Stock Market Open Report Today, October 8, 2026: Sensex, Nifty Extend Losses as Hawkish RBI, Weak Global Cues and Rising Oil Weigh on Sentiment

Mumbai, October 8: Indian equity benchmarks extended Wednesday’s losses on Thursday as a hawkish Reserve Bank of India, weak global cues and rising crude oil prices dented risk appetite. Investors are weighing corporate earnings against costlier money and costlier fuel, and the cost of both is still being priced in. 

In a unanimous vote by the six-member panel, the RBI increased the repo rate by 25 bps to 5.50 per cent today. This is the first time the rate has been increased since February 2023. The RBI also changed its stance to calibrated tightening amid rising oil prices and global monetary tightening. The RBI Governor stated that the inflation outlook is no longer benign, with CPI inflation at 4.82 per cent in August, remaining above the 4 per cent target for three consecutive months. 

As of 9:37 am, the Sensex was trading at 72,350.74, down 287.96 points, or 0.40 per cent, from yesterday’s close of 72,638.70. The NSE Nifty 50 index was down 87.90 points, or 0.39 per cent, at 22,515.15, compared with its previous close of 22,603.05. The Nifty opened at 22,599.05, which was also the day’s high, according to the NSE website. The index is currently 1.5 per cent above its 52-week low of 22,182.55. 

Fear around corporate profits will be a key factor here. An increase in the repo rate means higher debt-servicing costs and could potentially weigh on demand if credit growth is impacted. Rising crude oil prices will also increase production and logistics costs, which could eat into profits ahead of the earnings season. The fact that the RBI has forecast GDP growth of 7.1 per cent for the current financial year, compared with 7.8 per cent growth last quarter, does not help either. Banking stocks may be among the few beneficiaries, as higher loan rates could be passed on more quickly than deposit rates. 

Most Asian markets are trading lower this morning, led by Japan and Singapore. Wall Street also ended lower yesterday, while crude oil prices rose 1.85 per cent to $102.05 per barrel after Axios reported that the US Department of Defense had informed US Central Command that it should be prepared to restart large-scale combat operations against Iran. 

Top gainers and losers 

Among Nifty gainers, percentage change is measured between the last traded price (LTP) and Wednesday’s close, and IT stocks led. Tata Consultancy Services (TCS) rose 2.22 per cent, with an LTP of Rs 2,126.40 against a previous close of Rs 2,080.30, HCL Technologies (HCLTECH) gained 2.03 per cent at Rs 1,209 against Rs 1,185, Tech Mahindra (TECHM) advanced 1.57 per cent at Rs 1,514.50 against Rs 1,491.10, and Infosys (INFY) climbed 1.46 per cent at Rs 1,006.45 against Rs 992. Trent (TRENT) rose 0.57 per cent, with an LTP of Rs 2,906.90 against a previous close of Rs 2,890.30.  

On the losing side, ITC (ITC) slipped 2.84 per cent, with an LTP of Rs 258.15 against a previous close of Rs 265.70, Adani Enterprises (ADANIENT) fell 2.37 per cent at Rs 2,678 against Rs 2,743, SBI Life Insurance Company (SBILIFE) dropped 2.24 per cent at Rs 1,687.50 against Rs 1,726.10, Adani Ports and Special Economic Zone (ADANIPORTS) declined 2.01 per cent at Rs 1,715 against Rs 1,750.10, and Bajaj Finserv (BAJAJFINSV) lost 1.12 per cent at Rs 1,723.80 against Rs 1,743.30. Max Healthcare fell an identical 1.12 per cent, and ITC was also the most actively traded of the losers, with about 1.29 crore shares changing hands. 

Broad markets and sectoral indices 

Selling was wider in the broader market, where no index was in positive territory, and India VIX, the fear gauge, rose 1.98 per cent to 14.16, a sign of rising caution among traders. Nifty Midcap Select fell 1.12 per cent to 13,603.35 from 13,757.20, Nifty Midcap 50 slipped 1.00 per cent to 16,820.90 from 16,990.85 and Nifty Microcap 250 lost 0.98 per cent to 25,935.30 from 26,191.65. The least affected were Nifty 100, down 0.51 per cent at 23,576.60, Nifty 200, down 0.56 per cent at 13,082.55, and Nifty 500, down 0.58 per cent at 21,931.95. Among sectoral and thematic indices, Nifty IT led the gainers, rising 1.54 per cent to 28,186.05 from 27,757.80, followed by Nifty Midsmall IT & Telecom, up 0.88 per cent at 9,813.55, and Nifty Growth Sectors 15, up 0.34 per cent at 10,374.40. Nifty India Internet fell 2.22 per cent to 1,356.05 from 1,386.85, Nifty Realty lost 1.39 per cent to 811.15 from 822.60, and Nifty Metal declined 1.10 per cent to 12,171.45 from 12,306.70. Banking proxies held up better, with Nifty Bank down 0.39 per cent at 54,841.35 and Nifty PSU Bank down 0.30 per cent at 8,064.80. 

Asian markets 

Asian markets traded lower across most of the region on Thursday morning, tracking the overnight weakness on Wall Street. Japan’s Nikkei 225 fell 0.95 per cent to 69,373.40, South Korea’s Kospi lost 0.66 per cent to 6,759.08, Taiwan’s benchmark slipped 0.57 per cent, Malaysia’s index fell 0.62 per cent, Australia’s ASX 200 shed 0.51 per cent and Hong Kong’s Hang Seng eased 0.17 per cent to 24,088.31. Singapore’s Straits Times index dropped 2.54 per cent to 5,466.08, while China’s Shanghai Composite, up 0.12 per cent at 3,846.91, was the only major index in positive territory. 

US markets 

Wall Street ended lower on Wednesday in a retreat across indices, with the NYSE Composite down 0.92 per cent at 23,701.92 and the small-cap Russell 2000 down 1.31 per cent at 2,793.20. The Nasdaq 100 eased 0.21 per cent to 31,160.08, while the Dow Jones Transportation Average lost 0.88 per cent to 19,529.30. Utilities were the lone gainer, rising 0.23 per cent to 1,049.64 in a defensive tilt. 

Oil prices 

Crude oil extended its climb in early trade on Thursday, with Brent up 1.85 per cent at $102.05 a barrel and US West Texas Intermediate up 1.56 per cent at $89.66. Murban crude, the benchmark most relevant to Asian buyers, gained 0.47 per cent to $106.69, while natural gas rose 2.28 per cent to $3.276 and heating oil gained 1.59 per cent to $4.696. Traders are weighing the Axios report that a resumption of the war would likely target Iranian energy infrastructure, with the potential to push prices higher before the U.S. midterms. Brent above $100 is a headwind for India, a major crude importer, because it feeds the inflation worries behind the RBI’s tightening. 

Middle East conflict 

The Pentagon directed U.S. Central Command several days ago to complete preparations for resuming major combat operations in Iran, U.S. officials told Axios. No date has been set and President Donald Trump has made no final decision, but U.S. and Israeli sources said strikes could come before the U.S. midterm elections. The expected targets include Iranian energy, infrastructure and nuclear sites, and an Israeli official said the chances before the elections are not high but rise significantly afterwards. Talks have made no progress, with Qatari mediators still awaiting Tehran’s reply to a U.S. counterproposal that sought nuclear concessions. 

Wednesday’s close 

Indian benchmarks snapped a two-session winning run on Wednesday after the RBI turned hawkish, with the Sensex falling 429.11 points, or 0.59 per cent, to 72,638.70 and the Nifty losing 173.05 points, or 0.76 per cent, to 22,603.05. Titan was the biggest Nifty loser, down 3.8 per cent, followed by Adani Enterprises, Hindalco Industries, JSW Steel and Bharat Electronics, while the Nifty Metal index fell 2.3 per cent on weaker global metal prices. Kotak Mahindra Bank led the gainers, followed by BSE, Bharti Airtel, ICICI Bank and Coal India, as banks pared early losses after the policy announcement on hopes of better margins and no added liquidity tightening. Breadth was negative, with 2,251 shares declining, 1,928 advancing and 192 unchanged. 

Sources

•  NSE and BSE data as of 9:37 am on October 8, 2026
• Axios
• CNBC.