Mumbai, May 8, 2026, 14:06 IST
Indian equities slid further by Friday afternoon, as the BSE Sensex dropped 665.35 points, or 0.85%, to 77,179.17, while the Nifty 50 shed 186.45 points, or 0.77%, standing at 24,140.20 near 2 p.m. IST. Data from Moneycontrol pointed to a slightly negative market breadth: 1,847 stocks rose, but 1,939 slipped into the red.
This selloff stands out, triggered just as crude—a crucial macro threat for India’s import bill—climbed again. Brent crude pushed past the $100 mark after a fresh round of U.S.-Iran hostilities, Reuters noted earlier. Out of 16 major Indian sectors, 11 slipped into the red. “Markets were showing vulnerability to Middle East developments,” said Enrich Money CEO Ponmudi R. Reuters
The rupee weighed on stocks as well, down 0.3% to 94.5325 per dollar. Earlier in the week, it hit a record low at 95.4325. State-run banks stepped in to sell dollars, helping limit the losses, according to Reuters.
By 1 p.m., the Nifty had already shed 165.45 points to 24,164.20, while the Sensex slipped 556.71 points to 77,290.46 — and losses only mounted from there. Coal India, HDFC Bank, and Bajaj Finance were singled out by Business Standard as leading Nifty laggards at that stage.
Bank stocks pulled the index lower, though the broader market showed pockets of resilience. HDFC Bank slipped in early trade. On the other hand, ICICI Bank and heavyweight Reliance Industries edged higher, signaling that traders were picking their spots instead of bailing on the entire market.
Foreign investors kept their distance—offloading Indian shares worth 340.89 crore rupees on Thursday. Domestic institutions, on the other hand, stepped in to buy 441 crore rupees. The India VIX, tracking market volatility, jumped over 3% to 17.12, Moneycontrol said.
Some stocks carved out their own path on earnings. Thermax clocked a 19% jump in consolidated March-quarter profit, reaching 244 crore rupees, and ended the quarter with an order balance of 13,604 crore rupees. Dabur India turned in a net profit of 362 crore rupees for the quarter, up 15.75%. Upstox, pulling from company filings, noted Pidilite’s quarterly profit climbed 36.63%.
Britannia took a direct hit from oil’s surge. Shares dropped up to 5% after the packaged-food maker announced price increases set for the first quarter, blaming sharply higher freight costs tied to the Iran war. But according to consumer goods consultant Akshay D’Souza, speaking with Reuters, those hikes likely won’t cover the full impact.
There’s a bigger issue here: oil prices and the rupee are still driving the market, not just earnings. According to the Financial Times, foreign investors yanked almost $21 billion out of Indian equities—most of it in March—after the energy price spike sent the rupee tumbling to all-time lows and bond yields surged.
Downward moves rarely run in a straight shot. Anand James, chief market strategist at Geojit Investments, told Moneycontrol the Nifty finds support around 24,180-24,140. Dip below that, and he sees space opening for a slide to 23,750-23,540.
