BAROMETERS TRADE WITH DEEP CUTS; NIFTY SLIDES BELOW 24,200 MARK

Published on May 08, 2026 11:41

The key equity benchmarks traded with substantial losses in the mid-morning trade, as escalating US-Iran tensions near the Strait of Hormuz dampened global risk sentiment and triggered caution across Asian markets. Persistent foreign fund outflows, elevated crude oil prices and rising geopolitical uncertainty further weighed on investor confidence, overshadowing optimism about a medium-term recovery in domestic equities.

The Nifty slipped below the 24,200 level amid broad-based selling pressure. Oil & gas stocks extended losses for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex dropped 475.88 points or 0.61% to 77,368.64. The Nifty 50 index declined 138.05 points or 0.56% to 24,188.50.

The broader market outperformed the frontline indices. the BSE 150 MidCap Index shed 0.01% and the BSE 250 SmallCap Index rallied 0.23%.

The market breadth was strong. On the BSE, 2,029 shares rose and 1,853 shares fell. A total of 218 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index declined 0.75% to 11,620.55. The index shed 0.85% in two consecutive past trading sessions.

Gujarat State Petronet (down 2.31%), Indraprastha Gas (down 1.95%), Hindustan Petroleum Corporation (down 1.27%), Mahanagar Gas (down 1.25%), Indian Oil Corporation (down 0.96%), Aegis Logistics (down 0.92%), Adani Total Gas (down 0.9%), Bharat Petroleum Corporation (down 0.85%), Oil & Natural Gas Corpn (down 0.81%) and Reliance Industries (down 0.47%) declined.

On the other hand, Chennai Petroleum Corporation (up 1.38%), Petronet LNG (up 0.30%) and Oil India (up 0.08%) edged higher.

Stocks in Spotlight:

Britannia Industries dropped 4.34%. The company�s consolidated net profit increased 21.14% to Rs 678.34 crore on 6.46% jump in total revenue from operations to Rs 4,718.82 crore in Q4 FY26 over Q4 FY25.

Route Mobile slipped 3.40%. The company�s consolidated net profit surged 93.2% to Rs 109.32 crore in Q4 FY26 as against Rs 56.58 crore posted in Q4 FY25. However, revenue from operations declined 3.8% YoY to Rs 1,130.90 crore in the quarter ended March 2026.

Goa Carbon surged 9.06% after the company reported a standalone net profit of Rs 4.49 crore in Q4 FY26 as compared with a net loss of Rs 6.53 crore in Q4 FY25. However, revenue from operations jumped 51.13% YoY to Rs 202.61 crore in Q4 FY26, compared with Rs 134.06 crore in the corresponding quarter last year.

Sonata Software soared 7.03% after the company reported 25.05% jump in consolidated net profit to Rs 130.50 crore despite a 17.67% decline in revenue from operations to Rs 2536.19 crore in Q4 FY26 over Q3 FY26. On a year on year (YoY) basis, the company�s consolidated net profit jumped 21.36% while revenue from operations fell 3.1% in Q4 FY26.

Shakti Pumps India slumped 7.63% after the company�s consolidated net profit declined 65.2% to Rs 38.33 crore in Q4 FY26 as against Rs 110.23 crore posted in Q4 FY25. Revenue from operations jumped 28.9% YoY to Rs 857.77 crore in the quarter ended March 2026.

Mahanagar Gas declined 1.41% after the company�s standalone net profit tanked 45.55% to Rs 131.92 crore in Q4 FY26 as against Rs 242.30 crore posted in Q4 FY25. Revenue from operations (excluding excise duty) surged by 4.51% YoY to Rs 2,051.22 crore for the quarter ended 31 March 2026.

Global Markets:

Asia-Pacific markets traded lower Friday, as concerns grew over renewed hostilities between Iran and the U.S. amid a fragile ceasefire.

The U.S. and Iran traded fire in the Strait of Hormuz, with each side claiming the other initiated the attack.

Despite the escalation, President Donald Trump has reportedly insisted that the ceasefire remains in effect, saying the strikes are �just a love tap�.

Trump later claimed in a social media post that the U.S. "completely destroyed� the Iranians involved in the exchange, which he said included small boats and drones that �dropped ever so beautifully down to the Ocean, very much like a butterfly dropping to its grave!� He reportedly reiterated that Iran will face further attacks if they do not agree to a nuclear deal.

Overnight on Wall Street, the S&P 500 fell on Thursday after hitting a new all-time intraday high as oil prices came back from sizable losses, with traders eyeing more developments between the U.S. and Iran.

The broad market index fell 0.38% to close at 7,337.11, dragged lower by losses in Amazon as well as semiconductor stocks such as Broadcom and Micron Technology.

The Nasdaq Composite slid 0.13% and ended at 25,806.20. The tech-heavy index had also scored a fresh all-time high during the session. The Dow Jones Industrial Average shed 313.62 points, or 0.63%, settling at 49,596.97.