The Sensex and Nifty remained weak throughout the day, both slipping around 1%.
The Nifty eventually closed 266 points lower at 24,009 amid heightened volatility.
While the market ended in the red, broader indices showed strength. Midcap index closed flat, recovering nearly 2% from the day’s low.
Selling pressure in banking stocks, triggered by India-Pakistan tensions, dragged the Nifty Bank down by 1.4%. ICICI Bank was the top Nifty loser, weighing on both the Nifty and Nifty Bank indices.
Heavyweights such as Reliance Industries and HDFC Bank ended the day with losses of around 2% each.
On the upside, Titan emerged as the top Nifty gainer, rising 4% on the back of better-than-expected Q4 earnings.
Shares of ideaForge Technologies and Zen Technologies surged up to 14% on Friday, as the crisis between India and Pakistan escalated on the Northern and Western borders on the intervening night of May 8 and May 9. While shares of ideaForge are up 14%, those of Zen Technologies are up in a 5% upper circuit.
For the week, the Indian market snapped three-week gaining streak amid India-Pakistan tensions. The Sensex, Nifty, and the Midcap Index fell 1% each, and the Nifty Bank slipped 3%.
Nearly 40 of the Nifty stocks gave negative returns last Week. Stocks like Asian Paints, Sun Pharma, Jio Financial, IndusInd Bank and NTPC were among the top Nifty losers.
Going ahead, market attention will shift to earnings reports from PVR INOX, SRF, Tata Steel, UPL, Jyothy Labs, Ather Energy, Happiest Minds Technologies, Raymond, Bajaj Electricals, and Zaggle Prepaid Ocean Services.
Additionally, stocks like Dr Reddy’s Laboratories, Trent, Manappuram Finance, Swiggy, Navin Fluorine, Bank of India among others will also be in the spotlight tomorrow, as these companies reported their Q4 numbers after market hours on Friday.
Meanwhile, foreign investors were net sellers in the cash market on Friday, while domestic investors were net buyers.
What do the Nifty 50 charts indicate?
Nagaraj Shetti of HDFC Securities said the geo-political tensions between India and Pakistan is weighing heavy on the market.
“Further weakness from here could find strong cluster supports around 23,800-23,600 levels and there is a possibility of an upside bounce occurring from the lows. Immediate resistance is placed at 24,200,” Shetti said.
In the short term, LKP Securities’ Rupak De believes that 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.
According to Rajesh Bhosale of Angel One, the previous breakout level of around 23,800 now becomes a key support. “A breach of this level could trigger further downside, with the next major support zone seen between 23,600 and 23,500. On the upside, immediate resistance lies between 24,250 and 24,300.”
What do the Nifty Bank charts indicate?
The Nifty Bank ended Fridays session at 53,595.25, registering a decline of 1.42%. The index has slipped below both the 9-day and 20-day EMAs.
For the week, the Nifty Bank declined by 2.76%.
“In the broader view, the momentum is probably going to stay skewed to the downside unless the index recovers the 55,000 mark. However, a sustained hold above 54,600 could act as a springboard for the index to resume its upward trajectory in the coming sessions,” said Om Mehra of SAMCO Securities.
Here are the stocks to watch ahead of Monday’s trading session:
– Yes Bank: Sumitomo Mitsui Banking Corporation will be acquiring 20% stake in the Mumbai-based private lender from State Bank of India (SBI) and the consortium of lenders, who had rescued the bank back in 2020.
– Dr Reddy’s Laboratories reported its March quarter results on Friday, May 9, which were a beat on analyst expectations on all parameters.
– Swiggy reported a widening net loss of ₹1,081 crore for the March quarter, compared to the loss of ₹555 crore which it reported during the same quarter last year.
– Bank of India on Friday, May 9, reported its March quarter earnings, in which net profit rose 82.5% year-on-year to ₹2,626 crore, compared to ₹1,439 crore in the same quarter a year ago.
– CE Info Systems Ltd, which operates under the MapmyIndia brand name, on Friday (May 9) reported a 28.2% year-on-year (YoY) surge in net profit at ₹48.6 crore for the fourth quarter that ended March 31, 2025.
– ABB India reported a 3.3% year-on-year (YoY) increase in its first quarter (Q1CY2025) net profit at ₹474.6 crore over ₹459.3 crore, missing the forecast. The company follows the January to December financial year.
– Novartis India’s profit rose 99% at ₹29.3 crore as against ₹14.7 crore. Revenue up 3.3% at ₹84 crore as against ₹81.2 crore. EBITDA at ₹23.9 crore vs ₹11.5 crore, while margin at 28.5%. The firm recommends final dividend of ₹25 per share.
– The renewable energy arm of NTPC Ltd, NTPC Green Energy Limited announced a leadership change with the appointment of Sarit Maheshwari as Chief Executive Officer and Key Managerial Personnel, effective May 10, 2025.
– Raymond Lifestyle says, Sameer Shah resigns as Chief Financial Officer of the company due to personal reasons w.e.f. July 31, 2025.
