NEW DELHI: Indian shares fell for a second straight session on Friday, losing about $83 billion in market value, as intensified military action between India and Pakistan rattled investors.
The Nifty 50 (.NSEI) fell 1.1pc on Friday but closed above the psychologically key 24,000-point mark, while the BSE Sensex (.BSESN) also lost 1.1pc but ended below the 80,000 level it held the previous day.
At its lowest, the market was set to lose $108 billion. The indexes fell about 0.5pc on Thursday and have lost about 1.3pc this week, snapping a three-week winning run, their longest this year.
“With so much escalation, domestic markets are jittery because further retaliatory measures from Pakistan could lead to a prolonged, full-fledged conflict,” said Avinash Gorakshaka, head of research at Profitmart Securities. “Fundamentals will take a back seat while sentiment influenced by updates from the conflict could derail market momentum at least for a week if the fighting continues.”
Court upheld Zahir Jaffer’s death sentence but commuted death penalty under rape charges to life imprisonment
“PM offered impartial inquiry because we were confident that Pakistan is not involved in terrorist incident,” says...
Rahman was indicted by grand jury on November 7, 2024
Accident is likely to produce more fatalities given it crashed into residential area
According to data available on official website of Cabinet Division, president of Pakistan earns Rs846,550 per month
VCCS has proved to be effective in bringing back home not only missing children but also frail elderly people
