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India's cross-LoC surgical strikes hit equity markets
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SME Times News Bureau | 29 Sep, 2016
After a positive opening on the back of a rise in global crude oil
prices, key Indian equity indices took a sharp fall around 12:30 p.m. on
Thursday, after the army said it had conducted surgical strikes on
terror camps across the Line of Control in Jammu and Kashmir, inflicting
"significant casualties".
A roller-coaster ride thereafter also
saw some indices recovering, albeit marginally, but only to fall again
and close significantly lower. The market movement was similar in
Pakistan.
The barometer 30-scrip sensitive index (Sensex) of the
BSE opened strong at 28,423.14 points on Thursday, against the previous
close at 28,292.81 points. By the time the news briefing by the Indian
Army had ended, the intra-day fall was as much as 750 points.
After
a subsequent volatile session, where some investors were also resorting
to value buying amid overall concern over escalation in tension between
India and Pakistan, the key index ended with a loss of 465.28 points,
or a 1.64 per cent drop, at 27,827.53 points.
But for Tata Consultancy Services, all the 30 Sensex shares ended in the red.
"As
markets got first whiff of developments across the border, panic
liquidation gripped the stocks enmasse resulting in a sell off across
board. However F&O expiry dynamics ensured that liquidation spree
did not evolve into a free fall," said Anand James, Chief Market
Strategist, Geojit BNP Paribas Financial Services.
At the Karachi
Stock Exchange, the movement for KSE-30 was similar. The index, at one
point of time, was down over 415 points. But half hour before the
closing bell, it was ruling with a loss of 20.31 points, or 0.09 per
cent.
India's National Stock Exchange (NSE) closed lower by 153.90 points, or 1.76 per cent, to 8,591.25 points.
The market mood took a beating as soon as the briefing by the Indian Army started.
"India
cannot allow terrorists to operate across the LoC (Line of Control) and
strike with impunity," Director General of Military Operations Lt Gen
Ranbir Singh told a hurriedly called press briefing in New Delhi, soon
after a meeting of the Cabinet Committee on Security.
"The strikes were carried out based on specific and credible information," he said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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