Indian stock markets posted their biggest decline since the Brexit vote on Thursday Sep 29,2016, after the army announced that it had carried out "surgical strikes" across the Line of Control (LoC) on suspected militants preparing to infiltrate from Pakistan-occupied Kashmir.
After the press briefing on the surgical strikes by Director General of Military Operations Lt Gen Ranbir Singh, the stocks plunged up to 4 per cent amid concerns that foreign investors, who have pumped in about Rs 50,000 crore into domestic equity so far this year, may exit the country in case hostilities escalate.
The benchmark Sensex plummeted by over 465 points, the biggest single-day fall in three months, after news of the strikes.
The 30-share benchmark index settled at 27,827.53, down 465.28 points, or 1.64 per cent - its biggest single-day fall since June 24 and weakest closing since August 26 when it closed at 27,782.25.
The 50-share NSE Nifty, which cracked below 8,600-level to hit a low of 8,558.25 during trade but managed to recover apart of the losses and settled down 153.90 points, or 1.76 per cent, at 8,591.25.