Realty, private bank, pharma and FMCG shares declined while PSU Bank and auto shares advanced.

At 13:26 IST, the barometer index, the S&P BSE Sensex, dropped 930.17 points or 1.16% to 79,404.08. The Nifty 50 index tumbled 292.50 points or 1.21% to 23,981.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.76% and the S&P BSE Small-Cap index dropped 1.10%.

Sellers outnumbered buyers. On the BSE, 834 shares rose and 2,909 shares fell. A total of 143 shares were unchanged.

India-Pakistan Tensions Escalate:

Amid rising tensions with Pakistan, India has ramped up security in New Delhi by deploying additional forces and intensifying police surveillance. The move follows India's successful neutralization of multiple Pakistani drone and missile attacks targeting military sites in Jammu, Pathankot, and Udhampur, along with similar threats in 15 other northern and western locations. No casualties were reported.

A major infiltration attempt along the international border in Samba was also foiled. Meanwhile, Pakistan conducted heavy shelling along the Line of Control in Poonch, Rajouri, Uri, and Chowkibal Kupwara, resulting in property damage and the reported death of a woman in Uri. The developments come in the aftermath of the April 22 Pahalgam terror attack, which claimed 26 lives.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.46% to 21.53.

Gainers & Losers:

Larsen & Toubro (up 3.69%), Titan Company (up 3.58%), Tata Motors (up 3.32%), Bharata Electronics (up 2.60%) and Hero Motocorp (up 1.39%) were the major Nifty gainers.

Larsen & Toubro jumped 3.69% after the company reported a consolidated profit after tax at Rs 5,497 crore in Q4 March 2025, a growth of 25% on year-on-year basis. In Q4 March 2025, the consolidated revenues were at Rs 74,392 crore, a y-o-y growth of 11%.

ICICI Bank (down 2.90%), Powergird Corporation of India (down 2.64%), Shriram Finance (down 2.46%), Apollo Hospitals Enterprise (down2.25%) and Ultratech Cement (down2.25%) were the major nifty losers.

Stocks in Spotlight:

REC declined 2.27%. The company reported a consolidated net profit rose 5.66% to Rs 4,309.98 crore in Q4 FY25 as against Rs 4,079.09 crore posted in Q4 FY24. Total income stood at Rs 15,348.37 crore in the quarter ended 31 March 2025, up 20.78% from Rs 12,706.66 crore reported in the same period a year ago.

Sula Vineyards rose 0.24. The company reported consolidated net profit fell 3.84% to Rs 13.03 crore in Q4 FY25 as against Rs 13.55 crore posted in Q4 FY24. Revenue from operations (excluding excise duty) rose 2.6% YoY to Rs 125.71 crore during the quarter.

Aarti Industries added 1.13% after the company's consolidated net profit surged 108.7% to Rs 96 core during the quarter as compared with Rs 46 crore posted in Q3 FY25. Revenue from operations increased 8.64% to Rs 2,214 crore in Q4 FY25 as compared with Rs 2,038 crore in Q3 FY25.

Titan Company added 3.71% after the company's consolidated net profit jumped 12.97% to Rs 871 crore in Q4 FY25 as compared with Rs 771 crore in Q4 FY24. Revenue from operations increased 23.76% year on year to Rs 13,897 crore in Q4 FY25.

Britannia Industries rose 0.45%. The company consolidated net profit increased 4.02% to Rs 559.95 crore on 8.29% jump in revenue from operations to Rs 4,495.21 crore in Q4 FY25 over Q4 FY24.

Zee Entertainment Enterprises shed 0.25%. the company has reported a net profit of Rs 188.4 crore in Q4 FY25, which is significantly higher as compared with the PAT of Rs 13.4 crore recorded in Q4 FY24. Operating revenue rose by 1% year-over-year (YoY) to Rs 2184.1 crore during the period under review.

Global Markets:

European market advanced after the U.K. and U.S. confirmed a trade agreement, and investors look ahead to the U.S.-China trade negotiations set to begin this weekend.

Investors will be digesting earnings updates from German lender Commerzbank and Italy's Mediobanca, both acquisition targets for UniCredit. Portugal's utility company EDP is also revealing its quarterly results after a major power outage earlier this month.

Most Asian stocks advanced on Friday as investors awaited China's trade data for April. Concerns persisted over a potential deceleration in Chinese export growth due to recently imposed U.S. tariffs. Additionally, market sentiment remained cautious amid uncertainty surrounding the outcome of scheduled trade discussions between the United States and China in Switzerland.

On Wall Street, major indices advanced after U.S. President Donald Trump outlined a preliminary trade agreement with the United Kingdom ' the first such deal since the U.S. halted its broader reciprocal tariff measures in April.

According to the initial framework, the U.S. will maintain a 10% tariff on UK imports. In return, the UK will reduce its tariff rate from 5.1% to 1.8% and offer expanded access to U.S. goods. Imports of steel and aluminum from the UK will also be exempt from the existing 25% U.S. levy.

While investors interpreted the framework as a sign of potential future trade progress, the lack of a signed agreement or detailed documentation limited market certainty. President Trump indicated that final terms are still being finalized and are expected to be formalized in the coming weeks.

The Dow Jones Industrial Average rose by 0.62%, the S&P 500 increased 0.58%, and the Nasdaq Composite climbed 1.07%.

In corporate earnings news, shares of Kenvue Inc gained 4% following better-than-expected first-quarter results. Tapestry Inc rose nearly 4% after the company raised its annual earnings outlook. Conversely, Restaurant Brands International declined slightly after reporting revenue and profit below estimates. Shares of Arm Holdings fell 6% following the release of weaker-than-expected guidance.

The number of Americans filing new applications for unemployment benefits fell more than expected last week, as initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 228,000 for the week ended May 3, the Labor Department said on Thursday.

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