Market Wrap, Sept 23: Sensex, Nifty50 gain as metal stocks rally, crude oil prices ease

Indian equity markets ended Wednesday on a firm note, with both benchmark indices closing at a two-week high. The BSE Sensex rose 299 points to settle at 74,828, while the NSE Nifty50 climbed 118 points to end at 23,447. Buying interest was broad-based, but metal stocks clearly led the charge as crude oil prices cooled below the $100 mark. Key closing numbers The Sensex gained 299.17 points, or 0.40%, to close at 74,828.25. During the day it had touched an intraday high of nearly 74,974. The Nifty50 advanced 117.80 points, or 0.50%, to finish at 23,446.80. Midcap and smallcap indices also participated, rising around 0.7% and 0.9% respectively, showing that the advance was not limited to large-caps. Market breadth remained positive, with advances outnumbering declines roughly 2:1. India VIX eased further, signalling lower near-term volatility. Metal stocks drive the rally The Nifty Metal index surged over 2.4%, emerging as the strongest sectoral performer. Tata Steel, JSW Steel an...
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India-Pakistan Tensions Rise After Missile Strikes on Terror Camps

In the early hours of Wednesday morning, the Indian Armed Forces carried out missile strikes on nine suspected terrorist camps in Pakistan and Pakistan-Occupied Kashmir (PoK). The strikes, conducted at 1:44 AM, targeted locations associated with terror outfits like Lashkar-e-Taiba in Muridke and Jaish-e-Mohammed in Bahawalpur.

The military action came just days after a deadly terrorist attack in Pahalgam, Jammu & Kashmir, on April 22, which left 26 people dead — 25 of them Indian citizens, and one Nepali national. The Pahalgam incident, described as one of the deadliest in recent years, sparked nationwide outrage and prompted a swift response from the Indian government.

What Led to the Strikes

India has long accused Pakistan of providing safe haven to terrorist groups that carry out attacks on Indian soil. According to officials, the recent missile strikes were aimed specifically at terror infrastructure, with efforts made to avoid civilian casualties.

“We will find them, wherever they hide,” Prime Minister Narendra Modi said in a televised address, pledging to bring justice to the victims of the Pahalgam attack. The strikes were reportedly timed alongside a large-scale civil defense drill across 244 districts in India to prepare for potential retaliatory scenarios.

Pakistan’s Reaction

Pakistan condemned the missile strikes, calling them an act of war. Prime Minister Shehbaz Sharif warned that the Pakistani military was fully prepared to respond. He claimed that eight civilians had died in the attacks and that two Indian jets were shot down — though these reports have not been independently verified.

A Delicate Situation

With both India and Pakistan being nuclear powers, the latest developments have raised serious concerns about potential escalation. International observers are urging both sides to exercise restraint and engage in dialogue to prevent further conflict.

While India’s objective appears to be the dismantling of cross-border terror networks, experts warn that any misstep or overreaction could spiral into broader conflict.

Looking Ahead

The missile strikes mark a turning point in India’s approach to cross-border terrorism. The coming days will be critical in determining whether this leads to open conflict or a renewed push for diplomatic engagement. Meanwhile, global powers continue to monitor the situation closely, hoping for a de-escalation.

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