Stock Market Today, July 8, 2026: Sensex Plunges 540 points, Nifty Drops 160 points; Fresh Strikes on Iran Rattle Investors

Mumbai, July 8: Domestic equity benchmarks continued to fall on Wednesday morning tracking weakness overseas and another round of US airstrikes on Iran.

At 9:29 am, the BSE Sensex declined 540.31 points or 0.69 per cent to 77,640.41, while the Nifty 50 dropped 163.60 points or 0.67 per cent to 24,235.10. Sectoral indices tracked a mixed trend with Nifty Pharma gaining the most while Nifty Oil & Gas was the top loser among the broader sectors.

This week Iranian state news reported attacks on more than 80 targets associated with the Islamic Revolutionary Guard Corps’ Quds Force by the United States’s administration after projectiles struck three tankers in the Strait of Hormuz. This includes strikes against more than 60 Iranian patrol boats that Washington claimed presented an “immediate threat” to U.S. forces.

Reacting to the airstrikes, US President Donald Trump said “Iran seems to be standing down” and called off further retaliatory attacks planned by Tehran. However, Tehran rejected Washington’s claim and said it won’t be cowed down by the strikes. Iran has also vowed revenge. Washington’s decision to revoke Tehran’s licence to sell oil abroad comes days after Britain agreed to allow eight Iranian oil tankers to dock at its ports, suggesting the ceasefire may already be unravelling.

Gainers & Losers

Among individual Nifty 50 stocks, Oil and Natural Gas Corporation (ONGC) was the top Nifty gainer at 1.34 per cent, followed by Wipro (1.21 per cent) and Dr Reddy’s Laboratories (DRREDDY) (1.21 per cent). Stocks advancing against the index were predominantly from the banking and financial services sector alongside heavyweight investors such as Infosoft and Adani Ports.

On the losing side, Shriram Finance was the top loser, shedding 2.89 per cent on Nifty opens. Stocks from IndiGo declined 2.49% after news of Iran retaliation. Nifty losers were led by stocks from oil marketing companies, airlines and capital goods sectors.

Broad Markets & Sectoral Indices

The BSE Midcap and Smallcap indices fell in tandem with the headline indices, indicating a broad-based sell-off in Indian equities on Wednesday. Stocks outside the Nifty 50 that are part of the broader market indices opened with losses across the board. There were no sectors showing notable pockets of strength at the open either. While banking and financial services sector stocks traded higher, investors rotated away from metal, auto and oil marketing stocks that saw some of the steepest losses on Tuesday’s late session fall.

Asian Markets on Wednesday Morning

Asian markets traded mixed in Wednesday’s morning session, tracking the negative open in Wall Street where the Dow Jones, Nasdaq Composite and S&P 500 benchmarks ended the previous session lower after surging overnight. Japan’s Nikkei index traded lower alongside the Australian All Ordinaries benchmark, while Hong Kong’s Hang Seng surged 1.65 per cent higher. Indonesia’s JSX Composite rallied over 1 per cent while Malaysian KLCI and Vietnam’s HNX30 indices also traded higher during Wednesday morning’s session.

Oil Prices

Oil prices climbed nearly 2 per cent on Wednesday after the fresh US strikes on Iran and the reimposition of crude sales sanctions, with Brent crude futures gaining 1.9 per cent to 75.54 dollars a barrel and US WTI crude rising a similar 1.9 per cent to 71.81 dollars a barrel. Both benchmarks had already risen about 3 per cent on Tuesday following the licence revocation, extending a rally that has now stretched across two sessions. Analysts said continued disruption to Strait of Hormuz shipping, if traffic stays materially below pre-war levels, could keep supply constraints in play and support prices even as markets had been bracing for an oversupply scenario.

Tuesday’s Closing (Sensex and Nifty)

The Sensex fell 104.35 points, or 0.13 per cent, to close at 78,180.72 on Tuesday, snapping a four-session winning streak. The Nifty 50 declined 31.65 points, or 0.13 per cent, to 24,398.70, slipping below the 24,400 mark after a volatile session in which late selling erased earlier intraday gains. Weakness in heavyweight stocks such as Trent, Adani Enterprises and Bharat Electronics outweighed strength in IT counters through the close. Market breadth remained weak throughout the session, with 1,492 stocks advancing against 2,554 declining and 155 unchanged, indicating broad-based selling pressure across the market.

Sources: bseindia.com and nseindia.com