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Indian markets ended over 1% lower on Friday amid rising India-Pakistan tensions, with Nifty holding just above 24,000. Sudeep Shah of SBI Securities sees short-term consolidation ahead, with key supports at 23,800 and 23,500. He notes strength in defence and IT sectors, while Bank Nifty underperforms. FIIs turned cautious post-escalation, trimming bullish positions in index futures.

Broader markets are holding firm, with midcap, smallcap, and largecap indices all showing strength. Continued mutual fund inflows and SIP highs signal market confidence and potential for a broad-based rally.

Q4 earnings across sectors show mixed trends, with BFSI, agrochemicals, and alco-beverages performing well. FMCG and IT remain soft, but a broader recovery is expected from Q2 onward.

As tensions escalate between India and Pakistan, a historical review shows past conflicts had limited impact on equity markets but often hurt GDP. Nifty reactions ranged from sharp rallies during Kargil to mild dips post-Pulwama. JM Financial notes that while past wars dented economic growth, India’s economy today is more resilient and better equipped to absorb shocks.

Aniruddha Naha of PGIM India Asset Management suggests opportunities in small and microcaps with cleaner balance sheets, highlighting capital goods and agrochemicals due to completed capex and normalizing inventory. He remains positive on pharma despite tariff concerns, anticipating the financial sector s potential. Naha favors discretionary consumption, particularly music and liquor, while cautioning on travel and tourism valuations.

News that the United States and China are due to talk on Saturday eased concerns about a trade war that has shaken investor confidence in the dollar and U.S. markets. Fed Chair Jerome Powell was expected to say more data is needed before deciding the U.S. central bank s next move.

HDFC Securities has issued a Reduce call on Indian Oil Corporation (IOC), setting a target price of Rs 128, lower than the current market price of Rs 147.95. The brokerage firm has revised its EPS estimates downward for FY26/27, citing lower refining and marketing margin assumptions. They maintain a REDUCE rating based on their SOTP target price calculation.

We are all aware markets do not like uncertainty of any type, and by nature, it is forward-looking. Hence, it reacts either positively or negatively depending upon the underlying developments.

The shares will be credited to bidders demat accounts by May 8, and refunds for unallotted investors will also be processed on the same day. The company is set to debut on the BSE SME platform on May 9.