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India's Sensex falls 500 points as military carries out "surgical strike" on Pakistan-controlled Kashmir

Xinhua, September 29, 2016 Adjust font size:

Indian markets fell sharply Thursday after Indian military announced it had conducted "surgical strikes" in Pakistan-controlled Kashmir, local media reports said.

The Sensex fell as much as 572 points at day's low before closing at 27,827, down 465 points. Nifty ended at 8,591, down 153 points. The rupee also fell by 46 paise to 66.91 against the U.S. dollar at day's low.

"The markets will certainly react in panic after such news," said Alok Nayyar, a market analyst. "Any uncertainty would definitely affect the market."

Thursday's low is the biggest intra-day plunge since Brexit vote in June this year.

The attacks according to India's Director General Military Operations (DGMO) Lt Gen Ranbir Singh were carried out Wednesday night, based on specific intelligence that some infiltrators had positioned themselves at launch pads along LoC with an aim to infiltrate inside Indian-controlled Kashmir.

"The Indian army conducted surgical strikes last night at these launch pads. The operations were focussed to ensure that these terrorists do not succeed in their design to infiltrate and carry out destruction," Singh said at a press conference in New Delhi. "During these operation, significant casualties have been caused to terrorists and those who are trying to support them."

LoC is a de facto border that divides Kashmir into India and Pakistan controlled parts.

Indian officials claimed their side has not suffered any casualty or damage in the attacks. However, it has not given the details about casualties of infiltrators or Pakistani army in the attacks.

Meanwhile, Pakistan Thursday rejected Indian claims about "surgical strikes" inside Pakistan-controlled Kashmir.

"There has been no surgical strike by India, instead there had been cross border fire initiated and conducted by India which is existential phenomenon. As per rules of engagement same was strongly and befittingly responded by Pakistani troops," a statement issued by Pakistan military's Inter Services Public Relations (ISPR) said.

However, ISPR said two Pakistani troopers were killed due to unprovoked firing early Thursday from Indian troops across LoC in Bhimber, hotspring, Kel, and Lipa sectors.

Tensions between India and Pakistan escalated because of the ongoing civilian protests in Indian-controlled Kashmir and a deadly attack last week on an Indian army base in frontier Uri town, about 109 km northwest of capital city Srinagar. The attack killed 18 troopers and wounded over 20 others.

New Delhi blames Islamabad for fanning Kashmir protests and accuses it of sending armed militants into Indian-controlled Kashmir, an accusation Islamabad strongly rejects. However, Islamabad says it only provides moral and political support to Kashmiris. Endit