Indian benchmark indices opened lower on Friday in line with expectations, as geopolitical tensions between India and Pakistan escalated.
At 9:23 am, the Sensex was down 529 points or 0.66% at 79,805, while the Nifty declined 207 points or 0.85% to 24,066.
Weakness was also observed in the broader markets. The Nifty Midcap 100 index dropped 509 points or 0.96% to 52,719, and the Nifty Smallcap 100 index fell 232 points or 1.44% to 15,951.
“After a negative opening, Nifty can find support at 24,000, followed by 23,800 and 23,700. On the upside, 24,300 is an immediate resistance level, followed by 24,400 and 24,500,” said Hardik Matalia of Choice Broking.
Across sectoral indices, auto, IT, financial services, pharma, FMCG, realty, and energy were among the top laggards.
In the Sensex pack, Titan, L&T, Tata Motors, and Asian Paints emerged as top gainers. On the other hand, Power Grid, UltraTech Cement, ICICI Bank, HDFC Bank, HCL Tech, Tata Steel, Bajaj Finance, Bajaj Finserv, Sun Pharma, HUL, and Bharti Airtel were the major losers.
The ongoing uncertainty continues to keep traders on edge, casting a shadow over market sentiment amid continued geopolitical stress.
“Until the volatility—reflected in the elevated India VIX—eases, we recommend a hedged strategy to navigate the current environment, with a focus on selective stock picking,” 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 higher, buoyed by positive developments related to trade tariffs.
Meanwhile, foreign institutional investors (FIIs) remained net buyers for the 16th straight 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.
-IANS
