Share Market Highlights: Sensex drops 412 points, Nifty below 24,300 amid rising India-Pakistan tensions

Indian equity benchmarks ended sharply lower on Thursday as escalating geopolitical tensions between India and Pakistan rattled investor sentiment, leading to broad-based selling in banking, FMCG, and auto stocks.

The BSE Sensex shed 411.97 points or 0.51%, closing at 80,334.81, with 23 of its 30 components finishing in the red. The index initially opened on a positive note and moved within a narrow range during the first half of the session. It touched an intraday high of 80,927.99 in late-morning trade. However, heavy selling emerged in the afternoon, pulling the index down by as much as 759.17 points to hit a low of 79,987.61 in the pre-closing session.

The broader NSE Nifty also slipped, ending 140.60 points or 0.58% lower at 24,273.80. During the session, it dropped as much as 264.2 points or 1%, hitting a day’s low of 24,150.20.

Meanwhile, geopolitical jitters also rattled the currency market. The Indian rupee fell 1% against the US dollar, marking its worst single-day performance in over two years, driven by uncertainty surrounding the India-Pakistan conflict.

Across the border, the Pakistan Stock Exchange saw a sharp sell-off, with its benchmark index plunging 6.3%, triggering an automatic trading halt.

Other Market Developments:

DEE Development Engineers Ltd (DEEDEV) reported a strong order inflow of ₹98.36 crore in April, bringing its total order book to ₹1,274.58 crore. Significant traction came from the Oil & Gas and Power sectors, both domestically and through its overseas arm, DEE Thailand. Chairman & MD Krishan Lalit Bansal reiterated the company’s focus on delivering reliable, high-quality engineering solutions despite market headwinds.

The Gujarat Government, in collaboration with Ganesh Housing Corporation and ASSOCHAM, hosted a successful roadshow in Hyderabad promoting the Gujarat IT/ITES Policy 2022-27. The highlight was the unveiling of the Million Minds Tech City, a mega tech infrastructure project positioned to transform Gujarat into a leading IT destination.

Global Cues:

Siddarth Bhamre, Head of Research at Asit C. Mehta Investment Intermediates, noted that the US Federal Reserve maintained its key interest rates, citing stable inflation (~2%) and labor data (~4%). While market participants remain concerned about the delayed impact of rising tariffs, the Fed appears committed to data-driven decision-making. “The Q1 GDP disappointment stemmed largely from inflated imports ahead of tariffs, which is expected to normalize in Q2,” Bhamre said.