Source: News Bharati English29 Sep 2016 16:49:28

Mumbai, September 29: India's financial markets have been affected due to rising tension between India and Pakistan. With the equity benchmark Sensex tanking over 500 points in a spontaneous reaction to Indian Army's claim that they conducted some surgical strike on Pakistani terror bases in an overnight operation on Wednesday.
The benchmark BSE Sensex crashed 463 points, while NSE benchmark Nifty50 tanked below the 8,700 mark, as investors braced for potential escalation in geopolitical tension after the Indian Army claimed to have carried out some surgical strikes across the LOC to neutralise terrorists. The BSE Sensex nosedived 465 points, or 1.64 per cent, to 27,827, while the Nifty50 tanked 153 points, or 1.76 per cent, to end the day at 8,591.

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, Ramco Cements etc.