Mumbai
The stock market closed in a red mark on Friday amid India-Pakistan tension. At the end of the trading, the Sensex fell 880.34 points or 1.10 percent to 79,454.47 and the Nifty at 24,008 with a weakness of 265.80 points or 1.10 percent. Banking stocks led the selling. The Nifty Bank was down 770.40 points or 1.42 percent at 53,595.25.
In addition, there was selling in auto, IT, financial services, pharma, FMCG, metal, realty, energy, private bank and infra index. Only media and PSU bank index closed in green mark.
LKP Securities Senior Technical Analyst, Roopak De said, “24,000 is an important support for the Nifty. If it breaks, the level of 23,900 can be seen. There will be 24,250 blockage levels in the event.”
Midcap and smallcap saw low selling pressure than largecap. The Nifty Midcap 100 index was 5.95 points with a slight decline of 53,223.35 and the Nifty Smallcap 100 index was 98.10 points or 0.61 percent to 16,085.
The Sensex packs had Titan, Tata Motors, L&T, SBI and Asian Paints Top Gainers. ICICI Bank, Power Grid, Ultratech Cement, Bajaj Finance, Reliance, HDFC Bank and Bajaj Finserv were the top losis.
Amidst India-Pakistan tension, Bajaj Broking Research advised retail investors that retail investors should avoid making emotional decisions in view of short-term global fluctuations. Historically the decline in the market has been temporary due to geopolitical tensions.
The broking firm said that investors with long -term perspectives in such markets may get opportunities to invest in strong stocks on attractive assessment.
Foreign institutional investors (FIIs) continued their purchases in the 16th consecutive session on 8 May and bought shares worth Rs 2,007 crore. On the other hand, domestic institutional investors (DIIs) sold shares worth Rs 596 crore on the same day.
