Sensex, Nifty open nearly flat as geopolitical tensions continue

Mumbai, May 8 (IANS) The Indian equity indices opened almost flat on Thursday as geopolitical tensions remained high after ‘Operation Sindoor’.

At 9.26 am, Sensex was up 25 points at 80,772 and Nifty was down 3 points at 24,410.

Buying was seen in the largecap and midcap stocks. Nifty midcap 100 index was up 166 points or 0.30 per cent at 54,445 and Nifty smallcap 100 index was up 132 points or 0.81 per cent at 16,550.

Among the sectoral index, auto, IT, PSU bank, fin service, media, energy and private bank were trading with gains. Pharma, FMCG, metal, realty and infra were trading in the red.

As Asian equities are trading in the green mirroring overnight gains in the US markets, domestic equity indices too could see a steady positive start in the backdrop of the ongoing India-Pakistan tensions, said analysts.

“However, the street will react to Jerome Powell's statement on higher tariffs post Fed's decisions to keep interest rates unchanged," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

In the Sensex pack, Tata Motors, Kotak Mahindra Bank, Power Grid, Axis Bank, Adani Ports, Bajaj Finance, HCL Tech, Bajaj Finserv, Bajaj Finance, IndusInd Bank, SBI and Tech Mahindra were top gainers.

Eternal, ITC, Maruti Suzuki, HDFC Bank, Tata Steel, Sun Pharma and ICICI Bank were top losers.

"The street will now hope for some fruitful trade discussions between the US and China when they meet this weekend. Technically, Nifty’s biggest support is seen only at 24,171 mark," Tapse added.

Most Asian stocks rose marginally. Tokyo, Shanghai, Hong Kong and Seoul were trading in the green, while Bangkok and Jakarta were in the red.

The US markets closed with gains in the last session amid increased hopes for a de-escalation in US President Donald Trump’s tariff agenda.

According to media reports, Trump was set to announce a major trade deal with UK soon.

---IANS

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