Markets experienced significant losses during midday trading on Friday, with the Nifty 50 index falling to 24,160.00, a decrease of 166.65 points or 0.69 percent, while the Sensex dropped to 77,278.32, down 566.20 points or 0.73 percent, as of 1:05 PM. The downturn extended from an initially weak opening, driven by geopolitical tensions in West Asia and ongoing foreign institutional selling, which kept many buyers on the sidelines.
HDFC Bank emerged as the largest contributor to the Nifty’s decline, falling 2.14 percent to ₹779.00 on substantial trading volumes exceeding 1.87 crore shares worth ₹1,46,930.80 lakhs—marking it as the most traded stock on the index by value. Other notable declines included Coal India, down 2.12 percent to ₹456.75; Bajaj Finance, falling 1.99 percent to ₹953.40; UltraTech Cement, losing 1.84 percent to ₹11,922.00; and Axis Bank, which slipped 1.79 percent to ₹1,269.60, adding to the widespread pressure affecting banking and financial sectors.
Conversely, Apollo Hospitals led in gains, increasing by 2.52 percent to ₹8,034.50, with a session high of ₹8,062.50. Tata Consumer Products rose 2.42 percent to ₹1,179.60, Asian Paints advanced 2.35 percent to ₹2,590.10, Adani Ports climbed 1.40 percent to ₹1,757.00, and Infosys gained 1.14 percent to ₹1,175.90, providing some stability amid an otherwise declining market.
Crude oil prices remained high, with Brent crude trading above $101 per barrel. On the Multi Commodity Exchange (MCX), crude oil futures were fluctuating in the range of ₹9,000–₹9,100, having recovered from recent lows but still below a crucial trendline resistance level. Ponmudi R, CEO of Enrich Money, remarked that the near-term outlook appears cautious to bearish, with market direction contingent on evolving disruptions in the Strait of Hormuz.
The Indian rupee maintained a position above ₹94.40 against the dollar, with the USD/INR pair trading between ₹94.40 and ₹94.60. Continued outflows from foreign funds and cautious positioning among domestic institutions have restricted the currency’s recovery, according to Enrich Money.
Gold displayed relative stability, with MCX Gold trading above ₹1,52,000. Analysts noted that a movement above ₹1,53,000 could propel prices toward ₹1,55,000 to ₹1,56,000. MCX Silver opened with a gap-up and was trading above ₹2,60,000, with immediate resistance anticipated at ₹2,64,000 to ₹2,66,000.
Foreign institutional outflows have continued to impact market sentiment, with investors selling a net ₹340.89 crore on Thursday alone. Month-to-date outflows have now reached ₹6,961.75 crore. In contrast, domestic institutional investors were net buyers, acquiring ₹441.07 crore on Thursday, although their support has not sufficed to mitigate the selling pressure on index heavyweights.
Technically, the 24,100 to 24,000 range for the Nifty is seen as a critical support band for the remainder of the session, while any recovery attempts are likely to face resistance in the 24,400 to 24,500 range. With the release of US Nonfarm Payrolls data for April expected later in the day, increased volatility is anticipated as trading proceeds through the afternoon.
Published on May 8, 2026.
