India conducts surgical strike against own stock market

India conducts surgical strike against own stock market

ISLAMABAD: After opening lower, the Indian stock markets – Sensex and Nifty – extended losses on Tuesday, following violation of Line of Control (LoC) by Indian Air Force (IAF), Business Today of India reported.

According to the report, the Sensex plunged nearly 500 points in opening deals and Nifty slipped below the 10,740 level. Most of the BSE sectoral indices were trading in the red, led by banking, power, PSU, realty and IT stocks.

Lagging stocks like Yes Bank, Hero MotoCorp, Tata Steel, Vedanta, Sun Pharma, ICICI Bank, SBI, RIL, M&M, Kotak Bank, Bajaj Finance, Infosys, NTPC, HDFC, Maruti Suzuki, Bajaj Auto, IndusInd Bank, L&T, PowerGrid, Axis Bank, HDFC Bank, Asian Paint, ITC and ONGC, fell up to 2.38 per cent, dragging down key indices.

All sectoral indices were in the red, with realty, utilities, and metal falling up to 3 percent.

The brokers noted a fresh round of selling by domestic institutional investors (DIIs) that dampened market sentiment even more.