By: Mr. Vikram Kasat, Head – Advisory, PL Capital.
“The Pahalgam terror attack triggered caution across Indian markets on Friday, with geopolitical tensions dragging sentiment into the red. After a volatile session, the Sensex closed 588 points lower at 79,212, while the Nifty managed to hold the 24,000 mark, ending at 24,039—off its intraday lows. A sharp intraday sell-off saw both indices slip significantly, reflecting investor unease over ceasefire violations and reports of cross-border firing along the Line of Control. The broader market took a deeper hit, with the BSE Smallcap and Midcap indices sliding 2.6% and 2.3% respectively. Valuations in the broader space remain stretched, and amid heightened risk-off sentiment, investors were quick to unwind positions ahead of the weekend. The India VIX jumped over 6%, signalling a spike in fear and potential volatility in the near term. Despite the weakness, IT stocks stood resilient, outperforming as defensives found favour. With the rupee closing at 85.44 and foreign flows turning tentative, all eyes remain on geopolitical developments and upcoming earnings releases.”