Market performance
Indian equity markets ended sharply lower on May 8, 2026, as renewed tensions between the United States and Iran near the Strait of Hormuz weakened investor sentiment.
The Sensex declined over 500 points, while the Nifty slipped below the 24,200 mark. Rising crude oil prices and continued uncertainty around geopolitical developments triggered selling across sectors.
Index performance
Sensex fell 516.33 points (-0.66%) to close at 77,328.19.
Nifty 50 declined 150.50 points (-0.62%) to 24,176.15.
Nifty Bank dropped 736.85 points (-1.31%) to 55,310.55.
Nifty IT gained 350.70 points (1.21%) to 29,394.20.
Broader markets showed mixed performance.
Nifty Midcap declined 92.25 points (-0.15%) to 61,910.90.
Nifty Smallcap edged up 5.95 points (0.06%) to 9,174.55.
What drove the market move?
Renewed US–Iran tensions
Reports of fresh hostilities near the Strait of Hormuz unsettled global markets and increased risk aversion.
Rise in crude oil prices
Brent crude moved back above the $100 per barrel level, raising concerns around inflation and India’s import bill.
Pressure from foreign investor selling
Continued FII selling added to market weakness during the session.
Weakness in banking stocks
Banking stocks saw sharp declines, with PSU banks among the worst performers.
Sectoral performance
PSU banks witnessed heavy selling, with the Nifty PSU Bank index falling over 3%.
Banking stocks remained under pressure throughout the session.
IT stocks outperformed and ended higher despite the broader market weakness.
Smallcap stocks showed relative resilience compared to benchmark indices.
Commodities and Currency
Gold (MCX) rose to ₹1,52,823, gaining ₹562 (0.37%) (as of 4 pm).
Silver (MCX) climbed to ₹2,62,148, up ₹3,608 (1.40%) (as of 4 pm).
Brent crude traded above $100 per barrel after rising more than 2% earlier in the day.
The Indian Rupee traded near 94.59 against the US dollar.
Volatility index
Market volatility increased slightly. India VIX rose by 0.22 points (1.32%) to 16.84, reflecting higher market uncertainty.
Market takeaway
Thursday’s decline reflects rising concerns around geopolitical tensions and elevated crude oil prices. Banking stocks remained under pressure, while broader markets showed relatively better resilience.
Markets will continue to monitor developments in the Middle East, crude oil prices and institutional flows for further direction.
Source: Moneycontrol, Business Standard, Google Finance
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