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Informist, Friday, May 9, 2025

By Akash Mandal

MUMBAI – Benchmark equity indices may fall further next week as uncertainty about tensions between India and Pakistan has hurt sentiment, analysts said. Going ahead, the direction for the market is uncertain and will depend on specific news related to the situation. Corporate earnings will also keep driving sentiment.

The market direction for Monday is hazy, as a lot could happen on developments on the India-Pakistan front over the weekend, analysts said. "During the week, the market consistently faced selling pressure at higher levels...we believe that as long as the market remains below the 24150/79900 level, weak sentiment is likely to continue," Amol Athawale, vice-president of technical research at Kotak Securities, said. "On the downside, it could retest the 23800/78800 level," he said.

On Friday, the Nifty 50 slumped below its support level of 24000 points, dropping 1.4% at its intraday low. It closed at 24008.00 points, down 265.80 points or 1.1%, and the Sensex closed 1.1% lower at 79454.47 points. For Monday, analysts said the Nifty 50 could find support at 23800–23700 levels and face resistance around 24500 levels.

It seems the conflict between India and Pakistan will stretch for quite some time, which could weaken consumer sentiment and scare off investors, Vinit Bolinjkar, head of research at Ventura Securities, said. "The Nifty could fall to 23700 levels and to 23500 in the worst case...on the upside, 24500 has proven to be a strong resistance over the past few sessions, and there could be sharp gains once it crosses it," he said.

On the earnings front, shares of Dr Reddy's Laboratories might rise after the company reported a better than expected bottom line for the March quarter after market hours on Friday. The company's consolidated earnings before interest, tax, depreciation, and amortisation margin also rose on year. No company in the Nifty 200 is scheduled to report its earnings for the March quarter on Friday. Among Nifty 500 constituents, only JM Financial will report its earnings later in the day.  End

Edited by Avishek Dutta

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