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Gift Nifty at 24,370 indicates no impact of Operation Sindoor, as it rebounded from day’s low. Nifty futures on Tuesday closed at 24,431, signalling a gap down opening of about 50 points for Nifty, which is in line with Asian peers. .
To avenge the Pahalgam terror attack, the Indian Armed Forces on early Wednesday morning carried out precision strikes on terrorist sites in Pakistan and Pakistan-occupied Jammu and Kashmir (PoK).
According to an official communiqué, forces launched “Operation Sindoor” targeting nine sites where terrorist attacks against India have been planned and directed. “Our actions have been focused, measured, and non-escalatory in nature. No Pakistani military facilities have been targeted. India has demonstrated considerable restraint in the selection of targets and method of execution,” the communiqué said. “These steps come in the wake of the barbaric Pahalgam terrorist attack in which 25 Indians and one Nepali citizen were murdered.”
Equities across Asia region are little changed but in negative territory as US stocks tumbled overnight
Meanwhile, the India-UK Free Trade Agreement (FTA) finalised on Tuesday has brought in cheer for exporters, especially of labour-intensive items such as textiles, gems & jewellery, leather, footwear, pharmaceuticals and agri & processed foods, who hope to gain from tariff elimination in the UK market.
“ASSOCHAM, on behalf of Indian industry, commends PM Modi for his leadership in concluding a path breaking trade agreement with the United Kingdom. This landmark India–UK Free Trade Agreement and the Double Contribution Convention is a win-win for both nations and will deepen our Comprehensive Strategic Partnership, fostering trade, investment, innovation, and wealth creation,” the industry body said in a statement.
Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd, said: Market volatility was further aggravated by escalating geopolitical tensions between India and Pakistan, coupled with uncertainty surrounding the U.S. Federal Reserve’s upcoming interest rate decision. Security drills will be held at 244 locations starting May 7 in response to the heightened India-Pakistan tensions, adding to investor cautiousness. Looking ahead, progress on the U.S. trade deal could provide near-term support to the markets.
However, ongoing geopolitical concerns and the earnings season are likely to keep investor sentiment cautious in the near term. Key earnings results scheduled for Wednesday include Coal India, United Breweries, Voltas, Blue Star, and Tata Chemicals, he said..
Published on May 7, 2025
This article first appeared on The Hindu Business Line
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