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The markets opened sharply lower on Friday morning as escalating geopolitical tensions between India and Pakistan triggered a broad sell-off across sectors. The Sensex tumbled 783.84 points or 0.98 per cent to 79,550.97, while the Nifty fell 259.75 points or 1.07 per cent to 24,014.05 by 10 am.
The steep decline followed Thursday evening’s incidents where India’s air defence systems intercepted over 50 missiles fired by Pakistan toward key border regions and shot down four Pakistani aircraft, intensifying concerns about regional stability.
“The market is expected to open on a weak note, weighed down by escalating geopolitical tensions between India and Pakistan,” said Vikas Jain, Head of Research at Reliance Securities. “Traders are advised to stay cautious and refrain from bargain hunting until the market provides clearer direction and there’s more clarity on the duration of the conflict.”
Gift Nifty was down approximately 300 points or 1.2 per cent in early morning trading, indicating further pressure on domestic indices. The India VIX, a volatility index, spiked 10 per cent to hit a one-month high of 21 on Thursday, reflecting growing investor anxiety.
Despite the broader market decline, select stocks bucked the trend. Titan emerged as the top gainer, surging 4.03 per cent to ₹3,505 following impressive Q4 results. Other major gainers included L&T, up 3.82 per cent at ₹3,451; BEL, rising 3.13 per cent to ₹316.75; and Tata Motors, advancing 2.47 per cent to ₹699.75.
On the losing side, Power Grid led the declines, with a 3.47 per cent drop to ₹297.55, followed by Jio Financial Services falling 2.76 per cent to ₹244.50, Shriram Finance down 2.71 per cent at ₹599.10, and Tata Consumer Products slipping 2.22 per cent to ₹1,091.20.
“It is prudent to prepare rather than panic,” advised Devarsh Vakil, Head of Prime Research at HDFC Securities. “We advise traders to keep leveraged and speculative positions light and use derivatives to hedge short-term exposures.”
Technical analysts note concerning patterns emerging in the market. “On the daily chart, Nifty created a dark cloud cover candlestick pattern, indicating a bearish outlook,” said VLA Ambala, Co-Founder of Stock Market Today. “The banking sector may experience some profit booking following its recent outperformance.”
Foreign institutional investors (FIIs) remained net buyers for the 16th consecutive session on May 8, purchasing equities worth ₹2,007 crore, while domestic institutional investors (DIIs) sold equities worth ₹596 crore.
In commodities, gold prices retreated from recent highs, trading at $3,311 per ounce, after tumbling nearly 4 per cent in two days. “Gold prices have breached key support levels, triggering technical selling pressure,” noted Rahul Kalantri, VP Commodities at Mehta Equities Ltd. Oil prices remained relatively stable around $60 per barrel, supported by optimism surrounding US-China trade talks.
Global markets presented a stark contrast to India’s performance. US equity markets closed higher on Thursday, following the announcement of a trade agreement between the US and the UK. “This is the first trade agreement with a significant trading partner since the US unveiled its tariff plans on April 2,” said Vakil.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, cautioned: “If the market breaks below 24200, we may see an increase in weakness throughout the day, potentially leading to a re-test of levels 23900 or 23850, which were tested nine days ago.”
According to technical analysis, Nifty could find support between 24,000 and 23,800, with resistance near 24,450, while Bank Nifty might find support between 54,000 and 53,700, with resistance around 54,600.
Despite short-term uncertainties, analysts maintain optimistic about long-term market prospects, citing strong Q4 earnings, the recently finalised UK-India Free Trade Agreement, consistent FII inflows, and positive global market trends.
Published on May 9, 2025
This article first appeared on The Hindu Business Line
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