Sensex Today | Stock Market Highlights: Nifty closes with 1.1% decline, markets close with major cuts

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Market Watch: Richard Harris, Executive Director, Port Shelter Invst Mgmt

Economies

We have to separate politics from economics. We all know the phrase, “it’s the economy, stupid”, but it’s really the economy drives these things. If skirmish is unlikely to affect markets in general, then markets will largely ride through it. I mean, you can see what has happened basically, with some major war in Ukraine, major wars in the Middle East, and the markets have generally not really moved. And indeed, even with threats we are seeing to Europe, we are actually seeing the markets move, because Europe clearly has to spend more on defence. I think that as things stand at the moment, these are skirmishes. They are unlikely to affect economies in general, and that’s really what investors focus on.

Indian and global markets

India is going to be quite sensitive to what happens in the rest of the world. My analysis at the moment is that markets in the short term will probably do quite well. And you may say, why is that and that’s because Trump, came up with some really big threats to trade globally, and the markets price themselves down quite substantially. Now what we are seeing is little pieces of good news. I don’t think this is a strategy, by the way. I think it’s just how, how it has worked out. We are seeing little pieces of good news. UK trade deal with India, UK trade deal with America. Then we will see trade deals Europe and the US, and trade deal maybe with China in the US. We all have all these little pieces of good news, but we are still in a position that the supply chains have been seriously damaged, but we won’t see tariffs go down to what we had before. So I think in the shorter term, markets will take some encouragement from little pieces of good news.

In the long term, there’s an obsession with recession. We have to be very concerned that supply chains have been very seriously damaged, that inflation will go up sharply in the States, and that these tariffs will have an impact. They have already had an impact. The terrorist story at the moment might be quite a good one, but the really big story looking further out is the possibility of recession.

Markets At Close

Market Closes In The Red But Broader Mkts Show Strength

Midcap Index Closes Flat, Up 2% From Day’s Low

Sensex & Nifty Remain Weak Through The Day, Slip 1% Each

Selling In Banks Amid India-Pak Tensions Drags Nifty Bank, Falls 1.4%

Sensex Falls 800 Points To 79,454 & Nifty 266 Points To 24,009

Nifty Bank Falls 770 Points To 53,595 & Midcap Index 6 Pts To 53,223

ICICI Bank Is Top Nifty Loser, Drags Both nifty & Nifty Bank

Heavyweights Like Reliance & HDFC Bank End With Cuts Of 2% Each

Titan Is Top Nifty Gainer, Rises 4% On Better-than-expected Q4 Earnings

Defence Stocks Surge As India-Pakistan Tensions Escalate, Mazagon Dock & BEL Up 2%

Intellect Design Rises 5% From Lows After Reporting A 93% Rise In Profit For Q4

Cera Sanitary Rises 4% As Company Reports A Nearly 15% Increase In Q4 Profit

L&T Gains 4% Following Positive FY26 Guidance

Kalyan Jewellers Rises 2% After Reporting Strong Q4 Results

Lupin Up Over 1% After Receiving US FDA Approval For Its HIV Drug, Raltegravir

Zee Ent Is Up 3% As EBITDA Rises 42% & Margin Expands 400 bps

MCX Drops 6% As Q4 Results Miss Estimates

As the Indian markets struggle with a larger decline, the Nifty Midcap 100 index turned green after going down by over 1,100 points.

Some of the major gainers include:

Yes Bank

Bharat Forge

Union Bank#CNBCTV18Market | Nifty Midcap 100 turns positive, top gainers are Yes Bank, Bharat Dyanmics & Bharat Forge pic.twitter.com/3EY09aHcOf

— CNBC-TV18 (@CNBCTV18Live) May 9, 2025

As markets deal with volatility, here is Shahina Mukadam, Independent Market Expert, with his take on the market.

Market

I would say that you remain invested, but select your portfolio carefully. I would prefer large-cap stocks where the valuations are reasonable, not extremely expensive. Also, you could look at certain sectors that will do well either way. You could look at something like banking, or you could look at something like defence. So, you have areas where you could be in.

Specific stocks, also, you can see today the ones that are doing well; those are the ones that likely will actually remain steady over the medium to longer term.

Stovekraft

The stock is corrected quite substantially if you see, in the last I would say three months, 25%, which is quite a bit. After this correction, valuations have become quite decent its one year forward (FY27).

They are expanding their product portfolio. They have got the Pigeon brand. They have also tied up with IKEA for sales and also their own stores, they are expanding that. So I think one can hold.

Bajaj Finance

I would say hold for now. Valuations are also about 4.5 times price to book, which is expensive, but currently, you can continue to hold. The numbers that came out were they were more or less in line. NIMs were a bit soft, but at the same time, you had a PAT of 17% higher on net interest income, 23% higher. So I think it’s okay, like you can continue to hold, keep a stop loss and hold.

Amid the larger plume of decline, here are stocks that rose off the lows.#CNBCTV18Market | Stock off lows, Zee Entertainment off lows nearly 5% pic.twitter.com/BllujpYxJC

— CNBC-TV18 (@CNBCTV18Live) May 9, 2025

Net Profit at ₹92 Cr Vs ₹18 Cr (YoY)

Revenue Up 13% at ₹1,737 Cr Vs ₹1,533 Cr (YoY)

EBITDA Up 21.7% at ₹201 Cr Vs ₹165 Cr (YoY)

Margin at 11.6% Vs 10.8% (YoY)

The shares of Shyam Metalics are in focus as the company declared its Q4 results.

Net Profit Up 1% at ₹219 Cr Vs ₹217 Cr (YoY)

Revenue Up 14.8% at ₹4,139 Cr Vs ₹3,606 Cr (YoY)

The company shares declined by over 2.50%, taking the stock price to ₹857.20.#4QWithCNBCTV18 | Shyam Metalics reports its Q4 results

????Net Profit Up 1% at ₹219 Cr Vs ₹217 Cr (YoY)

????Revenue Up 14.8% at ₹4,139 Cr Vs ₹3,606 Cr (YoY)

????EBITDA Up 16.6% at ₹515 Cr Vs ₹442 Cr (YoY)

????Margin at 12.5% Vs 12.3% (YoY) pic.twitter.com/LPOQp4kzRh

— CNBC-TV18 (@CNBCTV18Live) May 9, 2025

The shares of REC Limited are in focus, as brokerage firm CLSA has projected a nearly 35% upside on the stock post its fourth quarter earnings.

CLSA said it has maintained its “high conviction outperform” rating on REC Ltd. with a price target of ₹525 per share. The stock ended the previous session at ₹389.9 apiece.

Pidilite Industries on Wednesday reported a consolidated net profit of ₹427.5 crore for the March quarter, up 40.5% from ₹304.3 crore a year ago, but below CNBC-TV18’s poll estimate of ₹450 crore.

Revenue from operations rose 8.2% year-on-year (YoY) to ₹3,141 crore, also slightly under the estimated ₹3,148 crore.

The company shares rose by 0.17%, taking the overall value to ₹2,963.20

The state-owned Bharat Earth Movers (BEML) Ltd. has announced a second interim dividend of ₹15 per equity share (150%) on the face value of ₹10 each for the financial year 2024-25.

The company shares rose by over 1.5% on Friday.

Titan shares gained over 3% on Friday, May 9, as brokerages projected up to 28.4% upside on the stock despite price revisions after the company reported its fourth-quarter earnings on Thursday.

India’s mutual fund industry saw record Systematic Investment Plan (SIP) contributions in April 2025, with total inflows reaching ₹26,632 crore, the highest ever for a single month, according to data released by the Association of Mutual Funds in India (AMFI).

AMFI also reported that between 95 lakh to 1 crore SIP accounts were closed during the month.

April AMFI Data

Net inflows into India’s equity mutual funds moderated in April 2025, declining by 3.2% month-on-month to ₹24,253 crore from ₹25,017 crore in March, as per the latest data from the Association of Mutual Funds in India (AMFI).

Shares of Bharat Forge Ltd, the auto-to-defence equipment manufacturer, gained over 5% on Friday, May 9, even after it reported a soft performance for the January–March quarter. While analysts have maintained their stance on the stock, many have lowered their price targets following the results.

As the markets extend losses, here are some stocks to look out for, by Mitessh Thakkar, Technical Analyst

– Buy Yes Bank with a stop loss of ₹19 and a target of ₹21

– Buy L&T with a stop loss of ₹3,400 and a target of ₹3,575-₹3,600

Total AUM at 70 lk cr vs 65.7lk cr

Equity AUM at 30.6 lk cr vs 29.5lk cr#JustIn | April #MutualFund Data ????

????Net equity inflow at ₹24,253 cr vs ₹25,017 cr inflow (MoM)

????Total AUM at ₹70 lk cr vs ₹65.74 lk cr (MoM)

????Large Cap fund inflow at ₹2,671.46 cr vs ₹2,479.31 cr inflow (MoM)

Here’s more???? pic.twitter.com/FA03lqdDxg

— CNBC-TV18 (@CNBCTV18Live) May 9, 2025

Jigar Mistry, Co-founder of Buoyant Capita how different sectors are lining up.

Chemical stands out, pharmaceutical stands out. Cement sends out. So those are the sectors incrementally, and if sort of FIIs stick to a bit of selling again, given that they have built up a lot, currency has helped them in the process, and financials get offered at a better valuation than these four sectors – chemicals, pharmaceuticals, and cement – irrespective of financials at a little lower valuation.

As the Indian markets navigate through the reds of decline, the Nifty Midcap 100 index is also under pressure. The index has lost another 1% of its value. This marks the second consecutive session of decline for the index. On Thursday, the index dipped by 1.95%.

The shares of HCL Tech are in focus, as the company announced the launch of an AR-based IT infrastructure solution in partnership with a Xerox subsidiary.

The company shares fell by over 1.21% intraday on Friday.#JustIn | #HCLTech launches augmented reality-based #IT infrastructure solution with #CareAR, a Xerox company pic.twitter.com/KyTB2yZZ2d

— CNBC-TV18 (@CNBCTV18Live) May 9, 2025

As the markets look to curb the losses, here are some stocks to Buy/Sell, according to Mitessh Thakkar of earningwaves.com

Buy BDL with a stop loss of ₹1,520 and a target of ₹1,700

Buy Mazagon Dock Shipyard with a target of ₹3,050-3,100

The Indian markets are on the decline on Friday. Nifty Realty is particularly hit. The index fell by over 3.36%, taking the overall value to 815.45 points.

– Oberoi Realty shares dipped by 2.09%

– Prestige Estates shares fell by 3.01%

– DLF shares declined by 4.76%

– Sobha Realty declined by 3.29%

The Nifty 50 index is under pressure, as the marquee index dipped by over 1% in the day’s trade.

These are the stocks that are the key contributors to the current development.

As the markets look volatile, here are some stocks to Buy/Sell, according to Mitessh Thakkar, Technical Analyst.

– Buy Biocon with a stop loss of ₹327.50 and a target of ₹348

– Buy Tata Motors with a stop loss of ₹669 and a target of ₹710

– Sell Chambal Fertilisers with a stop loss of ₹702 and a target of ₹670

– Sell Adani Green with a stop loss of ₹900 and a target of ₹840-835

The shares of Bharat Forge rose on Friday’s trading session. The company reported its Q4 Results on Thursday. Revenue for the company declined by 7% from the same quarter last year to ₹2,163 crore. A CNBC-TV18 poll was expecting a 4% revenue drop to ₹2,238 crore.

The shares of Britannia rose by over 1% on Friday, after the company reported its results.

For the quarter, Britannia reported a net profit of ₹559 crore, surpassing CNBC-TV18’s poll estimate of ₹505 crore. Revenue stood at ₹4,432 crore, compared to expectations of ₹4,356 crore.

The shares of Asian Paints opened higher at ₹2,246.60, higher than the previous day’s closing.

This came to pass after the company reported its Q4 results. Asian Paints reported a weaker-than-expected result for the March quarter, as its 1.8% volume growth was below the CNBC-TV18 poll, which had projected the volume growth to be between 4% and 5%. Other parameters were also below expectations.

The shares of some major defence stocks are in focus as the tension between India and Pakistan remains volatile.

– Bharat Electronics Ltd increased by close to 3%.

The shares of Zen Technologies are on the rise, jumping by over 5%. The stock hit the upper circuit. The company is known for making defence equipment like drones. The current price is ₹1,406.40. This development comes amid the rising tension between India and Pakistan.