Mumbai, May 9 (UNI) A bloodbath was seen in equity market on Friday, as BSE Sensex crashed 1366 pts to open at 78,968.34 escalating due to India-Pakistan tension.
The National Stock Exchange (NSE) fell 338 pts at 23,935.75 pts.
All the stocks were slid, especially Power, Realty, Bankex dropped more than. 1 percent.
The BSE Sensex registered intra-day high at 79,973.96 and intra-day low at 78,968.34 respectively.
The Nifty registered days high at 24,134.60 and low at 23,935 pts.
The Mid cap slipped 0.98 pc while small cap by 1.48 pc.
In 30 scrips, 3 advanced while 27 declined.
The losers were Powergrid by 1.82 pc to Rs 302.25, ICICI Bank by 1.53 pc to Rs 1411.95, Tata Steel by 1.43 pc to Rs 141.60 and Reliance Industries by 1.24 pc to Rs 1387.50.
The gainers were Titan by 4.12 pc to Rs 3502.15 and L& T by 4.02 pc to Rs 3454.05.
According to Kotak Mutual Fund, in case the ongoing conflict escalates into a full-blown war, one must note that since 1950, India has seen 4 major wars. In the last major conflict (Kargil in 1999), the equity markets remained robust after an initial panic.
Experts have advised investors investors to stay cautious in the short term and avoid aggressive positions, and focus on fundamentally strong stocks with limited near-term exposure to geopolitical risks.
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