Benchmark indices were trading lower, but recovered substantially from the day's lows, even as the Indian Air Force dropped 1,000 KG of bombs. According to reports India carried out pre-dawn strike on a terror camp across the Line of Control. The strike was carried out at around 3:30 this morning by Mirage 2000 fighter jets.
Pakistan Major General, Asif Ghafoor tweeted, "Indian aircrafts intruded from Muzaffarabad sector. Facing timely and effective response from Pakistan Air Force released payload in haste while escaping which fell near Balakot. No casualties or damage."
The reported strike comes days after the Pulwama attack, where 40 CRPF personnel were killed. Pakistan-based terror outfit JeM had claimed responsibility for the attack.
The Sensex was trading lower by 287 points, while the Nifty dropped 81 points in trade. Almost all of the stocks from the Nifty were trading lower, except TCS, which continued to see solid buying support for a second day in a row. The rupee also opened 26 paise weaker at 71.25 to the dollar.
Shares in DHFL dropped sharply, after the company's debt was downgraded. The shares were down 4 per cent in trade. Shares in Britannia surged after that the company would be included in the Nifty. HPCL on the other hand dropped, after it would be replaced by Britannia.
Meanwhile, most Asian markets were trading lower after worries over the US-China trade deal surfaced.