Markets witness sell-off, rupee pares gains over India-Chinese face-off in Galwan Valley

Indian equities witnessed a huge sell-off around noontime, while rupee pared all its morning gains, as news about the violent face-off between Indian and Chinese armies in Galwan Valley of eastern Ladakh started pouring in.

At the time of filing this copy, 30-share benchmark index Sensex was trading at 33,047.14, down 182 (0.55%). This is 975 points (2.9%) lower than the day's highs.

Read: Indian Army officer and two soldiers killed in face-off with Chinese troops in eastern Ladakh

Similarly, the broader index, NSE's 50-share Nifty 50 crashed from the day's highs at 9,780.00, 33.70 points over previous close (0.34%).

Both indices have now lost about 2% since 1 pm, when news about the killing of 3 Indian Army soldiers broke.

As foreign investors began playing safe, the Indian rupee, which made gains in the morning session, pared them all and was trading at 76.17 -- a loss of 15 paise against the US dollar.

Market analysts broadly attributed the phenomenon to the deterioration in the border dispute with China.