Mumbai– Indian equity markets faced heavy selling pressure on Friday as escalating geopolitical tensions between India and Pakistan rattled investor sentiment following a brutal terror attack in Pahalgam, Jammu and Kashmir.
The Sensex opened on a strong note, climbing to an early high of 80,131. However, the mood quickly soured, and the index plunged to an intraday low of 78,606—a drop of 1,525 points—after reports of a ceasefire violation along the India-Pakistan border emerged. The Sensex recovered some ground but still ended the session down 589 points, closing at 79,213, a decline of 0.7%.
The Nifty followed a similar trajectory, rising to a high of 24,365 before tumbling to an intraday low of 23,848, a loss of 517 points. The index closed at 24,039, down 207 points or 0.9%.
“Escalating geopolitical tensions between India and Pakistan weighed heavily on investor sentiment, leading to cautious trading across Indian equities,” said Sundar Kewat of Ashika Institutional Equity.
Despite Friday’s downturn, both benchmark indices managed to post weekly gains. The Sensex rose 660 points, while the Nifty added 187 points over the week.
Among Sensex components, Axis Bank was the biggest laggard after announcing its Q4 earnings. Other major decliners included Zomato, Bajaj Finserv, Power Grid Corporation, Bajaj Finance, NTPC, Tata Motors, and SBI, all of which fell between 2% and 3%.
On the positive side, IT and cement stocks offered some support. TCS, Tech Mahindra, UltraTech Cement, and Infosys closed with notable gains.
The broader market also suffered, with the BSE MidCap and SmallCap indices each falling more than 2%.
Sector-wise, BSE Realty, Healthcare, and Power indices were among the hardest hit, each declining up to 3%. Other sectors, including Auto, Capital Goods, Consumer Durables, and Metals, registered losses of around 2% each. The Bankex and FMCG indices also closed lower, down about 1%.
“Nifty has broken down after a period of consolidation on the daily charts, signaling increased bearish sentiment,” said Rupak De, Senior Technical Analyst at LKP Securities. “In the short term, market sentiment is expected to drive the trend, with the possibility of further downside. Key support levels are placed at 23,800 and 23,515.” (Source: IANS)
