The Bombay Stock Exchange Sensex suffered a 63.61-point loss and settled at 30,302 when the markets closed on Wednesday. The broader National Stock Exchange Nifty, too, dropped 25.60 points to end at 9,360.55. Analysts said the Indian Army’s “punitive assault” along the Line of Control on Tuesday influenced the market’s mood.

Asian shares also dropped after Moody’s downgraded China’s credit rating. “Sentiment is slightly impacted due to the fall in Asian shares,” Senior Vice President and head of private client group research at Kotak Securities Dipen Shah told Mint. However during the intra-day trading session, the Sensex had gained 169 points while Nifty touched 9,432 after Tata Motors’ quarterly earnings proved estimates wrong. Tata Motors, whose shares rose 4.2% to Rs 469, was the top Nifty gainer.

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Among the worst performers on Wednesday were state-run banks, metal, pharma and real estate stocks. Bank of Baroda was the top Nifty loser. The other losers were Larsen & Toubro, Aurobindo Pharma, Cipla, Dr Reddy’s Labs, ACC and Hindalco. Overall, 37 stocks ended lower against 14 that ended higher on the Nifty.

The Bombay Stock Exchange, too, saw a similar trend with 2,034 shares ending lower – only 657 closed higher. Shares of Reliance Communications nosedived 10% to hit a record low of Rs 25.30. On the other hand, shares of Voltas jumped 10% to a record high, after the company posted a better-than-expected quarterly profit report.

Head of research at IDBI Capital Markets and Securities AK Prabhakar said the profit selling was a natural move. “The Indian markets have been moving higher since the last six months and some profit-booking is expected, which is a healthy sign for the markets,” he told NDTV.

Asian currencies were also trading lower. Malaysia’s ringgit dropped 0.19% while South Korea’s won slipped 0.16%.