D-Street Opens Lower: Sensex Declines 500 Points, Nifty Below 24,200 As Financials Drag; SMIDs Show Resilience

Stock Market Updates Today, May 8: Indian equities opened Friday’s session on a weaker note, with benchmark indices slipping amid geopolitical uncertainties and costlier crude. As of 9:17 am, the BSE Sensex declined 513 points to trade at 77,335.95 in the opening trade, while the NSE Nifty traded lower by 144 points at 24,180.43.

The weakness was largely led by financials, with both private and PSU banks trading in the red. The broader financial pack, including the Nifty Financial Services, also slipped nearly 0.8%, indicating sector-wide consolidation after recent gains.

However, the broader market showed relative resilience. Midcap and smallcap indices traded largely flat to marginally positive, with the Nifty Smallcap 100 and Nifty Midcap 100 holding

steady, suggesting selective buying interest continues beyond largecaps.

On the sectoral front, defensives offered support. FMCG and pharma indices edged higher, while IT remained largely flat, reflecting a shift towards relatively stable pockets of the market. In contrast, rate-sensitive sectors such as banking, auto, and oil & gas saw mild declines.

Volatility ticked slightly higher, with India VIX rising around 0.7% to 16.7, indicating a marginal increase in market nervousness but still within a comfortable range.

Crude oil traded at $102 per barrel in the morning today.

Ponmudi R, CEO of Enrich Money, a Sebi-registered online trading and wealth-tech firm, said, “Indian equity markets are expected to remain cautious and highly sensitive to news flow, as escalating geopolitical tensions in the Middle East continue to weigh heavily on investor sentiment despite periodic relief rallies. The latest exchange of fire between the US and Iran near the Strait of Hormuz has further heightened uncertainty, even as Donald Trump called on Tehran to accept the US proposal and reiterated that Washington does ‘not seek escalation’. The contrast between military confrontation and diplomatic messaging has kept investors on edge, curbing risk appetite and reinforcing a defensive undertone across global financial markets.”