Indian equity markets opened sharply lower on Friday as escalating India-Pakistan cross-border tensions rattled investor sentiment, triggering a broad-based sell-off across most sectors. 

Around 9:50 a.m. IST, the benchmark Nifty traded down 200 points at 24,046, while the Sensex fell 632 points at 79,701. 

The Nifty Midcap and Smallcap indices registered deeper cuts, falling between 1% and 2%, underscoring risk-off sentiment in the broader space.

Meanwhile, the India Volatility Index (VIX), a key gauge of market fear, rose 6%. 

Data on Stocktwits showed retail sentiment for the Nifty 50 has flipped to 'bearish' early on Friday.

Sectorally, all indices except consumer durables were in the red, with real estate stocks leading the losses. 

However, defence stocks outperformed, supported by reports of a key meeting between the government and defense manufacturers next week. HAL, BEL, and Bharat Forge rose about 2% each in early trade.

Among individual movers, Larsen & Toubro (L&T) surged 4% as investors cheered its March-quarter earnings, especially its robust international operations performance.

Titan also rallied 5% after reporting a stable Q4 result. Macquarie reiterated a bullish view, forecasting double-digit sales growth and 11–11.5% jewellery margins for FY26.

Investors will monitor ABB, Dr Reddy's, Swiggy, Manappuram Finance, KPR Mills, and Reliance Power as they report quarterly numbers later in the day. 

SEBI-registered advisors shared the day's trade setup on Stocktwits.

Sameer Pande identified Nifty support at 23,800-23,560 and resistance at 24,600. For the Bank Nifty, he pointed to support at 52,900 and resistance at 56,200.

Orchid Research cautions investors to watch out for a swift reversal later today.

Asian markets and Dow Futures saw gains following President Trump's announcement of a trade agreement with the UK. He also suggested potential tariff reductions on Chinese goods, depending on the success of future discussions.

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