Panic grips, markets turn red

After scaling day's high at about 11 am, Indian benchmark indices nosedived to red territory following reports that Pakistani airforce dropped a payload in Indian territory on Wednesday. 

At 12:12 hours, the BSE Sensex was at 35,780.60, down by 193.11 points or 0.54 per cent and Nifty50 was at 10,776.95, down 58.35 or 0.54 per cent on Wednesday. The most traded index Nifty Bank was at 26,789.30, down by 163.65 or 0.61 per cent.

BSE Sensex opened the day at 36,138.83 against its previous close of 35,973.71 and hit a high of  36,371.11 and a low of 35,735.33 until pre-lunch session.

Pakistani fighter jets intruded Indian airspace in Poonch and Rajouri district of Jammu & Kashmir dropping bombs on an Indian army camp near the border, said news reports. So far there have been no reports of casualty. In retaliation, a Pak Airforce F-16 jet was shot down within Pak territory. 

Meanwhile, an Indian Air Force Mi-17 transport chopper crashed in J&K, killing two pilots. The government has shut down the airspace in J&K. Also, all commercial flights over Leh, Srinagar, Pathankot, Amritsar and Chandigarh have been shut down.