The market on Thursday left the Nifty India volatility index jump off 26.76 percent 17.55 after the surgical attacks on Pakistan.
The Nifty broke 8600 level to touch an intraday low of 8575, while the Sensex lost 555 points to trade below 28000.
The Sensex traded down 342.26 points or 1.21 percent at 27950.55 and the Nifty dropped 103.15 points or 1.18 percent to 8642.
The drag appeared in the market after the Indian Army conducted surgical strikes crossing the Line of Control (LoC) into Pakistan Occupied Kashmir inflicting significant damage to the terrorist infrastructure across the border.
"The operation took place on Wednesday night and is now over," said Director General of Military Operations (DGMO), Lt General Ranbir Singh.
The operation was undertaken after Indian Army received credible intelligence that a group of terrorists were waiting along LoC to cross over to India to launch terror attacks in Kashmir and other major Indian cities.
The surgical strikes destroyed the launch pads used for infiltration and has resulted in significant casualties.
The benchmark indices fell more than one percent after DGMO said the Indian Army conducted surgical strike at Pakistan on Wednesday night.
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