Indian market: Sensex declines by 68.28 pts to 35,905.43 amid escalating tensions
Mumbai, Feb 27 (UNI) The BSE Sensex declined for second consecutive day on Wednesday by 68.28 points to end volatile session below the 36K-level at 35,905.43 amidst escalating geo-political tensions between India and Pakistan as well as weaker cues from European peers.
The Nifty of National Stock Exchange (NSE) too shed by 28.65 points to 10,806.65.
The Sensex edged higher by 165 points to 36,138.83 in early trade and then surged by 398 points to touch day's high of 36,371.11.
However, it erased early gains in noon session and dropped nearly 238 points to hit day's low of 35,735.33. It then recovered from day's low figure in late trade but closed negative at 35,905.43, sliding by 68.28 points versus its last close.
The Nifty reorded day's high and low at 10,939.70 and 10,751.20 points, respectively.
Intraday volatility was high amid escalating geopolitical tensions between India and Pakistan.
The Ministry of External Affairs (MEA) spokesperson said that there was an air-to-air engagement between the Indian and Pakistani air forces early Wednesday morning, in which one Pakistan Air Force fighter aircraft was shot down by an aircraft of the Indian Air Force. India had carried out non-military, pre-emptive air strikes across the Line of Control (LoC) on Tuesday morning to target the
terror group Jaish-e-Mohammed (JeM).
The losses in sectoral indices like FMCG, Finance, IT, Telecom, Bankex and Metal put pressure on the equity market for another day today, along with scrips of VEDL, Tata Motors DVR, Tata Motors and Hindustan Unilever.
However, gains in Bharti Airtel, Bajaj Auto, L&T and Axis Bank capped its further slide, brokers informed.
The broader markets outperformed the Sensex, as the S&P BSE Mid-Cap index and Small-Cap edged up by 0.4 per cent and 0.17 pc, respectively.
The market breadth was negative on BSE, as 1,159 shares advanced against 1,370 others declined and 175 were unchanged. Overseas, European stocks declined on Wednesday as investors digested the latest political and economic news from around the world.
The Asian markets ended mixed today as investors awaited outcome of a summit between US President Donald Trump and North Korean leader Kim Jong Un in Vietnam. Both Mr Kim and Mr Trump arrived in Hanoi on Tuesday and would begin their meeting later in the day.
Investors have been focused on US-China trade talks after Trump in recent days indicated that he was willing to extend a March 2 deadline for increasing tariffs on some USD 200 billion on Chinese goods.
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