India's stock market positive; Pakistan's Karachi-100 trims losses after 6% crash

Indian stocks turned positive while Karachi-100 stock exchange registered a near 6 per cent drop in early trade on Wednesday following overnight strikes in Pakistan and Pakistan-occupied Jammu and Kashmir (PoJK) by India in retaliation to the Pahalgam terror attack that claimed 26 innocent lives.

The Indian Armed Forces struck nine terror camps, including the 'Muridke' facility where Ajmal Kasab and David Headley — key figures in the 2008 Mumbai attacks — received training. The cross-border action was given a code name, 'Operation Sindoor'.

Domestic benchmarks BSE Sensex and NSE Nifty traded in positive territory. At 11:44 am, the 30-share Sensex pack was up 0.11 per cent at 80,727.50 while the broader Nifty index rose 0.13 per cent to 24,411.95.

However, Pakistan's KSE-100 index plunged 5.52 per cent to hit a low of 107,296.64 in early trade. Last checked, it was down 1.47 per cent at 111,789.33.

The overnight missile attack was the first such move since the 1971 war when India’s Army, Navy, and Air Force launched joint precision strikes on nine terror hubs in Pakistan and PoJK, said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd. 

"The broader market again showed signs of weakness, with nearly four stocks declining for every one advancing, a clear sign of nervousness among participants," said Sameet Chavan, Head Research, Technical and Derivative - Angel One. He suggested staying cautious and avoiding complacent trades.

"What stands out in 'Operation Sindoor' from the market perspective is its focused and non-escalatory nature. We have to wait and watch how the enemy reacts to these precision strikes by India," stated VK Vijayakumar, Chief Investment Strategist at Geojit Investment.

On the level-specific front, Tapse said traders should consider selling Nifty near 24,500–24,550 and Bank Nifty near 54,600–54,900.