Markets tumble as India-Pak conflict flares up; Sensex, Nifty tank over 1 pc
Mumbai, May 9 (PTI): Stock market benchmark indices Sensex and Nifty tumbled over 1 per cent each on Friday as tensions soared between India and Pakistan, fuelling fears of a wider conflict.
Besides, steep losses in realty, financial and utility stocks also dented investor sentiments, traders said.
Extending its previous day's decline, the 30-share BSE benchmark gauge tanked 880.34 points or 1.10 per cent to settle at 79,454.47, in a largely range-bound trading.
As many as 2,522 stocks declined while 1,343 advanced and 145 remained unchanged on the BSE.
The NSE Nifty dropped 265.80 points or 1.10 per cent to 24,008.
India on Thursday night swiftly thwarted Pakistan's fresh attempts to strike military sites with drones and missiles, including in Jammu and Pathankot, after foiling similar bids at 15 places in northern and western regions of the country as tensions soared between the two countries.
The Indian armed forces on Wednesday had carried out precise missile strikes on nine terror targets in Pakistan-occupied Kashmir (PoK) and Pakistan under 'Operation Sindoor'.
"A conflict was anticipated, but the market was not expecting the situation to intensify, raising concerns about its duration. However, it is still projected to be a short-lived confrontation, given the strategic advantage and the opponent’s weak economic standing.
"Interestingly, Foreign Institutional Investors (FIIs) continued to invest in the Indian market until yesterday, while retail investors remain slightly cautious at the moment," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex firms, ICICI Bank, Power Grid, UltraTech Cement, Bajaj Finance, HDFC Bank, Reliance Industries, Bajaj Finserv, Adani Ports, Mahindra & Mahindra and NTPC were among the laggards.
Titan Company climbed over 4 per cent higher after the Tata group firm reported a 13 per cent increase in its consolidated profit after tax at Rs 871 crore in the March quarter, driven by robust sales.
Larsen & Toubro jumped nearly 4 per cent after the firm reported a 25 per cent increase in consolidated profit after tax (PAT) to Rs 5,497 crore for the quarter ended March 31, 2025, supported by higher revenues and an exceptional gain.
In contrast, Tata Motors, State Bank of India and Asian Paints were among the gainers.
On the weekly front, the BSE benchmark dropped 1,047.52 points or 1.30 per cent, and the Nifty declined 338.7 points or 1.39 per cent.
"Benchmark indices extended their downward trajectory for the second consecutive session on May 9, as heightened geopolitical tensions overshadowed otherwise constructive global cues. On a weekly basis, both the Sensex and Nifty posted losses exceeding 1 per cent, reflecting broader risk-off sentiment," according to Bajaj Broking Research.
The BSE smallcap gauge declined 0.30 per cent, and the midcap index dipped 0.10 per cent.
Among sectoral indices, realty tanked 2.08 per cent, utilities (1.50 per cent), financial services (1.40 per cent), power (1.11 per cent), Bankex (1.04 per cent), FMCG (0.65 per cent) and services (0.63 per cent).
Capital Goods jumped 1.67 per cent, industrials (1.10 per cent), consumer durables (1.29 per cent) and metal (0.17 per cent).
"Markets came under pressure as geopolitical tensions between India and Pakistan intensified," Ajit Mishra, SVP, Research, Religare Broking Ltd, said.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,007.96 crore on Thursday, according to exchange data.
In Asian markets, South Korea's Kospi and Shanghai's SSE Composite index settled lower, while Japan's Nikkei 225 index and Hong Kong's Hang Seng ended in the green.
European markets were trading higher.
US markets ended in positive territory on Thursday.
Global oil benchmark Brent crude climbed 1.53 per cent to USD 63.80 a barrel.
"...defence-related stocks like Bharat Electronics and Hindustan Aeronautics outperformed, gaining on expectations of increased defence spending.
"Looking ahead, elevated geopolitical risks have significantly heightened market volatility, as reflected in the surge of the India VIX. Investors are advised to adopt a stock-specific approach and refrain from taking aggressive positions until there is more clarity," Mishra said.
On Thursday, the BSE Sensex declined by 411.97 points or 0.51 per cent to settle at 80,334.81. The Nifty ended lower by 140.60 points or 0.58 per cent at 24,273.80.
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Strict security measures in place in Mumbai for Messi's events at 2 venues Dec 14, say police
Mumbai (PTI): In view of Argentine superstar footballer Lionel Messi's visit to Mumbai on Sunday, the city police are implementing stringent security measures, like not allowing water bottles, metals, coins inside the stadiums and setting up watchtowers to keep an eye on the crowd, officials said.
The police also said taking extra care to avoid any stampede-like situation and to prevent recurrence of the chaotic situation that unfolded in Kolkata during Messi's visit on Saturday as thousands of fans protested inside the Salt Lake stadium here after failing to catch a clear glimpse of the football icon despite paying hefty sums for tickets.
Messi is expected to be present at the Cricket Club of India (Brabourne Stadium) in Mumbai on Sunday for a Padel GOAT Cup event followed by attending a celebrity football match. He is expected to proceed to the Wankhede Stadium for the GOAT India Tour main event around 5 pm.
"In view of Lionel Messi's visit to Mumbai, the police are geared up and have put in place a high level of security arrangements in and around the stadiums located in south Mumbai. Considering the chaos that prevailed in Kolkata and the security breach, we have deployed World Cup-level security arrangements at Brabourne and Wankhede stadiums," an official said.
Expecting heavy crowd near the stadiums during Messi's visit, the city police force has deployed more than 2,000 of its personnel near and around both the venues, he said.
As the Mumbai police have the experience of security 'bandobast' during the victory parade of ICC World Cup-winning Indian team and World Cup final match at the Wankhede Stadium, in which over one lakh cricket fans had gathered, we are prepared to handle a large crowd of fans, he said.
"We are trying to avoid the errors that occurred in the past," the official said.
There is no place to sneak inside the stadiums in Mumbai like the Kolkata stadium, according to him.
The police are also asking the organisers to provide all the required facilities to the fans inside the stadium, so that there will be no chaos, he said, adding the spectators have purchased tickets in the range of Rs 5,000 to 25,000. After paying so much of amount, any spectator expects proper services, while enjoying the event, he said.
The police are expecting 33,000 spectators at the Wankhede Stadium and over 4,000 at Brabourne Stadium. Besides this, more than 30,000 people are expected outside and around the stadiums just to have a glimpse of the football sensation, he said.
The organisers responsible for Messi's India visit recently came to Mumbai to discuss security arrangements. During the meeting, the Mumbai police asked them not to take the event lightly, according to the official.
After those requirements were fulfilled, the final security deployment was chalked out, he said.
Police has the standard procedure of the security arrangements inside the Wankhede Stadium, where people are barred from taking water bottles, metals objects, coins. Police are setting up watch towers near the stadiums and there will be traffic diversions, so that there is maximum space available to stand, according to the official.
Police are also appealing to the spectators to use public transport service for commuting and avoid personal vehicles to reach south Mumbai.
To avoid any stampede-like situation, police are also taking precautionary measures and will stop the fans some distance ahead of the stadium and public announcement systems will be used to guide the crowd. Barricades will be placed at various places to manage the crowd.
In case the crowd swells up beyond expectation, the police will divert people to other grounds and preparations in this regard underway, he said.
Additional police force has been deployed in south Mumbai to tackle any kind of situation, he said.
