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by IANS |
Mumbai, May 10 (IANS) Indian stock markets closed the week sharply lower as rising geopolitical tensions between India and Pakistan spooked investors and triggered a wave of selling across sectors.
The Nifty fell by 1.39 per cent to close at 24,008, while the Sensex slipped 1.30 per cent to end at 79,454.47.
Sector-wise, realty, banking, pharma, and financial services stocks suffered the most, with declines ranging between 2 per cent and 6 per cent.
On the other hand, auto and media stocks showed some resilience and helped cushion the fall. Broader markets were also impacted, with mid- and small-cap indices losing between 0.90 per cent and 2.17 per cent.
Looking ahead, next week is expected to be crucial for the markets. The focus will remain on any developments in the escalating geopolitical situation between India and Pakistan, experts said.
“Additionally, key economic indicators such as the Consumer Price Index (CPI), Wholesale Price Index (WPI), and trade data will be closely watched,” said Ajit Mishra from Religare Broking Limited.
“Technically, the Nifty is hovering near key moving averages, and there is potential for more downside,” he added.
According to Mishra, the immediate support for the Nifty is at 23,800, and if that level is breached, the index could fall toward 23,200.
“On the upside, any bounce is likely to face strong resistance in the 24,400–24,600 zone,” he mentioned.
Given the current uncertainty, analysts advised investors to remain cautious.
“With geopolitical tensions pushing up market volatility, it's better to focus on individual stocks rather than taking aggressive positions. A hedged strategy is recommended to manage near-term risks, and staying updated on geopolitical developments will be key to navigating the markets,” they noted.
Meanwhile, the Pakistani military has been observed as moving their troops into forward areas, indicating offensive intent to further escalate the situation.
The Indian armed forces remain in a high state of operational readiness. All hostile actions have been effectively countered and responded to appropriately, according to the government.
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