Closing Bell: Nifty at around 24,000, Sensex down 880 pts amid rising Indo-Pak tensions

Indian equity indices ended on a weak note with Nifty at 24,000 on May 9. At close, the Sensex was down 880.34 points or 1.10 percent at 79,454.47, and the Nifty was down 265.80 points or 1.10 percent at 24,008.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

In the last week, the benchmark indices witnessed selling pressure at higher levels. The Nifty ends 1.4 percent lower, while the Sensex was down by 1047 points. Among sectors, the Realty, Tourism, and PSU Bank indices lost the most, with Realty declining 6 , Tourism 4.45 , and PSU Banks correcting 4.22 percent . The Auto Index was the top gainer, rallying 1.7. During the week, the market consistently faced selling pressure at higher levels. Technically, it has formed a long bearish candle on weekly charts and is also trading near the 200-day SMA (Simple Moving Average) support zone.

We believe that as long as the market remains below the 24,150/79900 level, weak sentiment is likely to continue. On the downside, it could retest the 23,800/78800 level. Further downward movement may continue, potentially dragging the market to 23,600/78200. On the flip side, a move above 24,150/79900 could signal a pullback rally. Above this level, the market could bounce back up to 24,350–24,450/80500-80800.

For Bank Nifty, the 20-day SMA or 54,000 will act as a trend decider for short-term traders. Below this level, the index could slip to 53,000–52,650. Conversely, a move above 54,000 could push the index up to 54,800–55,000.The current market texture is uncertain and volatile; hence, levels-based trading would be an ideal strategy for short-term traders.

Markets came under pressure as geopolitical tensions between India and Pakistan intensified. Following an initial decline, the Nifty witnessed sharp swings in both directions before settling at the 24,008 level. Selling was broad-based, with the Nifty Realty index plunging nearly 4%, led by heavyweights like DLF. In contrast, defense-related stocks such as Bharat Electronics and Hindustan Aeronautics outperformed, gaining on expectations of increased defense spending.

Looking ahead, elevated geopolitical risks have significantly heightened market volatility, as reflected in the surge of the India VIX. Investors are advised to adopt a stock-specific approach and refrain from taking aggressive positions until there is more clarity. A hedged strategy is recommended to manage near-term risks, while close monitoring of geopolitical developments will be crucial in shaping the market's next move.

After showing a range bound movement in the last couple of weeks, Nifty slipped into a sharp weakness on the back drop of rising escalation between India and Pakistan on Friday and closed the day lower by 265 points amidst high volatility. After opening with a negative note, the market later shifted into a range bound action in the mid to later part of the session with an attempt of upside recovery in between.

A small green candle was formed on the daily chart at the lows with long upper shadow. Technically, this market action indicates an attempt of downside breakout of the range movement.

Nifty on the weekly chart formed a bearish engulfing type candle pattern (not a classical one) this week after a sustainable upside in the last four weeks. This is negative indication and signals a formation of crucial reversal pattern on the downside as per long term chart.

The geo-political tensions between India and Pakistan is weighing heavy on the market. Further weakness from here could find strong cluster supports around 23800-23600 levels (weekly 10/20 period EMA and support as per change in polarity) and there is a possibility of an upside bounce occurring from the lows. Immediate resistance is placed at 24200.

Nifty traders appeared to embrace risk-off trades amid India-Pakistan tensions, as the index fell from its recent consolidation zone. The Nifty managed to stay above the 24,000 mark as the index found support around the 21-day exponential moving average (EMA).

In the short term, bears may attempt to push the index decisively below 24,000 to gain the upper hand. A clear break below 23,900 could increase bearish bets in the market.

On the upside, 24,250 may act as an immediate resistance level, above which sentiment could improve.

A conflict was anticipated but the market was not expecting the situation to intensify, raising concerns about its duration. However, it is still projected to be a short-lived confrontation, given the strategic advantage and the opponent’s weak economic standing.

Interestingly, Foreign Institutional Investors (FIIs) continued to invest in the Indian market until yesterday, while retail investors remain slightly cautious at the moment.

Domestic factors continued to weigh on Indian markets even as global indices stayed firm, as rising tension due to Indo-Pak conflict prompted investors to flee local equities. Traders don't want to get caught off guard by risking their investments as any escalation in war during the weekends could trigger major selling starting next week.

#1 Market snaps 3-week gaining streak amid India-Pak tensions

#2 Sensex, Nifty & Midcap index fall 1% each, Nifty Bank slips 3%

#3 Nearly 40 Nifty stocks give negative returns this week

Rupee traded in a volatile range of 85.90 to 85.35 amid ongoing border tensions between India and Pakistan, with signs of escalation keeping market participants cautious.

Morning weakness in the rupee was met with profit booking by short-sellers, as the currency found support near the 85.90–86.00 zone. Any fresh developments on the geopolitical front are likely to have a significant impact on the rupee’s direction.

Indian rupee ended 34 paise higher at 85.37 per dollar on Friday versus Thursday's close of 85.71.

Indian equity indices ended on a weak note with Nifty at 24,000 on May 9.

At close, the Sensex was down 880.34 points or 1.10 percent at 79,454.47, and the Nifty was down 265.80 points or 1.10 percent at 24,008.00. About 1336 shares advanced, 2372 shares declined, and 148 shares unchanged.

BSE Midcap index ended flat, while smallcap index was down 0.3 percent.

ICICI Bank, Power Grid Corp, UltraTech Cement, Shriram Finance, Grasim Industries were among major losers on the Nifty, while gainers were Titan Company, Tata Motors, L&T, Bharat Electronics, Hero MotoCorp.

On the sectoral front, Realty index shed 2.3 percent, private bank index was down 1.3 percent, while media, consumer durables, capital goods, PSU Bank indices rose between 0.9-1.6 percent.

Hero MotoCorp has completed the acquisition of 10 numbers of equity shares and 6,65,914 numbers of Series D Cumulative Compulsorily Convertible Preference Shares, collectively representing 34.10% (on a fully diluted basis), for an aggregate consideration of Rs. 510 crore.

ICICI Bank has been informed by ICICI Prudential Asset Management Company (IPru AMC) and ICICI Venture Funds Management Company (IVen) that their respective Boards of Directors have, at their meetings held on May 8, 2025, approved in-principle a proposal to transfer the private equity, venture capital and real estate fund management business of I-Ven to IPru AMC.

The Sensex was down 878.07 points or 1.09 percent at 79,456.74, and the Nifty was down 257.65 points or 1.06 percent at 24,016.15. About 944 shares advanced, 2445 shares declined, and 102 shares unchanged.

European stocks gained, with Germany’s benchmark hitting a record high, as tariff tensions eased and a European Central Bank policy maker suggested another interest-rate cut may be in store next month.

Indian rupee is trading 27 paise higher at 85.44 per dollar against previous close of 85.71.

Bharat Forge shares rose by 4.5 percent to Rs 1,163 per share on May 9, as tensions between India and Pakistan escalated. The company’s Chairman and Managing Director also told CNBC-TV18 that the government has called defence equipment manufacturers to Delhi for discussions.

The recovery in mutual fund flows in April is encouraging, especially after the typical quarter-end outflows seen in March. Debt categories like liquid, overnight, money market, and ultra-short have seen a six-month high in inflows, which is a positive sign. Equity inflows have come down slightly to Rs 24,000 crore, but overall flows across categories have remained quite consistent.

It's also encouraging to see an uptick in large-cap flows, which aligns with the current market environment. For long-term portfolios, we continue to believe that mid- and small-cap allocations are essential for wealth creation.

Sectoral funds witnessed a strong recovery — not driven by new NFOs, but by genuine investor interest — though we recommend keeping these as satellite allocations and not letting them be guided by product euphoria.

ELSS has seen a dip, likely due to recent taxation changes, and may not witness significant inflows going forward. Hybrids have bounced back as well, especially arbitrage funds, which received Rs 11,000 crore this month, indicating they are being seen as a safe space to park funds before further deployment. Overall, the flows suggest that investors are making thoughtful and balanced allocation decisions.

#1 Profit zooms more than 15-fold to Rs 188.6 crore Vs Rs 12.2 crore, YoY

#2 Revenue rises 0.65 percent to Rs 2,184.1 crore Vs Rs 2,170 crore, YoY

#1) Net Profit at Rs 92 crore, up from Rs 18 crore YoY

#2) Revenue jumps 13% to Rs 1,737 crore from Rs 1,533 crore YoY

#3) EBITDA Margin comes in at 11.6% against 10.8% YoY

The Sensex was down 953.94 points or 1.19 percent at 79,380.87, and the Nifty was down 288.30 points or 1.19 percent at 23,985.50. About 784 shares advanced, 2577 shares declined, and 101 shares unchanged.

RBI has permitted the Bank for setting up of an IFSC Banking Unit (IBU) in GIFT IFSC, Gujarat.

Indian rupee is trading 25 paise higher at 85.46 per dollar against previous close of 85.71.

#1 Profit tanks 76.7 percent to Rs 38.4 crore Vs Rs 165 crore, YoY

#2 Net interest income falls 40.1 percent to Rs 546.7 crore Vs Rs 913 crore, YoY

#1 Profit zooms more than 15-fold to Rs 188.6 crore Vs Rs 12.2 crore, YoY

#2 Revenue rises 0.65 percent to Rs 2,184.1 crore Vs Rs 2,170 crore, YoY

The Sensex was down 986.59 points or 1.23 percent at 79,348.22, and the Nifty was down 306.85 points or 1.26 percent at 23,966.95. About 772 shares advanced, 2558 shares declined, and 107 shares unchanged.

#1 Profit soars 17.8 percent to Rs 590 crore Vs Rs 500.7 crore, YoY

#2 Revenue increases 7.9 percent to Rs 10,198.3 crore Vs Rs 9,454 crore, YoY

#1 Profit rises 5.5 percent to Rs 4,236.2 crore Vs Rs 4,016.3 crore, YoY

#2 Total income grows 20 percent to Rs 15,174.2 crore Vs Rs 12,643.3 crore, YoY

The company approved the raising of funds through issue of equity shares having face value of Re 1 for an aggregate amount not exceeding Rs 700 crore in right issue basis.

#1 Profit jumps 36.3 percent to Rs 187.6 crore Vs Rs 137.6 crore, YoY

#2 Revenue grows 36.6 percent to Rs 61,815.3 crore Vs Rs 45,250.1 crore, YoY

The company has awarded contracts for the development of 100 MW windfarm projects—50 MW each in Madhya Pradesh and Maharashtra. The Letter of Award (LOA) has been issued to Suzlon Energy for the 50 MW wind project in Madhya Pradesh and to Integrum Energy Infrastructure for the 50 MW project in Maharashtra. These projects are expected to be completed and commissioned within two years.

Kaynes Technology India has signed share purchase agreements to acquire 100% of August Electronics Inc., a Canadian EMS provider based in Calgary, Alberta. The transaction will be executed through Kaynes’ wholly owned step-down subsidiary, Kaynes Canada.

The Board has approved a rights issue of 15.44 crore shares worth Rs 2,996.16 crore and fixed the issue price at Rs 194 per share. Eligible shareholders are entitled to one rights equity share for every eight shares held.

#1 Profit soars 10.7 percent to Rs 870 crore Vs Rs 786 crore, YoY

#2 Revenue increases 19.7 percent to Rs 13,477 crore Vs Rs 11,257 crore, YoY

#3 EBITDA spikes 29.7 percent to Rs 1,438 crore Vs Rs 1,109 crore, YoY

#4 Margin expands to 10.7 percent Vs 9.9 percent, YoY

#5 Board recommends dividend of Rs 11 per share

#1 Profit rises 4.2 percent to Rs 559.1 crore Vs Rs 536.6 crore, YoY

#2 Revenue grows 8.9 percent to Rs 4,432.2 crore Vs Rs 4,069.4, YoY

#3 Board recommends final dividend of Rs 75 per share

#1 Profit jumps 25 percent to Rs 5,497 crore Vs Rs 4,396 crore, YoY

#2 Revenue increases 11 percent to Rs 74,392 crore Vs Rs 67,078 crore, YoY

EBITDA grows 13 percent to Rs 8,203 crore Vs Rs 7,234 crore, YoY

Margin expands to 11 percent Vs 10.8 percent, YoY

#3 Board recommends final dividend of Rs 34 per share

Earnings Watch | L&T FY26 Guidance

#1 Revenue growth seen at 15 percent

#2 Core margins guidance seen at 8.5 percent Vs 8.3 percent in FY25

#3 Order inflow growth seen at 10 percent

Apollo Pipes, Atul Auto, Borosil Renewables, Mangalam Cement, Meghmani Organics, Seshasayee Paper and Boards, and Triveni Turbine will announce their quarterly earnings on May 10.

Dr Reddy's Laboratories, ABB India, Swiggy, Bank of India, Manappuram Finance, Birla Corporation, Cera Sanitaryware, Cholamandalam Financial Holdings, Great Eastern Shipping Company, India Shelter Finance Corporation, Jupiter Life Line Hospitals, CE Info Systems, Motherson Sumi Wiring India, Navin Fluorine International, Novartis India, PTC India Financial Services, and Thermax will release their quarterly earnings on May 9.

#1 HDFC Securities has upgraded Voltas to 'buy' from 'add', with target of Rs 1,505

#2 HDFC Securities has upgraded Symphony to 'add' from 'reduce' with target of Rs 1,510

Indian rupee erased all the morning losses and trading 6 paise higher at 85.65 per dollar against previous close of 85.71.

The Sensex was down 708.50 points or 0.88 percent at 79,626.31, and the Nifty was down 219.60 points or 0.90 percent at 24,054.20. About 710 shares advanced, 2529 shares declined, and 123 shares unchanged.

The company has received a letter of intent from one of India’s leading integrated power plant equipment manufacturers for stainless steel seamless boiler tubes used in a series of Supercritical and Subcritical Thermal Power Projects worth Rs 190 crore.

#1 Midcap Fund inflow at Rs 3,313 crore versus Rs 3,438.87 crore inflow, MoM

#2 Large Cap Fund inflow at RS 2,671.46 crore versus Rs 2,479.31 crore inflow, MoM

#3 Small Cap Fund inflow at Rs 3,999.95 crore versus Rs 4,092.12 crore inflow, MoM

#4 Liquid fund inflow at RS 1.18 lakh crore versus Rs 1.33 lakh crore outflow, MoM

One97 Communications, the owner of the Paytm brand, CEO Vijay Shekhar Sharma, and his brother Ajay Shekhar Sharma, have settled with the markets regulator Sebi over a case pertaining to the company's Employee Stock Options (ESOPs) by paying a total amount of Rs 2.8 crore.

As part of the settlement, Vijay will not accept any fresh ESOPs from any listed company for a period of 3 years. In addition, Sebi has directed One97 Communications (OCL) to cancel the ESOPs granted to the two brothers. Accordingly, the ESOPs of 2.1 crore and 2.23 lakh granted to Vijay and Ajay, respectively, were cancelled.

Brigade Group has acquired an 11-acre land parcel in Whitefield, Bengaluru. The land will be developed into a premium commercial project with a gross leasable area of approximately 1.5 million square feet and a gross development value of over Rs 2,000 crore.

At 11:15, the sector indices were trading 0.80 to 1.10 percent up.

Indian rupee is trading 10 paise lower at 85.81 per dollar against previous close of 85.71.

#1 Profit zooms more than 15-fold to Rs 188.6 crore Vs Rs 12.2 crore, YoY

#2 Revenue rises 0.65 percent to Rs 2,184.1 crore Vs Rs 2,170 crore, YoY