Indian frontline indices opened lower on Friday, as expected, amid rising tensions between India and Pakistan.
At 9:23 am, the Sensex was down 529 points, or 0.66 per cent, at 79,805, while the Nifty was down 207 points, or 0.85 per cent, at 24,066.
Selling pressure was also visible in midcap and smallcap stocks. The Nifty Midcap 100 index was down 509 points, or 0.96 per cent, at 52,719, and the Nifty Smallcap 100 index declined 232 points, or 1.44 per cent, to 15,951.
“After a negative opening, Nifty can find support at 24,000, followed by 23,800 and 23,700. On the higher side, 24,300 can act as immediate resistance, followed by 24,400 and 24,500,” said Hardik Matalia of Choice Broking.
Among sectoral indices, auto, IT, financial services, pharma, FMCG, realty, and energy were the top laggards.
In the Sensex pack, Titan, L&T, Tata Motors, and Asian Paints were the top gainers. Major losers included Power Grid, UltraTech Cement, ICICI Bank, HDFC Bank, HCL Tech, Tata Steel, Bajaj Finance, Bajaj Finserv, Sun Pharma, HUL, and Bharti Airtel.
The ongoing uncertainty continues to make traders cautious, potentially clouding the prevailing trend amid persistent geopolitical tensions.
“Until the volatility, as indicated by the elevated India VIX, subsides, we recommend maintaining a hedged strategy to navigate the current environment, with a focus on stock selection,” said Ajit Mishra, SVP, Research, Religare Broking.
Asian markets were trading mixed: Tokyo, Bangkok, and Jakarta were in the green, while Shanghai and Hong Kong were in the red.
US markets closed with gains due to positive developments related to trade tariffs.
Foreign institutional investors (FIIs) continued their buying streak for the 16th consecutive session on May 8, purchasing equities worth ₹2,007 crore. In contrast, domestic institutional investors (DIIs) sold equities worth ₹596 crore on the same day.
According to Indian Army officials, the Pakistan armed forces launched multiple drone and artillery attacks along the western border on the night of May 8–9. These drone attacks were effectively repulsed, and a befitting response was given to the ceasefire violations, the Indian Army said in a statement.-IANS
