Market Close Report Today, October 8, 2026: Sensex, Nifty Melt Down As RBI, Oil Weigh

Mumbai, October 8: Indian equity benchmarks tumbled on Thursday, extending their losses from the previous session as a hawkish Reserve Bank of India, rising crude oil prices and persistent foreign investor selling weighed heavily on sentiment. The Nifty 50 slipped below the 22,250 mark, while the Sensex fell more than 1,000 points, with selling spreading across sectors and market capitalisation segments. Sensex hit its lowest in 32 months.  

The Sensex fell 1,045.46 points, or 1.44%, to 71,593.24, while the Nifty declined 371.25 points, or 1.64%, to 22,231.80. 

Market breadth was decisively negative, with 3,280 shares declining against 951 advances, while 180 stocks remained unchanged. The Nifty Midcap and Smallcap indices also shed more than 2% each, pointing to a broad-based risk-off move rather than weakness confined to large-cap stocks. 

Oil, RBI Policy Keep Pressure On Equities 

Crude oil prices remained a major overhang for Indian equities, with Brent crude rising above $102 a barrel amid persistent concerns over Middle East supplies and attacks on shipping in the Gulf and the Strait of Hormuz. Higher oil prices raise concerns over India’s inflation trajectory, the rupee and corporate margins, given the country’s heavy dependence on crude imports. 

The pressure followed the RBI’s decision on Wednesday to raise the repo rate by 25 basis points to 5.5%, its first rate hike in nearly four years. The central bank also shifted its stance from neutral to calibrated tightening, signalling that further monetary tightening could remain on the table as inflation risks rise. 

Foreign investor selling added to the pressure. FPIs sold Indian equities worth Rs 6,121 crore on Wednesday, extending their selling streak to nine consecutive sessions. Persistent overseas outflows have remained a key concern for domestic markets, particularly as higher oil prices and tighter monetary conditions threaten to keep risk appetite subdued.  

Heavyweight stocks ICICI Bank and Reliance Industries fell 0.6% and 2.5%, respectively. Shares of Paytm, One Mobikwik and Pine Labs came under pressure, declining 5.2%, 4.5% and 4.4%, respectively, amid reports that the proposed introduction of merchant fees on select digital-payment transactions may be pushed back by a few months from the October 15 rollout date. 

All Sectoral Indices End Lower 

All major sectoral indices ended in the red. Nifty Auto, Energy, FMCG, Infrastructure, Media, Metal, Oil & Gas, Pharma and Realty indices declined between 2% and 3%, reflecting widespread selling. 

Adani Enterprises was the biggest Nifty 50 loser, followed by JSW Steel, Max Healthcare, ITC and InterGlobe Aviation. Among the few gainers, Infosys, Axis Bank and HCL Technologies ended higher, but their gains were insufficient to offset the broader market decline. 

TCS Starts Earnings Season 

Investors also turned their attention to the September-quarter earnings season, with Tata Consultancy Services kicking off results for major companies and falling 0.2% ahead of results after markets. TCS reported revenue marginally ahead of analysts’ expectations, helped by AI-led demand and growth in its banking vertical. 

The earnings season is now expected to provide a fresh direction for equities, with investors assessing whether corporate earnings can offset the pressure from elevated oil prices, foreign outflows and tighter monetary conditions. 

Source

• NSE
• BSE