Sensex, Nifty tumble in early trade amid soaring tensions between India-Pakistan
The Hindu
India thwarts Pakistan's military attempts, stock market declines amid tensions, global markets mixed, oil prices rise slightly.
Stock market benchmark indices Sensex and Nifty tumbled in early trade on Friday (May 9, 2025) as tensions soared between India and Pakistan, fuelling fears of a wider conflict.
India on Thursday (May 8, 2025) 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 amid fears of a wider conflict.
The Indian armed forces on May 7, 2025 had carried out precise missile strikes on nine terror targets in Pakistan-occupied Kashmir (PoK) and Pakistan under ‘Operation Sindoor’.
Extending its previous day's decline, the 30-share Bombay Stock Exchange (BSE) benchmark gauge tanked 424.65 points to 79,910.16 in early trade. The National Stock Exchange (NSE) Nifty declined 144.75 points to 24,129.05.
"Under normal circumstances, on a day like this, the market would have suffered deep cuts. But this is unlikely due to two reasons. One, the conflict, so far, has demonstrated India’s clear superiority in conventional warfare, and therefore, further escalation of the conflict will inflict huge damage to Pakistan. Two, the market is inherently resilient, supported by global and domestic macros. Weak dollar and potentially weakening the U.S. and Chinese economies are good for the Indian markets," V.K. Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
From the Sensex firms, Power Grid, ICICI Bank, Tata Steel, Adani Ports, Bajaj Finserv, Eternal, UltraTech Cement and Nestle were among the laggards.
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