Sensex closed 516 points down, Nifty slips 150 amid fresh military tensions near Hormuz

Mumbai (Maharashtra) [India], May 8 (ANI): The domestic equity markets ended the week under pressure on Friday as fresh military actions near the Strait of Hormuz weighed on investor sentiment, leading both benchmark indices to close 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.
Market experts said investors turned cautious after renewed US-Iran military tensions near the Strait of Hormuz weakened hopes of a ceasefire and triggered profit booking in equities.
Vinod Nair, Head of Research, Geojit Investments, said markets witnessed a risk-off session amid rising geopolitical concerns.
"Markets witnessed a risk-off session following fresh US-Iran military action near the Strait of Hormuz, which weakened ceasefire hopes and triggered profit booking," he said.
However, he noted that stability in crude oil prices around USD 100 per barrel and softer US bond yields continue to support overall market sentiment and the rupee.
"Though the road ahead is slightly bumpy, optimism around a possible diplomatic resolution persists," Nair added.
He further said investors continue to focus on opportunities arising from favourable corporate earnings, especially in mid- and small-cap stocks where valuations remain attractive.
Sector-wise, market trends remained mixed during the trading session.
The Nifty IT index emerged among the top gainers, rising 1.21 per cent, while Nifty FMCG gained 0.19 per cent and Nifty Media edged higher by 0.04 per cent.
Most other sectors witnessed selling pressure. Nifty PSU Bank declined more than 3 per cent, while Nifty Metal fell 0.87 per cent. Nifty Auto slipped 0.29 per cent, and Nifty Pharma was down 0.10 per cent.
Crude oil prices remained in focus amid the ongoing tensions in West Asia. Brent crude prices again moved above USD 100 per barrel on Thursday.
In the commodity market, precious metals continued to rise. Gold prices gained 0.25 per cent to trade at Rs 1,52,645 per 10 grams for 24 karat gold at the time of filing this report. Silver prices also rose more than 1 per cent to Rs 2,61,252 per kg on Friday.
Asian markets largely closed lower amid cautious global sentiment. Japan's Nikkei 225 index ended down 0.35 per cent at 62,613, while Singapore's Straits Times index slipped 0.41 per cent to 4,921. Hong Kong's Hang Seng index closed lower by 0.92 per cent at 26,383, while Taiwan's weighted index declined 0.79 per cent to 41,603.
Among major Asian markets, only South Korea's KOSPI index ended in positive territory with a marginal gain of 0.11 per cent at 7,498. (ANI)