The pressure on the rupee near the Rs95/$ level and expectations that the RBI may avoid aggressive intervention kept sentiment cautious.
Gaurav Garg,
Research Analyst,
Lemonn Markets Desk
Mumbai, 8 May 2026: The Indian stock market closed on a cautious note today, with the Nifty 50 settling at 24233.65, lower by -146.1 points or -0.60%. The session was characterized by the falling wedge pattern, as the index opened at 24233.65, reached a high of 24253.8 , and touched a low of 24126.65.The Sensex also ended lower, falling -516.33 points, to close at a weaker level.
Sector-wise, the market showed a mixed trend with a negative bias, as heavy selling was seen in key segments. Banking and financial indices remained under pressure, with Nifty Bank, Financial Services, and PSU Bank declining sharply, indicating weakness in rate-sensitive stocks. Realty and Oil & Gas also ended in the red, adding to the downside. On the positive side, IT and FMCG indices managed to close with modest gains, reflecting some resilience, while selective buying was seen in Healthcare, Consumer Durables, and Midcap segments, offering limited support to the market. Overall, sectoral sentiment remained weak, with losses in financials outweighing gains in defensive and select cyclical sectors..
On the fundamental front, the market remained under pressure due to rising global crude oil prices, which heightened concerns over inflation and India’s import burden. Weak global cues and continued FII outflows further dampened investor sentiment. Adding to the downside, a decline in State Bank of India (SBI) weighed on the financial space, dragging banking indices lower and contributing significantly to the market’s weakness. Additionally, pressure on the rupee near the ₹95/$ level and expectations that the RBI may avoid aggressive intervention kept sentiment cautious. Despite these headwinds, the market saw a mild recovery in the latter half, supported by selective buying, though the overall tone remained subdued.
