Taking Stock: Rising cross-border tensions drag Nifty below 24,050; Sensex sheds 880 pts

Stocks

The Indian indices extended the losses in the second consecutive session on May 9 amid pick-up in war activity between India and Pakistan, ignoring positive global cues.

The market opened gap-down with Nifty slipping below 24,000 mark and traded in negative territory throughout the session to close near day's low. At close, the Sensex was down 880.34 points or 1.1 percent at 79,454.47, and the Nifty was down 265.80 points or 1.1 percent at 24,008.

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

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.

On stock-specific, Titan Company and L&T shares added 4 percent each on strong Q4 earnings. Defence shares, including Paras Defence, Hindustan Aeronautics, Bharat Electronics, Zen Technologies rose 2-8 percent.

Nearly 190 stocks on the BSE tested 52-week low including, Jindal Saw, Ramkrishna Forgings, Central Bank of India, Schneider Infra, Syngene International, Galaxy Surfactants, ACC, AIA Engineering, Vedant Fashions, Chemplast Sanmar, Sheela Foam among others. Click to View More

Index	Prices	Change	Change%
Sensex	82,500.82	328.72	+0.40%
Nifty 50	25,285.35	103.55	+0.41%
Nifty Bank	56,609.75	417.70	+0.74%

Nifty 50 25,285.35 103.55 (0.41%)

Fri, Oct 10, 2025

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
Cipla	1,561.80	48.70	+3.22%

Biggest Loser	Prices	Change	Change%
Tata Steel	173.86	-2.56	-1.45%

Best Sector	Prices	Change	Change%
Nifty PSU Bank	7695.80	126.50	+1.67%

Worst Sector	Prices	Change	Change%
Nifty Metal	10261.55	-94.65	-0.91%

Global Cues

US President Donald Trump and British Prime Minister Keir Starmer on Thursday announced a limited bilateral trade agreement that leaves in place Trump’s 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports.

Overnight, US stocks rose as investors cheered a new trade agreement hammered out between the United States and Britain.

However, European indices rose on ease-off in tariff tension and ECB policy maker suggested another interest-rate cut, while Asian markets ended mostly higher after US President Donald Trump signaled tariffs on Chinese goods may fall if upcoming talks go well.

Outlook for May 12

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.

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