Can I drill smaller holes in granite?
For best results, when it comes to drilling into stone, always use diamond drill bits. Don't let the term diamond scare you away from buying one. They're readily available from such vendors as Amazon for much less than you might think, a 5 piece 5/32” – ½” is $8 there. As another user here posted, DO NOT use the hammer drill setting on your drill. Easy does it, with a water spray bottle if you can't continuously run water at the drill site. As for mollys, I think you'll get the best results using something like a Powers mini dropin internally threaded expansion anchor. They take a machine thread screw that you can cut to whatever length you might need.