India Market Wrap: Nifty, Sensex Tumble As Defense Tensions, Expiry Jitters Weigh On Sentiment

Indian equity benchmarks ended sharply lower on Thursday, dragged by escalating geopolitical tensions and a volatile weekly expiry session. 

Markets saw a sharp sell-off in the final hour after India’s Defense Ministry confirmed it had thwarted an escalation attempt by Pakistan, with Indian forces neutralizing Lahore’s air defense system in response.

The India Volatility Index (VIX), a key gauge of market fear, surged over 10%, reflecting heightened uncertainty.

The Nifty 50 slipped 140 points to close at 24,273, while the Sensex ended the day down 411 points at 80,334. 

Broader markets bore the brunt of the sell-off—the Nifty Midcap index tumbled 2%.

Sectoral performance was mixed. Auto, FMCG, banking, and pharma stocks declined between 1% and 2%, while IT and media stocks defied the trend, posting modest gains.

On Stocktwits, retail sentiment surrounding the Nifty 50 remained ‘neutral.’ 

Among individual stocks, Canara Bank gained 2% in a weak market after posting a strong fourth-quarter (Q4) performance with a 33% jump in net profit to ₹5,004 crore. 

On the downside, Asian Paints slipped 2% after it missed earnings estimates and reported tepid volume growth for the March quarter. 

Bharat Forge also fell 3% as its March quarter results failed to impress investors.

Globally, European markets traded higher. U.S. stock futures pointed to a positive open, buoyed by former President Donald Trump’s announcement of a new trade agreement between the U.S. and the U.K.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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