Stock markets fall for 2nd day amid renewed tensions in West Asia; Sensex slumps 516 points

MUMBAI, May 8:

Equity markets stayed on the back foot for the second day on Friday as fresh geopolitical tensions in West Asia revived concerns over energy supplies and weighed heavily on investor sentiment.

Foreign fund outflows and a weak trend in global markets further added to the bearish trend.

The 30-share BSE Sensex tanked 516.33 points, or 0.66 per cent, to settle at 77,328.19. During the session, it tumbled 698.09 points, or 0.89 per cent, to 77,146.43.

The 50-share NSE Nifty dropped 150.50 points, or 0.62 per cent, to end at 24,176.15.

From the Sensex pack, State Bank of India tanked 6.62 per cent after its March quarter earnings.

HDFC Bank, Bajaj Finance, Axis Bank, UltraTech Cement and Mahindra & Mahindra were also among the laggards.

However, Titan jumped 4.76 per cent after the leading jewellery and watchmaker reported a 35.36 per cent increase in its consolidated net profit to Rs 1,179 crore for the March quarter of FY26.

Asian Paints, Adani Ports, Infosys and HCL Tech settled in the positive territory.

Brent crude, the global oil benchmark, traded around USD 100 per barrel.

“Markets witnessed a risk-off session following fresh US-Iran military action near the Strait of Hormuz, which weakened ceasefire hopes and triggered profit booking. However, stability in crude oil prices around USD 100 per barrel and benign US 10-year yields continue to provide support to the broader sentiment and the rupee,” Vinod Nair, Head of Research, Geojit Investments Limited, said.

Though the road ahead is slightly bumpy, optimism around a possible diplomatic resolution persists, he added.

In Asian markets, South Korea’s benchmark Kospi ended marginally higher, while Japan’s benchmark Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index settled lower.