Nifty50 falls 150.5 points (0.62%) — India Market Digest 08 May 2026

Bears tightened their grip as Nifty50 slipped 0.62% to 24176.15, while Sensex shed over 500 points to settle at 77328.19. The day was marked by a steady downward drift from the opening bell, with the index failing to hold the crucial 24200 support level. This sharp sell-off reflects cautious positioning ahead of upcoming macro data, effectively breaking a three-day winning streak.

Banking heavyweights dragged the indices down, with SBIN crashing 6.66% to 1001.25 following disappointing margin outlooks. HDFCBANK and AXISBANK followed suit, losing nearly 2% each as sectoral profit-booking intensified across the private and public lenders. Conversely, TITAN sparkled with a 4.68% jump to 4509 on strong festive demand projections. IT stocks like INFY and TECHM provided some cushion, gaining over 1% as investors sought safety in defensive sectors during today's session.

Retail investors should avoid catching the falling knife in PSU banks until the dust settles around SBIN. Tomorrow, keep a close eye on the IT sector; if INFY holds its gains, it could signal a shift in leadership. Focus on quality large-caps with strong earnings visibility rather than chasing momentum in volatile mid-caps during this corrective phase.

Market Mood: Bearish

Rising crude oil prices and a strengthening dollar index continue to weigh on the rupee, prompting foreign institutional investors to remain net sellers in the domestic equity cash segment.