The benchmark equity indices saw intense selling pressure on Friday amid escalating tensions between India and Pakistan, following the barbaric terror attack in Jammu and Kashmir’s Pahalgam.
Sensex started the day on a positive note, reaching an early high of 80,131. However, the market quickly turned negative, dropping sharply to a low of 78,606, a loss of 1,525 points, as reports emerged of a ceasefire violation at the India-Pakistan border.
The index managed to recover some of the losses but still ended the day 589 points lower, closing at 79,213 -- a decline of 0.7 per cent.
Similarly, the Nifty index rose to a high of 24,365 before plunging to its intra-day low of 23,848, a drop of 517 points. The Nifty ended 207 points lower, settling at 24,039, a decrease of 0.9 per cent.
“Rising geopolitical tensions between India and Pakistan continued to weigh heavily on investor sentiment, prompting a cautious start for Indian equities,” said Sundar Kewat of Ashika Institutional Equity.
Despite the sharp decline, the benchmark indices closed the week on a positive note. The Sensex gained 660 points, and the Nifty added 187 points over the course of the week.
Among the Sensex stocks, Axis Bank was the biggest loser, following the announcement of its Q4 results.