Sensex And Nifty Close Over 1 Per Cent Lower, KSE 100 Rebounds Amid Rising Tensions

Stock Market News: Headline indices extended losses for the second straight day on May 9. The declines came amid Pakistan’s attempted attacks on India, which further raised tensions between the two countries. The Sensex closed above 79,454.47, down by 880.34 points or 1.1 per cent. The Nifty 50 shed 265.8 points or 1.1 per cent to close at 24,008 level.

ICICI Bank and Powergrid Corporation End Lower

ICICI Bank, Powergrid Corporation of India Ltd and Ultratech Cement Ltd emerged as top drags among Nifty 50 constituents as they closed lower by as much as 3.24 per cent on the NSE. On the other hand, shares of Titan Ltd, Larsen & Toubro Ltd and Tata Motors Ltd closed higher by up to 4.17 per cent. As many as 12 Nifty constituents ended in the green and 38 constituents closed in the red.

Broader Market Indices Mirror Losses

The broader market indices mirrored the movement of the headline indices as the Nifty MidCap 100 and the Nifty SmallCap 100 closed lower by up to 0.61 per cent. The India VIX also surged 2.97 per cent at the close indicating increased volatility. The sectoral indices Nifty Realty and Nifty Bank declined the most among all major sectoral indices as they closed lower by up to 2.38 per cent.

Global Markets

US Markets ended in the green on May 8, with the Nasdaq Composite, S&P 500 and the Dow Jones Industrial Average closing higher by as much as 1.07 per cent. European indices continued to trade in the green on May 9, at the time of writing the FTSE 100, Dax Performance Index and the CAC 40 up by 0.57 per cent at the time of writing. Asian indices like Pakistan’s KSE 100 closed higher by 3.88 per cent, snapping a declining streak. Other Asian indices like Japan’s Nikkei 225 and Hang Seng traded higher by up to 1.53 per cent on May 9. 

Virtual Galaxy Infotech IPO

The public issue of Virtual Galaxy Infotech Ltd opened for subscription on May 9. The company plans to raise Rs 93.29 crore through a fresh issuance of 65.7 lakh shares.

Indo-Pak Tensions

D-Street has ended the week on a weak note as headline indices extended declines. As tensions escalate between India and Pakistan the stock market is likely to factor in the impact of the conflict in upcoming trades.