Markets opened in the red on Friday, reflecting investor caution as India-Pakistan border tensions escalated.
By 9:23 AM, the Sensex had fallen 529 points or 0.66% to 79,805, while the Nifty dropped 207 points or 0.85% to 24,066.
Broader markets were also under pressure, with the Nifty Midcap 100 slipping 509 points or 0.96% to 52,719, and the Nifty Smallcap 100 down 232 points or 1.44% at 15,951.
Hardik Matalia of Choice Broking stated, “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 be an immediate resistance, followed by 24,400 and 24,500.”
Sectoral indices showed broad-based weakness, with auto, IT, financial services, pharma, FMCG, realty, and energy stocks leading the losses.
Within the Sensex components, Titan, L&T, Tata Motors, and Asian Paints managed to post gains, while Power Grid, UltraTech Cement, ICICI Bank, HDFC Bank, HCL Tech, Tata Steel, Bajaj Finance, Bajaj Finserv, Sun Pharma, HUL, and Bharti Airtel recorded losses.
With uncertainty hanging over the markets, investor caution remains high, especially as geopolitical developments continue to drive volatility.
“Until the volatility, as indicated by the elevated India VIX, subsides, we recommend maintaining a hedged strategy to navigate the current environment, with focus on stock selection,” advised Ajit Mishra, SVP–Research at Religare Broking.
Asian markets traded mixed, with Tokyo, Bangkok, and Jakarta in positive territory, while Shanghai and Hong Kong saw declines.
In the US, markets ended higher, buoyed by favourable updates on trade tariffs.
On May 8, foreign institutional investors (FIIs) extended their buying streak for a 16th consecutive session, investing Rs 2,007 crore in equities.
In contrast, domestic institutional investors (DIIs) sold stocks worth Rs 596 crore.
The market movement follows an Indian Army statement confirming that Pakistani forces launched multiple drone and munition attacks across the western border during the night of 8–9 May.
The Indian side responded strongly, neutralizing the drone threats and replying effectively to ceasefire violations.
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