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Markets Tumble as Army Announces 'Surgical Strikes' Against Terrorists

Updated: September 29, 2016, 4:41 PM IST
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Markets Tumble as Army Announces 'Surgical Strikes' Against Terrorists
The 30-share BSE Sensex was down by 1.21 percent.

New Delhi: Markets took a nosedive minutes after the director general of military operations announced on Thursday afternoon that the Indian army had conducted “surgical strike at terror launch pads” in response to the September 18 militant attack in Uri town of Kashmir.

Benchmark Sensex tanked by 573 points, or 2.02 percent, to 27,719.92, with all sectoral indices led by realty, healthcare, power and metal slumping by up to 5.05 percent.

On similar lines, the National Stock Exchange index Nifty dropped by 186.90 points, or 2.13 percent, to 8,558.25.

Most of the 30-Sensex constituents led by Adani Ports, ICICI Bank, Axis Bank, Lupin, Tata Motors, Sun Pharma, Tata Steel, GAIL, SBI, NTPC, Dr Reddy's, Larsen and Toubro and Asian Paints were trading in the negative terrain, falling by up to 4.75 per cent.

The DGMO’s announcement came at a press conference on Thursday noon following a high-level security meeting chaired by Prime Minister Narendra Modi.

The Indian government has launched a diplomatic offensive on Pakistan following the Uri attack in which 18 soldiers were killed when Jaish-e-Mohammad militants attacked an army base in Uri.

New Delhi’s efforts got a boost when Bangladesh, Bhutan and Afghanistan joined it in refusing to attend the SAARC Summit in Islamabad.

Modi will next week chair a meeting to take a call on whether to withdraw the Most Favoured Nation status India unilaterally granted to Pakistan in 1996. The government is also reviewing the World Bank-brokered Indus Waters Treaty with Pakistan.

(With agency inputs)

First Published: September 29, 2016, 12:55 PM IST
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