Indian stock markets tumble after surgical strike claim

Sep 29, 2016
INDIAN Stock Market NEW 29-1 [video width="640" height="360" mp4="http://i.samaa.tv/wp-content/uploads//usr/nfs/sestore3/samaa/vodstore/digital-library/2016/09/INDIAN-STOCK-MARKET-PKG-29-09.mp4"][/video] NEW DELHI: Amid rising tension between India and Pakistan, India’s rupee and bonds extended losses, while local stocks plunged after New Delhi claimed to have carried out surgical strikes in Azad Kashmir. INDIAN Stock Market NEW 29-2 The currency fell 0.7 percent, the most since June, to 66.91 per dollar as of 1:28 p.m. in Mumbai. The benchmark S&P BSE Sensex dropped 1 percent, paring an earlier loss of 2 percent. The yield on sovereign notes due September 2026 surged 8 basis points to 6.86 percent, set for the biggest jump for a benchmark 10-year security since August 2015. The central bank was seen selling dollars through state-run banks to stem the rupee’s decline, traders said. The Nifty50 suffered big jolt, which took the index near its crucial support level at 8,600, led by losses in BHEL, Aurobindo Pharma, ICICI Bank, Tata Power, Adani Ports. The S&P BSE Midcap index slipped 4.4 per cent led by losses in Bajaj Finserv, UPL, IDFC Bank, Glenmark Pharma, Indiabulls Housing Finance, Bharat Forge, Tata Power, and Shriram Transport Finance. The broader market was not spared either. The S&P BSE Midcap index slipped 4.4 per cent led by losses in Bajaj Finserv, UPL, IDFC Bank, Glenmark Pharma, Indiabulls Housing Finance, Bharat Forge, Tata Power, and Shriram Transport Finance. The S&P BSE Smallcap index cracked over 4 per cent weighed down by losses in Federal Bank, Edeweiss, Manappuram Finance, IDFC, DHFL, and Ramco Cements etc. --SAMAA/AGENCIES

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