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Below the Quote on Markets by Mr. Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher

“Amid escalating tensions with Pakistan, Indian equity markets ended sharply lower on May 8, with benchmarks slipping into the red after a volatile session. The Sensex declined 412 points to close at 80,334.81, while the Nifty fell 140.60 points to settle at 24,273.80, slipping below the key 24,300 mark. Weak investor sentiment was evident in market breadth, with 2,497 stocks declining and only 1,256 advancing on the BSE.

Losses were broad-based, led by pressure in metal, oil & gas, pharma, PSU banks, auto, consumer durables, and realty stocks — each falling between 1–2 percent. IT and Media were the only sectors to end in the green. The broader markets also took a hit, with the BSE Midcap index falling 1.9 percent and the Smallcap index down by 1 percent. Among the top Nifty laggards were Shriram Finance, Eternal, M&M, Hindalco, and Adani Enterprises. On the other hand, HCL Technologies, Kotak Mahindra Bank, Titan, Axis Bank, and Tech Mahindra provided some support. Meanwhile, the Indian rupee weakened sharply, ending 88 paise lower at 85.71 against the US dollar — reflecting risk-off sentiment amid geopolitical uncertainty.

Bottom line: Heightened border tensions and weak global cues dragged down markets and the rupee. Investors are advised to stay cautious, avoid aggressive positions, and focus on fundamentally strong stocks with limited near-term exposure to geopolitical risks. Defensive sectors and quality large caps may offer better stability in the current environment.”

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