Stock Market News: Sensex Down By Over 400 Points, Nifty Above 24,200 As Headline Indices Close In Red

Sensex Down Today: Headline indices ended lower on May 8 amid escalating tensions between India and Pakistan. The 30-share Sensex closed at 80,334.81, down by 411.97 points or 0.51 per cent, and the Nifty 50 index closed lower by 140.6 points or 0.58 per cent at 24,273.8.

Shriram Finance And Eternal Ltd Emerge As Top Drags

Shares of Shriram Finance, Eternal and M&M emerged as top drags among Nifty 50 stocks as they closed lower by as much as 4.48 per cent. On the other hand, shares of Axis Bank, HCL Technologies, and Kotak Mahindra Bank closed higher by up to 0.75 per cent, bucking the trend.

As many as 45 Nifty 50 stocks closed in the red while five closed in the green after the Ministry of Defence said that Pakistan attempted to target several across India using drones and missiles. In retaliation, the armed forces also targeted air defence radars and systems in Pakistan, neutralising one in Lahore.

All Sectoral Indices Close In Red

All major sectoral indices ended in the red zone on May 8 following news regarding the drone attacks. However, Nifty Realty and Nifty Metal declined the most at the close as they ended as much as 3.28 per cent lower. Key broader market indices like the Nifty MidCap 100 and the Nifty SmallCap 100 also closed lower by as much as 2.48 per cent. The India VIX index surged over 14 per cent, indicating increased volatility amid mounting tensions between the two countries.

Global Markets

Key US market indices like the Nasdaq Composite, S&P 500, and the Dow Jones Industrial Average (DJIA) ended in the green by up to 0.97 per cent on May 7 following the US Fed’s decision to keep lending rates unchanged. All major European indices traded in the green time of writing, the FTSE 100, CAC 40 and the DAX Performance Index, were up by as much as 1.06 per cent. Japan’s Nikkei 225, Hang Seng and Shanghai Composite traded in the green as well, up by 0.4 per cent.

NSE IPO

The National Stock Exchange has requested the Ministry of Finance to look-into the approval of its IPO with the SEBI according to a Reuters report. However the NSE has declined having any talks with government.

Indo-Pak Tensions

Tensions between India and Pakistan have escalated following India’s retaliatory attack on air defence systems. Notably, India has neutralised the Lahore air defence system. D-Street is expected to factor in the events in the upcoming sessions.