Stock Market Mid-Day Report, July 8, 2026: Sensex, Nifty Decline Further at Midday; Iran-US Hostilities Rattle Investors

Mumbai, July 8: Indian stocks continued to tumble on Wednesday, spooked by US airstrikes on Iran. Sensex and Nifty saw fresh selling with ceasefire crumbling, crude oil prices surging higher and Wall Street struggling to hold its ground. Tuesday’s late selloff was no flash crash traders hoped for on Dalal Street as news broke of the US targeting more than 80 Iranian-linked sites in Iraq and Syria. Tensions have once again spilled over into the Strait of Hormuz and investors are nervous, and nervous after every attempted rally since last month’s ceasefire evaporated due to renewed hostilities. Dalal Street sentiment could hardly be hotter, shorter or more restless.

With oil above $75 per barrel snapping hopes of much improvement before India’s crude reset later this year, tensions at Hormuz have markets fearful of pushing through import costs and worsening India’s trade deficit at a time when inflation was set to fall due to rate cuts. Throw in a shaky Wall Street close on Tuesday and a red Asian open and Wednesday’s set-up was never going to be pretty.

Sensex & Nifty

At 12: 03 pm, the BSE Sensex was trading down 511.20 points or 0.65 per cent at 77,669.52 and the NSE Nifty 50 was down 156.60 points or 0.64 per cent at 24,242.10.

Gainers & Losers

Eternal was top gainer on Sensex, rallying 1.45 per cent to Rs 293.60 from Rs 289.40 apiece, followed by Wipro advancing 1.10 per cent to Rs 174.90 against Rs 173.00 and Bajaj Auto climbing 1.03 per cent to Rs 10,214.00 from Rs 10,109.50. Adani Ports was up 0.65 per cent at Rs 1,845.90 against Rs 1,833.90 earlier, while Hindalco climbed 0.64 per cent to Rs 975.70 from Rs 969.50.

On the flip side, Jio Financial Services was the biggest loser on Sensex, tumbling 2.27 per cent to Rs 237.56 from Rs 243.07 apiece, followed by IndiGo slumping 2.18 per cent to Rs 5,277.50 against Rs 5,395.00 and Shriram Finance down 1.88 per cent to Rs 1,046.70 from Rs 1,066.80. ITC declined 1.80 per cent to Rs 283.55 against Rs 288.75, while Tata Consumer Products dropped 1.79 per cent to Rs 1,104.90 from Rs 1,125.00.

Broader Markets & Sectoral Performance

Among broader indices, Nifty200 Alpha 30 was trading up 0.54 per cent while Nifty Alpha 50 rose 0.51 per cent and Nifty200 Momentum 30 advanced 0.32 per cent. Top losers were Nifty Financial Services down 0.52 per cent, Nifty 50 down 0.50 per cent and Nifty 100 lower by 0.43 per cent.

Sectorally, Nifty Realty was top gainer, surging 0.95 per cent, followed by Nifty Metal up 0.31 per cent and Nifty Pharma rising 0.04 per cent. Nifty Oil & Gas was worst hit sector on Wednesday, plunging 1.31 per cent, while Nifty FMCG dropped 1.21 per cent and Nifty Media slipped 0.86 per cent.

Iran War

American airstrikes come after projectiles struck three tankers transiting through the Strait of Hormuz on Tuesday morning. Iran has called the strikes a violation of Sunday’s ceasefire agreed to after a month-long build-up of tensions. US Central Command said they targeted more than 80 Iranian Revolutionary Guard Corps sites, including 60-plus small boats, patrolling in “unique” formations off the Farsi Island and nearby Qatar. Iran state media has reported explosions at Kharg Island, near Iran’s Farsi island, Qeshm Island and ports cities of Sirik and Bandar Abbas with some shrapnel-related injuries at a pier on Sirik island. US has also revoked Iran’s licence to sell oil anywhere in the world, tightening the screws around last month’s tenuous ceasefire.

“The initial targets” US Central Command added in a statement. Officials added that Iranian air defences, radar systems, missile depots and drone facilities were among those targeted.

Asian Markets

Asian stocks were mixed after Japan’s Nikkei 225 retreated 0.96 per cent while Australia’s ASX All Ordinaries lost 1.11 per cent. Hong Kong’s Hang Seng Index bucked the regional trend, jumping higher by 1.65 per cent while Pakistani KSE 100 slid 0.79 per cent and Thailand SET shed 0.30 per cent.

Wall Street

Wall Street indexes ended in the red on Tuesday with investors turning risk-off after news broke of the latest US airstrikes on Iran. Nasdaq Composite dropped 1.16 per cent while S&P 500 lost 0.45 per cent. Dow Jones Industrial Average fell 130.76 points to close at 52,925.15.

Oil Prices

Brent crude futures climbed 1.9 per cent to $75.54 per barrel while West Texas Intermediate added 1.79 per cent to trade at $71.81 per barrel. Iranian forces had attacked six oil tankers transiting the Strait of Hormuz on Tuesday morning, prompting the US airstrikes. Shipping data showed two oil tankers moved further away from the strait while at least four supertankers did not move after coming under attack.

US has also revoked Iran’s licence to sell oil anywhere in the world, tightening the screws around last month’s ceasefire.

Indian markets had opened lower on Wednesday, with the Sensex down 540 points and Nifty 50 off 163 points at 9: 29 am, tracking weakness from Wall Street overnight and fresh airstrikes from US on Iran targets. Sectoral indices were trading mixed on BSE with Nifty Pharma outperforming and Nifty Oil & Gas the biggest decliner at the time.

Sources: nseindia.com and bseindia.com