Indian equity benchmark -- Nifty -- plunged on Friday amid rising conflict between India-Pakistan. Index made a gap-down opening and continued to trade in red. India on Thursday night swiftly thwarted Pakistan's fresh attempts to strike military locations 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.
In afternoon session, index continued to trade in red terrain. Traders avoided risky bids ahead of weekly market holiday and escalating geopolitical tension. Market participants overlooked exchange data showed that foreign institutional investors (FIIs) extended their buying spree to the 16th consecutive session, as FIIs bought domestic equities worth Rs 2,008 crore in trade on May 8, 2025. Finally, index closed below 24,050 mark.
Most of the sectorial indices ended in red except Media, PSU Bank and Consumer Durables stocks. The top gainers from the F&O segment were Yes Bank, Union Bank of India and Bharat Forge. On the other hand, the top losers were Multi Commodity Exchange of India, Macrotech Developers and The Indian Hotels Company. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 23900 - 24100 puts indicating this is the trading range expectation.
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