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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Austrian police detain suspect in case of rat poison found in baby food jars on supermarket shelves
Vienna (AP): Police in eastern Austria say a 39-year-old suspect has been arrested after rat poison turned up in some HiPP baby food jars on supermarket shelves in central Europe.
HiPP, which recalled some of its baby food jars in Austria, Slovakia and the Czech Republic after the case came to light last month, said in a statement Saturday it was “greatly relieved” by the arrest, and would provide further updates as verified details come in.
The Burgenland State Criminal Police Office, under the direction of prosecutors, said a probe was launched after poison turned up in a baby food jar purchased at a supermarket in the city of Eisenstadt on April 18.
It said the suspect was being questioned, and that no further details would be immediately provided. The Burgenland public prosecutor's office has announced an investigation into suspected “intentional endangerment of the public.”
The Austrian Press Agency reported that an expert report on the toxicity of the poison was pending. A total of five tampered baby food jars were seized before they could be consumed, APA reported.
Authorities said previously they believe the tampering occurred in 190-gram (6.7-ounce) jars of baby food made with carrots and potatoes for 5-month-olds that were sold from SPAR supermarkets in Austria.
HiPP responded by recalling all of its baby food jars sold at SPAR supermarkets — which include SPAR, EUROSPAR, INTERSPAR and Maximarkt stores — in Austria as a precaution. Vendors in Slovakia and the Czech Republic also removed all of the brand's baby jars from sale.
The company said the recall was not due to any product or quality defect on its part, and said the jars left its facility in “perfect condition.”
Police said a customer at the time of the discovery had reported that a jar appeared to have been tampered with, but no one had consumed the baby food.
