New Delhi, May 9 -- Benchmark indices closed in the red for the second straight session on Friday amid fears of India and Pakistan escalating tensions. While both Nifty and Sensex recovered from their intraday lows, anticipation of tensions over the weekend led foreign portfolio investors (FPIs) to press the sell button in both the cash and derivatives segment.

The set up by the end of the day indicates continuation of the downside pressure, unless tensions abate.

Selling in heavyweights such as ICICI Bank, HDFC Bank and Reliance Industries dragged both Nifty and Sensex down by 1.1% each. Nifty closed down by 266 points at 24,008, slightly below its 200-day moving average of 24,044.25, a bearish sign. The Sensex, which settled 880 point...