Nifty Slips Below 24,300; India VIX Surges Above 21 Mark; Asian Paints Q4 Earnings Disappoint
A sharp sell-off in the second half of the trading session resulted in a negative close for the benchmark indices. The Nifty 50 and BSE Sensex slipped by 0.58% and 0.51%, respectively, as war tensions with Pakistan escalated
Market volatility has also surged, with the India VIX rising in 10 out of the last 11 sessions, following reports of escalation at the border. On May 8, India Vix spiked above the 21 mark, up 12%, after the government confirmed strikes on Lahore’s air defence systems, and at the closing, it was up by 10.22%.
Meanwhile, trading at the Pakistan Stock Exchange was suspended for an hour after its benchmark index plunged by 6.3%.
Tata Motors, which makes luxury Jaguar Land Rover cars in Britain, gains 2% in early trade after reports of an imminent UK-U.S. trade deal. The stock closed higher, up by 0.34%.
Share price of Asian Paints dropped by 1.35% to ₹2,303.8 after the company reported a Q4 net profit of ₹692.3 crore, falling significantly short of expectations. The company's decorative paints segment saw a revenue dip of 5.2%, attributed to subdued consumer demand. Following the announcement, trading volumes surged to nearly twice their 20-day average. The company board has announced a final dividend of ₹20.55 per share.
For 2025 so far, Asian Paints shares have risen 0.88%, underperforming the Nifty 50 index, which has advanced by 2.69%.
The Nifty Realty index plunged nearly 2.5% today, erasing yesterday's gains, emerging as the top-losing sector and touching a 3-week low. Godrej Properties tanked more than 4.5%, the most among the realty stocks, dragging the Realty index down.
At the close, the biggest contributors to holding the Nifty 50 were Axis Bank (+7.78 points) and Kotak Bank (+7.03 points). Meanwhile, Mahindra & Mahindra (-22.46 points) and HDFC Bank (-20.28 points) dragged the index down.
The broader market indices ended in the red, with the Mid-cap and Small-cap 100 indices plunged by 1.95% and 1.43%, respectively, while 2 out of 17 major sectoral indices ended in the positive territory.
As of May 8, 2025, the Indian stock market witnessed negative market breadth. Out of 2,935 stocks traded on the NSE, 820 advanced, 2,027 declined, and 88 remained unchanged.
A total of 26 stocks touched their 52-week highs, while 52 hit their 52-week lows. Additionally, 73 stocks were locked in their upper circuits, whereas 61 stocks were in lower circuits.
Disclaimer: The article is for informational purposes only and not investment advice.
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