Closing Bell: Nifty below 24,300, Sensex down 412 pts amid escalating tensions with Pakistan

Indian equity indices ended on a weak note in the volatile session on May 8 with Nifty below 24300. At close, the Sensex was down 411.97 points or 0.51 percent at 80,334.81, and the Nifty was down 140.60 points or 0.58 percent at 24,273.80.

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

The Indian equity market experienced profit booking by the end of the trading day due to escalating tensions between India and Pakistan, marked by increased cross-border exchanges. The FOMC policy meeting provided little reassurance, as the FED expressed concerns that aggressive U.S. tariffs could fuel inflation and raise unemployment. However, the global market remains stable and positive, buoyed by expectations of an imminent U.S. trade deal with the UK and preliminary indications of trade talks with China. Historically, the domestic volatility is expected to neutralize as cross border issue de-escalates.

There is growing uncertainty in the markets as investors are worried that the ongoing tension resulting in a major conflict between the two nuclear-powered nations going ahead could spark a major sell-off in equities, and hence profit-taking was seen in almost all the sectors barring select IT counters. With the local currency depreciating sharply amid the ongoing stand-off, foreign investors could flee domestic equities to park their funds in overseas safe-haven assets.

Today, the Indian stock market closed with a downside bias as the NIFTY50 index fell by approximately 0.58% to 24,273.8 points, down about 140 points from the previous close. The Sensex also slipped, ending around 411 points lower at 80,334. Key reasons for the market's decline was mixed global cues. The Nifty Metal sector was the worst performer, down 2.09%, while the Nifty IT sector showed modest gains.

The markets experienced a volatile session marked with a lacklustre start and remained range-bound for most of the day. However, a sudden sharp decline was witnessed following the flash related to India-Pakistan tensions, triggering panic selling across sectors. This unexpected turn led the Index to close the day in red at 24,273.80 with a notable loss of 140.60 points.

Among the sectors, only IT and Media managed to end in the positive territory, while Realty and Metal tumbled the most. Midcap and Smallcap stocks were hit particularly hard, each falling over 1% and underperforming the Benchmark Index.

Despite the steep intraday decline, the Index continues to trade within its established range of 24,250-24,500, awaiting a decisive breakout on either side to provide clear market cues.

Indian rupee ended 88 paise lower at 85.71 per dollar on Thursday versus Wednesday's close of 84.83.

Indian equity indices ended on a weak note in the volatile session on May 8 with Nifty below 24300.

At close, the Sensex was down 411.97 points or 0.51 percent at 80,334.81, and the Nifty was down 140.60 points or 0.58 percent at 24,273.80. About 1256 shares advanced, 2497 shares declined, and 126 shares unchanged.

Biggest Nifty losers were Shriram Finance, Eternal, M&M, Tata Consumer, Adani Enterprises, while gainers included HCL Technologies, Kotak Mahindra Bank, Titan Company, Axis Bank, Coal India.

Except IT and Media, all other sectoral indices ended in the red with metal, oil & gas, pharma, PSU Bank, auto, consumer durables, realty down 1-2 percent.

The BSE midcap index shed 1.9 percent and smallcap index fell 1 percent.

#1 EBITDA margin came in at a 10-year low

#2 India revenue weak, slips 4 percent on urban slowdown & inflation

#3 HPC growth turned negative, falls 3 percent & healthcare falls 5 percent

#4 Beverages portfolio remains weak, down 9 percent

#5 Badshah growth at 6 percent in Q4 versus 16 percent in Q3, affected by CSD slowdown

Indian Rupee declined sharply today amid heightened geopolitical tensions across the border. Media reports that Indian drones struck a few cities in Pakistan has led to risk aversion in the domestic markets. Positive US Dollar index and a rise in crude oil prices also weighed on the Rupee. US Dollar gained on hawkish Fed. The FOMC left interest rates unchanged at 4.25%-4.50% range.

We expect Rupee to trade with a negative bias on strong Dollar and ongoing geopolitical tensions between India and Pakistan. Any further escalation may further pressurise the Rupee. However, FII inflows may support Rupee at lower levels. Traders may take cues from weekly unemployment claims data from the US. USDINR spot price is expected to trade in a range of Rs 85.20 to Rs 86.

Indian rupee has extended the losses as it trading 82 paise lower at 85.65 per dollar on Thursday versus Wednesday's close of 84.83.

#1 Breached 1 percent RoA, profit aided by treasury gains, recoveries

#2 NIM slips 12 bps QoQ, slippages are higher

#3 FY26 credit growth guidance at 11-12 percent & deposits at 9-10 percent

#1 Pakistan has increased the intensity of its unprovoked firing across the LoC

#2 Pakistan’s Air Defence System at Lahore has been destroyed

#3 Pakistan attempted to engage a number of military targets in Northern and Western India

The Sensex was down 369.38 points or 0.46 percent at 80,377.40, and the Nifty was down 148.70 points or 0.61 percent at 24,265.70. About 1373 shares advanced, 2020 shares declined, and 123 shares unchanged.

#1 Weak quarter, NIM outlook is soft

#2 Company expects FY26 NIM to remain consistent in-line with FY25

#3 We expect NIM to remain under pressure driven by potential repo rate cuts

#4 Moderated our NIM outlook for FY26/FY27 by 18 bps/14 bps

#5 FY26/FY27 EPS estimates cut by 8- 10 percent, largely on lower Nil

Indian rupee has extended the losses as it trading 59 paise lower at 85.42 per dollar on Thursday versus Wednesday's close of 84.83.

Plans to begin operation in the end of 2026

Highest since April 15, India NSE Volatility Index rises to 20

KSE -30 ; down by 8.8%

The Company viz. Havells India Limited has received a Letter of Intent (LoI) dated 7th May 2025 from Yamuna Expressway Industrial Development Authority (YEIDA) for 50 acres of land in EMC, Sector 10 of YEIDA for the establishment of an electronics manufacturing unit. The Company intends to use the land for future capacity expansion for manufacturing of consumer goods and home appliances.

The National Company Law Tribunal (NCLT), Mumbai, has approved the company's resolution plan for the acquisition of Smaaash Entertainment.

The company's production grew by 20.3%, reaching 85,925 units in April 2025, compared to 71,445 units in the same month the previous year. Sales for April increased by 17.7%, totaling 80,789 units, and exports surged by 82%, to 3,381 units compared to the corresponding month last year.

#1 Profit increases 31.2 percent to Rs 206 crore Vs Rs 157 crore, YoY

#2 Gross premiums written jumps 18.1 percent to Rs 2,078.7 crore Vs Rs 1,759.4 crore, YoY

#3 Net premium written rises 21 percent to Rs 1,672.1 crore Vs Rs 1,381.9 crore, YoY

#4 Underwriting Profit falls 12.2 percent to Rs 57.6 crore Vs Rs 65.6 crore, YoY

#5 Operating Profit tanked 43 percent YoY to Rs 94.9 crore Vs Rs 166.8 crore, YoY

Reliance Jio added 21.74 lakh users in March 2025, compared to an addition of 17.65 lakh users in February.

Larsen & Toubro, Titan Company, Asian Paints, Britannia Industries, Bharat Forge, Biocon, Escorts Kubota, Union Bank of India, Aarti Industries, Chambal Fertilisers & Chemicals, Dilip Buildcon, IIFL Finance, Jindal Stainless, Kalyan Jewellers India, Multi Commodity Exchange of India, Pidilite Industries, REC, and Zee Entertainment Enterprises will announce their quarterly earnings on May 8.

The decision of US Fed keeping the interest rates unchanged comes following the global uncertainty caused by the escalating trade war, a slowdown in the economic growth in the US, and volatile inflation trends. While the inflation may appear to have cooled down and the growth looks robust, this still does not warrants for a rate cut as the risks of uncertainty regarding the economic outlook looms large. Hence, the Fed Chair will evaluate the data after the 90-day pause period to decide about the future rate cuts.

In terms of gold, the prices moved up in the domestic market following the Fed's announcement and cautious stance over the economic outlook, which pushed investors towards the yellow metal. Gold tends to perform well in low interest rate regime.

Going ahead, we expect gold prices to be elevated with mild volatility in the price trajectory due to the ongoing trade war between US-China and the geopolitical tensions in the Middle-East and Russia-Ukraine. Prices could hover in the range of Rs 96,000 to 97,000/10 gms in the domestic market and USD 3400 to 3500/Oz in the international markets in the near term.

The company lost 5.41 lakh users in March 2025, compared to a loss of 20,720 users in February.

The telecom operator added 12.50 lakh subscribers in March 2025, compared to an addition of 15.93 lakh users in February.

#1 Beat on inflows, railway business dragged margin

#2 Demand tailwinds intact for power systems

#3 Gaining market share in value-added industrial system products

#4 Tweak FY26-27 EPS estimates by 1-2 percent

Indian rupee erased all the opening gains and trading lower by 19 paise at 85.02 per dollar on Thursday versus Wednesday's close of 84.83.

#1 Profit drops 30.7 percent to Rs 21.3 crore Vs Rs 30.8 crore, YoY

#2 Revenue grows 4.3 percent to Rs 769 crore Vs Rs 737.5 crore, YoY

The Sensex was up 41.41 points or 0.05 percent at 80,788.19, and the Nifty was down 16.75 points or 0.07 percent at 24,397.65. About 2327 shares advanced, 978 shares declined, and 127 shares unchanged.

Mastek announced its strategic collaboration with Zulekha Healthcare Group.

Mastek will deploy an extensive Oracle Fusion Cloud suite which closely integrates with Oracle Health (Cerner) system.

#1 Profit falls 8.3 percent to Rs 312.7 crore Vs Rs 341.2 crore, YoY

#2 Revenue increases 0.6 percent to Rs 2,830.1 crore Vs Rs 2,814.6 crore, YoY

#1 Profit grows 20.6 percent to Rs 193.6 crore Vs Rs 160.5 crore, YoY

#2 Revenue jumps 20.8 percent to Rs 4,019 crore Vs Rs 3,327.8 crore, YoY

#3 Board recommends final dividend of Rs 9 per share

#4 Blue Star re-appoints Vir S Advani as Chairman & Managing Director for five years effective April 1, 2026

#1 Profit grows 12 percent to Rs 9,604 crore Vs Rs 8,572.1 crore, YoY

#2 Revenue falls 1 percent to Rs 37,824.5 crore Vs Rs 38,213.5 crore, YoY

#3 Board recommends final dividend of Rs 5.15 per share for FY25

The company has executed a non-binding Memorandum of Understanding (MoU) with AM Green Ammonia (India), for supplying renewable power to AM Green’s green ammonia project in Kandla or any other facility from 4.5 GW renewable energy project/s of Coal India.

Larsen & Toubro, Titan Company, Asian Paints, Britannia Industries, Bharat Forge, Biocon, Escorts Kubota, Union Bank of India, Canara Bank, Aarti Industries, Chambal Fertilisers & Chemicals, Dilip Buildcon, IIFL Finance, Jindal Stainless, Kalyan Jewellers India, Multi Commodity Exchange of India, Pidilite Industries, REC, and Zee Entertainment Enterprises will announce their quarterly earnings on May 8.

The Sensex was up 40.97 points or 0.05 percent at 80,787.75, and the Nifty was down 15 points or 0.06 percent at 24,399.40. About 2404 shares advanced, 848 shares declined, and 121 shares unchanged.

US FED kept its policy rates unchanged as the real data of inflation and labor market remain stable around 2% and 4% respectively. So far, the impact of tariffs is not visible in the data, but the upward risk to inflation and the job market has increased. Though sentiments have been pointing towards some slowdown, the FED would not be ready to blink before the impact of tariffs is seen in actual data on Jobs and inflation.

FED is confident that the economy is on a strong footing and the impact of tariffs can be absorbed. Case in point, Q1 GDP numbers were disappointing due to swollen import figures to avoid tariffs. This will get reversed in Q2 and will be reflected in the numbers.

Market participants feel that the FED may be behind the curve, but the FED wants to make decisions based on numbers and not on sentiments.

#1 Profit sinks 67.2 percent to Rs 41 crore Vs Rs 125.3 crore, YoY

#2 Net interest income declines 10 percent to Rs 324.2 crore Vs Rs 359.7 crore, YoY

#1 EBITDA beat primarily attributable to one-time provision reversal

#2 Adjusted EBITDA in-line with estimates, volume growth in-line

#3 Company has reiterated 10 percent volume growth guidance for FY26

#4 EBITDA margins expected to sustain at Rs 9+/scm

#1 Reported revenue/EBITDA/profit growth of 13 percent/63 percent/107 percent, below estimates

#2 Performance in UCP is good, margin mis largely due to EMP

#3 Maintained its market leadership in AC; exit market share at 19 percent

#4 One of the best plays on the structural growth opportunity in RAC industry

Price target is Rs 1217, implying 3,3% decrease from last price

Target price is at Rs 960, implying 31% increase from last price

Lupin has launched Eslicarbazepine Acetate Tablets, 200 mg, 400 mg, 600 mg, and 800 mg, following the approval of its Abbreviated New Drug Application (ANDA) from the U.S. FDA.

Lupin is one of the first ANDA applicants and is eligible for 180 days of shared generic exclusivity.