for the quarter ended on March 31, 2025, supported by higher revenues and an exceptional gain.
Titan Company traded nearly 4 per cent higher after the Tata group firm reported a 13 per cent increase in its consolidated profit after tax at Rs 871 crore in the March quarter, driven by robust sales.
Tata Motors, State Bank of India, Asian Paints and Mahindra & Mahindra were also the gainers.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,007.96 crore on Thursday, according to exchange data.
"Profit-taking is likely to continue as investors fearing worse going ahead could trim their equity holdings despite the global mood remaining optimistic," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In Asian markets, South Korea's Kospi and Shanghai's SSE Composite index were quoting lower, while Japan's Nikkei 225 index and Hong Kong's Hang Seng traded higher.
US markets ended in the positive territory on Thursday.
Global oil benchmark Brent crude climbed 0.53 per cent to USD 63.17 a barrel.
On Thursday, the BSE Sensex declined by 411.97 points or 0.51 per cent to settle at 80,334.81. The Nifty ended lower by 140.60 points or 0.58 per cent at 24,273.80.
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Elephant calf brought from Bijnor kept under care at Pilibhit Tiger Reserve
Pilibhit (PTI): A 19-day-old elephant calf, brought from Bijnor, was placed under care at the Pilibhit Tiger Reserve (PTR) on Sunday, an official said and added that the calf got separated from its mother in the forest area of Bijnor.
The calf was born on December 2 in the Bijnor forest area and got separated from its mother shortly after birth, the official said.
The forest department made several attempts to reunite it with its mother, but without any success. To ensure the calf's safety and better care, it was decided to transfer it to the Pilibhit Tiger Reserve on the instructions of senior officials.
On Saturday, Deputy Director Manish Singh received the calf. Special arrangements have been made in the reserve for its care. It has been kept in a safe and clean environment to provide it with a natural setting and protect it from external noise and disturbances.
Singh told reporters that raising an 19-day-old calf is challenging.
It requires a special diet as a substitute for mother's milk and constant monitoring.
He said a special team has been formed to provide 24-hour care. Since the calf is very young, it is being cared for like a newborn baby.
According to Singh, the primary responsibility for monitoring the calf's health has been entrusted to PTR's veterinarian, Dr Daksh Gangwar. Under his supervision, a complete record of the calf's health checkups, diet, and body temperature is being maintained. The team is ensuring that the calf does not contract any infection.
