08 May,2026 05:11 PM IST | Mumbai | mid-day online correspondent
Market participants remained cautious following renewed exchanges of fire between the US and Iran near the Strait of Hormuz. Representational pic
Amid fresh military actions near the Strait of Hormuz, domestic equity markets ended the week under pressure on Friday. Weighed on investor sentiment, the Nifty and Sensex indices closed in the red.
The Nifty 50 index closed at 24,176.15, down 150.50 points or 0.62 per cent, while the BSE Sensex settled at 77,328.19, declining 516.33 points or 0.66 per cent.
The benchmark equity indices ended lower on Friday, pressured by persistent foreign fund outflows and weak global market cues amid escalating tensions in the Middle East, which weighed on investor sentiment. Market participants remained cautious following renewed exchanges of fire between the US and Iran near the Strait of Hormuz, intensifying geopolitical concerns.
Iran accused the US of violating the ceasefire after retaliatory strikes, even as President Donald Trump maintained that the ceasefire remained in effect.
Among sectoral indices, PSU banks, private bank, metals, realty, and oil & gas were major laggards, while IT remained a major gainer by 1.2 per cent.
Index formed a small bearish candlestick pattern with a small bearish gap above its head, signalling consolidation with corrective bias amid stock-specific action. Nifty has been trading in the broad range of 23,800-24,400 over the past 11 sessions. Going ahead, only a breakout and a close above 24,400 in the coming week will open further upside towards the 24,600 and 24,800 levels.
Stock-specific action are likely to continue to remain in focus as the quarterly earnings session progresses. Failure to move above 24,400 will signal an extension of the past 10 sessions' consolidation in the range of 24,400-23,800. Short-term support is placed at 23,800 levels, being almost identical to the low of the last two weeks.
Experts from Bajaj Broking Research said that the index on Friday formed a bearish candle with a lower high and a lower low, signalling profit bookings at higher levels.
PSU banking stocks underperformed in Friday's session. Bank Nifty continues to consolidate in the range of 54,000-56,500 in the past 10 sessions. "We expect the index to extend the same in the coming sessions. Bank Nifty's last two weeks' highs are almost identical, around 56,475," said an expert.
Only a move above the same will infuse further momentum towards the 57,500 levels in the coming weeks.
The index has key support around the 54,000-54,500 levels, being the confluence of the recent low and then 38.2 per cent retracement of the past three weeks' pullback (49,955-57,456), as per experts from Bajaj Broking Research.
