Nifty, Sensex open lower as geo-political tensions flare up

Mumbai: The Indian frontline indices opened lower on Friday on the expected lines, amid rising tensions between India and Pakistan.

At 9:23 am, Sensex was down 529 points or 0.66 per cent at 79,805 and Nifty was down 207 points or 0.85 per cent at 24,066.

Selling was also seen in midcap and smallcap stock. Nifty midcap 100 index was down 509 points or 0.96 per cent at 52,719 and Nifty smallcap 100 index was 232 points or 1.44 per cent at 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 be an immediate resistance, followed by 24,400 and 24,500,” said Hardik Matalia from Choice Broking.

Among the sectoral indices auto, IT, financial services, pharma, FMCG, realty and energy were top laggards.

In the Sensex pack, Titan, L&T, Tata Motors and Asian Paints were top gainers. Power Grid, UltraTech Cement, ICICI Bank, HDFC Bank, HCL Tech, Tata Steel Bajaj Finance, Bajaj Finserv, Sun Pharma, HUL and Bharti Airtel were major losers.

The ongoing uncertainty continues to make traders cautious, potentially clouding the prevailing trend amid lingering 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 focus on stock selection,” said Ajit Mishra–SVP, Research, Religare Broking.

The Asian markets were trading in a mixed zone. Tokyo, Bangkok and Jakarta were trading in the green and Shanghai and HongKong were in the red.

The US markets closed with the gains due to positive development related to trade tariffs.

The foreign institutional investors (FIIs) continued their buying for the 16th consecutive session on May 8 as they bought equities of Rs 2,007 crore. On the other hand, domestic institutional investors (DIIs) sold equities of Rs 596 crore on the same day.

The Pakistan armed forces launched multiple attacks using drones and other munitions along the entire Western border on the intervening night of May 8 and May 9, Indian Army officials said. The drone attacks were effectively repulsed and befitting reply was given to the CFVs, the Indian Army said in a statement.

–IANS