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

Market Close | Sensex down 880 points, Nifty around 24000

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.

Amol Athawale, VP- Technical Research, Kotak Securities

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.

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Ajit Mishra – SVP, Research, Religare Broking

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.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

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.

Rupak De, Senior Technical Analyst at LKP Securities

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.

Vinod Nair, Head of Research, Geojit Investments

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.

For the week, BSE Sensex and Nifty fell more than 1 percent each....Read More

Prashanth Tapse, Senior VP (Research), Mehta Equities

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.

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Market This 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

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

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.

Currency Check | Rupee ends 34 paise higher

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

Market Close | 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 24,008.00. 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.

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Markets@3 | Sensex falls 870 points, Nifty around 24000

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.

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

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Suranjana Borthakur, Head of Distribution & Strategic Alliances, Mirae Asset Investment Managers (India)

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.

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Markets@2 | Sensex down 950 pts, Nifty below 24000

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.

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Market Updates | Sensex, Nifty down 1.2% each

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.

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Sensex Today | Nifty Bank index extend losses on second day