Indian equities came under pressure in Friday’s trade, May 8, with both headline indices falling over 0.50% amid renewed geopolitical concerns following reported Iran-US clashes near the Strait of Hormuz.
The Nifty 50 ended the session 0.55% lower at 24,193, while the Sensex closed at 77,321, down 0.67% from the previous close. Despite fluctuating widely, both indices ended the week with gains of over 0.70%.
The broader markets closed mixed, with the Nifty Smallcap 100 index rising 0.22%, while the Nifty Midcap 100 index slipped 0.15%.
US and Iranian forces reportedly clashed in the Gulf, while the United Arab Emirates came under renewed attack. However, President Donald Trump said a ceasefire was still holding despite the flare-up.
The escalation came as Washington awaited Tehran’s response to a US proposal aimed at ending the war, while Iran said on Thursday that it was still reviewing the latest American proposals to end the conflict.
Investors are closely monitoring the situation as negotiations between the US and Iran to end the war continue to make limited progress. Following the latest clashes, Brent crude futures , while world shares retreated from recent gains.
SBI, Britannia, CCL Products among top laggards after Q4 earnings
shares crashed 7% to ₹1,123 apiece after investors were disappointed with the company’s March quarter performance, while weaker-than-expected results from Aditya Birla Real Estate also dragged the stock down 6.6%.
shares, too, witnessed heavy selling pressure, falling 6.7% to ₹1,018 apiece after the lender reported March quarter numbers below estimates amid weaker operating profitability.
Meanwhile, the sell-off in intensified further, with the stock tumbling another 4.75% to ₹139 apiece, extending its losing streak to the fourth consecutive session.
Following its Q4 earnings, shares also came under significant pressure, declining 5% to ₹5,516. Besides, the sustained rally in HFCL came to a halt as investors booked profits, dragging the stock down 4.5% to ₹139.
Extending losses for the fourth straight day, City Union Bank shed another 4% to settle at ₹258.95 apiece. Among Tata group stocks, Tejas Networks, Voltas, and Tata Chemicals closed lower with losses of over 3%. Vedanta also ended the session down 3%.
Thermax, Firstsource Solutions, Nuvama Wealth among top gainers
On the gaining side, witnessed renewed buying interest, with the stock surging 16.6% to ₹274 apiece, while Jain Resource Recycling also posted a strong gain of 13.4% to ₹571.5 apiece.
Better-than-expected performance pushed Thermax shares up 12%, while the buying momentum in extended into the fourth straight session, with the stock climbing another 10.65% to ₹1,631.50 apiece.
Strong operating performance also led to a 10% jump in Sonata Software shares. Other technology stocks such as Coforge, Hexaware Technologies, eClerx Services, Netweb Technologies, and Persistent Systems recorded gains ranging between 2.6% and 6.5%.
FMCG major advanced 3.8% to ₹487.7 apiece after the company reported a better-than-expected Q4 performance, while Kalyan Jewellers India also reacted positively to its quarterly numbers, settling 3.3% higher at ₹424.6 apiece.
Other notable gainers included Vijaya Diagnostic Centre, Berger Paints, Olectra Greentech, Piramal Finance, Finolex Cables, , JBM Auto, and Timken India, all of which closed with gains of over 5%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.