BENCHMARKS EXTEND LOSSES FOR SECOND DAY AMID ESCALATING US-IRAN TENSIONS

Published on May 08, 2026 15:57

The domestic equity benchmarks ended with sharp losses on Friday, extending their decline for the second consecutive trading session, as escalating geopolitical tensions surrounding the US-Iran conflict weighed heavily on investor sentiment. Weak global cues pushed Brent crude prices above the $100-per-barrel mark, raising concerns over inflationary pressures and higher import costs. The rupee also weakened near the 94-per-dollar level against the previous close, adding to market nervousness. Investors remained cautious amid heightened volatility and continued to track corporate Q4 earnings announcements for stock-specific triggers and near-term market direction.

The Nifty settled below the 24,200 level. Among sectoral indices, PSU bank, financial services and oil & gas shares declined, while IT, consumer durables and chemical stocks witnessed buying interest.

As per provisional closing data, the barometer index, the S&P BSE Sensex dropped 516.33 points or 0.66% to 77,328.19. The Nifty 50 index lost 150.50 points or 0.62% to 24,176.15. In two consecutive trading sessions, the Sensex dropped 0.80% while the Nifty fell 0.63%.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index shed 0.05% and the BSE 250 SmallCap Index rallied 0.15%.

The market breadth was negative. On the BSE, 2,074 shares rose and 2,146 shares fell. A total of 202 shares were unchanged.

New Listing:

Shares of Onemi Technology Solutions (Kissht) were at Rs 209.10 at on the BSE, representing a premium of 22.28% as compared with the issue price of Rs 171.

The stock debuted at Rs 191, marking a premium of 11.7% to the issue price.

The stock has hit a high of Rs 227.35 and a low of Rs 190.35. On the BSE, over 34.73 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty PSU Bank index dropped 3.14% to 8,365.15. The index jumped 3.16% in two consecutive trading sessions.

State Bank of India (down 6.96%), Punjab & Sind Bank (down 3.81%), Bank of Baroda (down 2.64%), Central Bank of India (down 1.91%), Punjab National Bank (down 1.83%), UCO Bank (down 1.8%), Bank of Maharashtra (down 1.64%), Canara Bank (down 1.21%), Indian Overseas Bank (down 0.94%) and Union Bank of India (down 0.93%) declined.

Stocks in Spotlight:

State Bank of India shares fell 6.94% after the lender reported muted sequential profitability and weaker margins in Q4 FY26 despite improvement in asset quality. Net profit stood at Rs 19,684 crore in Q4 FY26, up 5.58% from Rs 18,643 crore in Q4 FY25 but down 6.39% from Rs 21,028 crore in Q3 FY26. Net interest income rose 4.13% YoY to Rs 44,380 crore in Q4 FY26 from Rs 42,618 crore in Q4 FY25. However, NII declined 1.35% sequentially from Rs 44,987 crore in Q3 FY26.

Titan Company rallied 4.44% after the company�s consolidated net profit jumped 35.36% to Rs 1,179 crore on 48.28% rise in revenue from sale of products/services to Rs 20,607 crore in Q4 FY26 over Q4 FY25.

Lupin declined 3.19%. The company reported a sharp rise in earnings for the quarter ended 31 March 2026, driven by higher sales and improved operating leverage across key markets. Consolidated profit after tax stood at Rs 1,468.70 crore in Q4 FY26, up 87.72% from Rs 782.40 crore in Q4 FY25 and higher by 24.42% from Rs 1,180.50 crore in Q3 FY26. Net sales rose 32.9% to Rs 7391.91 crore in Q4 FY26 from Rs 5562.2 crore in Q4 FY25. It increased 4.1% sequentially from Rs 7100.5 crore in Q3 FY26.

Pidilite Industries added 1.47% after the company�s standalone net profit jumped 22.8% to Rs 547.39 crore on 15.22% increase in revenue from operations to Rs 3,284.80 crore in Q4 FY26 over Q4 FY25.

Larsen & Toubro slipped 1.23%. The company said that its L&T Energy Hydrocarbon Onshore division has secured a significant EPC order from Bharat Coal Gasification and Chemicals (BCGCL).

Britannia Industries slipped 4.94%. 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. The company has recommended a final dividend of Rs 90.50 per equity share of face value Re 1 each for the financial year ended 31st March 2026.

Dabur India gained 3.77% after the company reported 15.14% jump in consolidated net profit to Rs 368.60 crore on 7.35% increase in revenue from operations to Rs 3038.02 crore in Q4 FY26 over Q4 FY25.

Thermax surged 12.66% after the company reported higher earnings for the quarter ended 31 March 2026, supported by robust order inflows and a sharp rise in order backlog. Consolidated profit after tax stood at Rs 244.28 crore in Q4 FY26, up 18.74% from Rs 205.73 crore in Q4 FY25. Revenue from operations increased 12.53% to Rs 3,428.04 crore in Q4 FY26 from Rs 3,046.40 crore in the corresponding quarter last year.

As of 31 March 2026, order balance stood at Rs 13,604 crore compared with Rs 10,693 crore a year earlier, reflecting a 27.22% increase. Order booking during the quarter jumped 111.89% to Rs 4,490 crore from Rs 2,119 crore in the corresponding quarter of the previous fiscal year.

Cera Sanitaryware rallied 5.89%. The company has reported 9.6% fall in net profit to Rs 77.33 crore despite a 11.4% rise in revenue from operations to Rs 643.81 crore in Q4 FY26 as compared with Q4 FY25.

Vikram Solar dropped 4.62%. The company reported a 21.86% jump in consolidated net profit to Rs 110.42 crore on a 21.72% rise in revenue from operations to Rs 1,452.81 crore in Q4 FY26 over Q4 FY24.

Thyrocare Technologies rallied 3.64% after the company�s consolidated net profit surged 117.14% to Rs 47.12 crore on 19.66% rise in revenue from operations to Rs 223.95 crore in Q4 FY26 over Q4 FY25.

Mahanagar Gas shed 0.46%. 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.

Sonata Software soared 10.31% 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.

Goa Carbon surged 10.44% 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.

Gravita India slipped 2.51% after the company�s consolidated net profit declined 3.4% to Rs 91.88 crore in Q4 FY26 from Rs 95.13 crore posted in Q4 FY25. Revenue from operations increased 13.1% YoY to Rs 1,172.76 crore during the quarter.

NOCIL lost 3.52% after the specialty chemical maker�s consolidated net profit dropped 18.22% to Rs 17 crore on a 2.74% decrease in net revenue from operations to Rs 330.35 crore in Q4 FY26 over Q4 FY25.

Route Mobile fell 4.40%. 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.

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.

NRB Bearings jumped 6.06% after the company`s consolidated net profit after minority interest stood at Rs 41.41 crore in Q4 FY26 as against a loss of Rs 2.08 crore posted in Q4 FY25. Revenue from operations increased 13.0% YoY to Rs 371.98 crore during the quarter.

Texmaco Rail & Engineering shed 0.48%. The company said that it has received an order worth Rs 130.22 crore from Kochi Metro Rail.

Global Markets:

European market declined on Friday after U.S. President Donald Trump threatened �much higher� tariffs against the European union (EU).

Most Asian markets ended lower, 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.