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Nifty ends below 10,850, Sensex falls 239 points after IAF strikes

On Tuesday the BSE Sensex falls 239 points and Nifty ends below 10,850 points after it slipped in the morning trade on the back of Indian Air Force (IAF) strike early morning in Pakistan occupied Kashmir (PoK).

About 930 shares have advanced, 1556 shares declined, and 144 shares are unchanged.

Zee Entertainment, Tata Motors, TCS, Coal India and IOC, while losers were Indiabulls Housing, HDFC, ICICI Bank, HCL Tech and Infosys were the top gainers.

Among the sectors, PSU bank, energy, infra, IT and FMCG witnessed selling pressure, while some buying was seen in the auto, metal and pharma space.

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Due to falls in Sensex and Nifty ICRA also cuts rating on NCDs of Karur Vysya Bank to ICRA A (stable) from A+ (negative).

Kotak Mahindra Bank has approved an increase in ceiling limit on the total shareholding of Foreign Institutional Investors (FIIs)/Foreign Portfolio Investors (FPIs) from the current limit of 43% to 45% with immediate effect.

HCL Tech share price closed 2.2% lower at Rs 1,058.80, while HDFC shares shed 2.1% to Rs 1,855 after IAF strikes.

  1.  Gold prices also fell by Rs 60 to Rs 34,530 per 10 grams at the bullion market which is backed by weak trend overseas amid easing demand from local jewellers at prevailing levels. Silver also dropped by Rs 195 to Rs 41,405 per kg owing to reduced offtake by industrial units, while its coins strengthened on increased demand.

Tata Motors was the biggest gainer among index stocks. The auto stock has gained more than 3% intraday.

Britannia Industries Shares also rose 5 per cent on Tuesday after it is going to replace HPCL in Nifty50 index from March 29.

Shares of Bliss GVS Pharma rose 1 per cent in the early trade on Tuesday after company board gave the approval to increase the FPI/FII investment limit in the company.

The company board in its meeting held on February 25 approved the increase of foreign portfolio investors (FPIs)/foreign institutional investors (FIIs) limits from 24 per cent to 74 per cent in the company.


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