Last Updated on May 8, 2026 11:40 pm by BIZNAMA NEWS
By Our Business Correspondent
Indian equity benchmarks extended their losing streak for a second consecutive session on Friday as a volatile cocktail of geopolitical instability and disappointing banking margins soured investor appetite. The escalation of hostilities between the U.S. and Iran in the Strait of Hormuz sent shockwaves through global markets, pushing Brent crude past the critical $100-per-barrel threshold and sparking fresh concerns over India’s fiscal deficit and inflationary trajectory.
The Macro Picture: Oil, Currency, and Volatility
The domestic sentiment was primarily dictated by the “energy tax” imposed by rising crude prices. With Brent hitting $100.63, the Indian Rupee faced intense pressure, depreciating to 94.44 against the greenback.
On the domestic front, the India VIX rose by 1.32% to 16.84, reflecting growing anxiety among traders. Bond markets also felt the heat, with the 10-year benchmark federal paper yield hardening to 6.974%.
Market Snapshot
| Index | Closing Value | Change (Points) | Change (%) |
| S&P BSE Sensex | 77,328.19 | -516.33 | -0.66% |
| Nifty 50 | 24,176.15 | -150.50 | -0.62% |
| BSE MidCap 150 | — | -2.50 (approx) | -0.05% |
| BSE SmallCap 250 | — | +1.20 (approx) | +0.15% |
Corporate Earnings & Sectoral Impact
The day was marked by a sharp divergence in sectoral performance, driven by heavyweight Q4 FY26 earnings results.
Banking Under Siege
The financial sector was the primary laggard. State Bank of India (SBI) plummeted 6.62% after reporting a sequential dip in net profit and a significant contraction in Net Interest Margins (NIM), which fell 18 bps sequentially to 2.93%. HDFC Bank and ICICI Bank followed suit, dropping 1.84% and 1.01% respectively.
Consumer Durables & IT Find Support
Defensive buying was visible in select pockets:
- Titan Company: Rallied 4.76% on the back of a robust 35.36% jump in net profit.
- Dabur India: Gained 3.73% as margins improved to 21%.
- Thermax: The star performer of the day, surging 11.92% following a stellar 111.89% jump in quarterly order bookings.
Mixed Bag in Consumer Staples & Pharma
- Britannia Industries fell 5.02% despite a dividend announcement, as investors likely reacted to volume concerns.
- Lupin declined 3.33% in a “sell the news” reaction, despite reporting an 87.72% YoY surge in profit.
New Listing: Onemi Technology (Kissht)
Shares of Onemi Technology Solutions made a healthy debut on the BSE. The stock listed at Rs 191 (an 11.7% premium) and gained further momentum to close at Rs 208.40, marking a total gain of 21.87% over its issue price of Rs 171.
Global Context: The “Love Tap” and Trade Threats
Global markets remained on edge following the exchange of fire in the Strait of Hormuz. While U.S. President Donald Trump downplayed the military action as a “love tap,” his subsequent social media posts warning of “complete destruction” of Iranian assets kept risk-off sentiment high.
In Europe, indices were further weighed down by renewed trade tensions after President Trump threatened increased tariffs on European Union goods. Conversely, U.S. futures suggested a resilient opening for Wall Street, despite the S&P 500 and Nasdaq retreating from record intraday highs in the previous session.
Numbers to Watch
- MCX Gold: Jumped 0.33% to Rs 152,757 (June settlement).
- US 10-Year Yield: Eased slightly to 4.368%.
- US Dollar Index (DXY): Weakened to 97.91.
Disclaimer: The information provided in this report is for informational purposes only and does not constitute financial advice. Investors are advised to consult with certified financial professionals before making any investment decisions based on market data.