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BSE Sensex Down 240 Points Due to India Pakistan Tensions

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Benchmark BSE Sensex ended 240 points lower as investor sentiment weakened after India carried out air strikes on a terrorist camp in Pakistan.

Weak cues from global equities and selling pressure on financials and realty stocks too weighed on market mood here. After cracking nearly 500 points, the 30-share Sensex pared some losses but ended 239.67 points, or 0.66 per cent, lower at 35,973.71. It hit a low of 35,714.16 and a high of 36,172.52. The gauge surged 342 points in Monday’s trade.  The 50-share Nifty also fell 44.80 points, or 0.41 per cent, to 10,835.30 after hovering between 10,729.30 and 10,888.75. Losses were more pronounced in banking, realty and PSU counters.

“Indian indices traded lower mainly due to two factors – first, the indications of weakness from all major Asian markets since their opening; and second, the strike carried out by the Indian Air Force against terrorist camps located inside Pakistan,” said Joseph Thomas, Head Research, Emkay Wealth Management.

While the former may be considered reflective of the evolving broader global perspective, the latter may have limited or transient impact on the market direction, he said, adding that markets may remain quite volatile in the coming days, especially, in the light of the fast approaching general elections.

The Indian Air Force struck Jaish-e-Mohammed’s (JeM) biggest camp in Pakistan early Tuesday in a major “reemptive” action, killing a large number of terrorists and trainers of the Pak-based terror group preparing to carry out suicide attacks in India. The move came 12 days after JeM carried out the Pulwama attack in Kashmir.

Meanwhile, the rupee which depreciated 38 paise to 71.35 against the US dollar in early trade, recovered partially to quote at 71.06 in late afternoon trade at the forex market, and was still trading 9 paise lower over its previous close of 70.97.

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