Bloodbath on Dalal Street: Nifty 50 Falls Over 350 Points, Rs 11.56 Lakh Crore Wiped Out on BSE

Market Update at 04:00 PM: Indian benchmark equity indices witnessed intense selling pressure on Thursday, recording their sharpest fall in three months as a hawkish central Bank rate hike and rising crude oil prices intensified inflation concerns.

The Nifty 50 opened at 22,599.05, which also remained its Intraday high, signalling selling pressure from the opening bell. Bears maintained control throughout the session, with the index consistently forming lower highs and lower lows before slipping to an intraday low of 22,179.90. The index breached its April low and approached the psychological 22,200 mark.

At close, the Nifty 50 settled at 22,231.80, down 371.25 points, or 1.64 per cent, marking a 19-month low and its worst close since April 2025. The Sensex ended 1,045.46 points, or 1.44 per cent, lower at 71,593.24. Meanwhile, the Bank Nifty relatively outperformed the benchmark indices, declining 0.98 per cent. The India VIX, the Indian market's fear gauge, surged more than 10 per cent and moved above the 15 level.

Nearly Rs 11.56 lakh crore in market capitalisation was wiped out on the BSE.

Brent crude oil prices climbed above USD 104 per barrel on Thursday, hitting a two-week high amid concerns over a potential escalation in U.S.-Iran tensions. Reports that the Trump administration had directed the Pentagon to prepare possible military strikes against Iran heightened fears of supply disruptions ahead of the U.S. midterm elections.

Meanwhile, Tropical Storm Isaias forced oil producers in the Gulf of Mexico to shut down more than 510,000 barrels per day of production, representing roughly 25 per cent of the region's output. Although Middle Eastern oil exports have gradually recovered towards prewar levels, continued tanker attacks in the Strait of Hormuz and renewed hostilities involving the Houthis and Saudi Arabia have kept supply concerns elevated.

The broader market also witnessed heavy selling. The Nifty Midcap 100 index declined 2.53 per cent, while the Nifty Smallcap 100 index fell 2.34 per cent, highlighting the widespread nature of the sell-off across market capitalisation segments.

All 11 key sectoral indices ended in negative territory. The Nifty Metal index was the worst performer, declining 3.55 per cent, with all its constituents closing lower. The index recorded its worst fall since March 23, 2026.

Among individual stocks, Paytm and One Mobikwik tumbled 5.23 per cent each, while Pine Labs fell 4.37 per cent after CNBC-TV18 reported that the planned October 15 rollout of merchant fees on certain digital-payment transactions could be delayed by a few months, citing sources.

ITC declined 4.03 per cent after around 4.4 million shares changed hands through 12 block deals at a discount of 0.6-3.1 per cent to the previous close, according to data compiled by LSEG.

Despite the broad-based decline, a few stocks provided some support to the Nifty 50. Infosys contributed 3.87 points, Axis Bank added 1.57 points and Tech Mahindra contributed 0.71 points to the index.

On the downside, Reliance Industries was the biggest dragger, weighing down the Nifty 50 by 43.46 points. HDFC Bank contributed a negative 35.24 points, while ITC dragged the index down by 22.53 points.

Market breadth was heavily skewed towards declining stocks on October 8, 2026. Out of 3,722 stocks traded on the NSE, 660 advanced, 2,950 declined and 112 remained unchanged.

A total of 71 stocks touched their 52-week highs, while 271 stocks hit their 52-week lows. Additionally, 90 stocks touched their Upper Circuit limits for the day, whereas 161 stocks hit their Lower Circuit limits, underscoring the intensity of the selling pressure.

Market Update at 2:25 PM: Indian benchmark indices extended their losses on Thursday as rising oil prices fuelled a risk-off mood across the domestic equity market. Brent crude prices rose nearly 3 per cent amid supply concerns, adding to pressure on investor sentiment.

As of 2:18 PM, the Nifty 50 declined 385.85 points, or 1.71 per cent, to 22,217.20. The BSE Sensex fell 1,140.36 points, or 1.57 per cent, to 71,498.34.

SBI Life Insurance Company, SBI Life Insurance Company, and Bajaj Finance were among the Top Losers in the Nifty 50.

Among sectors, the Nifty IT index emerged as the top gainer, while the Nifty Realty index declined the most, reflecting broad-based weakness in the domestic market.

Market Update at 01:10 PM: The Indian benchmark indices traded in a narrow range on Wednesday as traders assessed the outcome of the Reserve Bank of India's policy meeting.

The RBI hiked the repo rate by 25 basis points to 5.5 per cent and changed its monetary policy stance to calibrated tightening. The move marked the central bank's first rate hike in four years amid mounting price pressures.

As of 1:00 PM, the Sensex fell 244.19 points, or 0.33 per cent, to 72,823.62, while the Nifty 50 declined 124.40 points, or 0.55 per cent, to 22,651.70.

In the broader market, the Nifty MidCap index fell 0.43 per cent, while the Nifty SmallCap index gained 0.09 per cent.

Among sectors, the Nifty PSU Bank and Nifty Private Bank indices advanced following the RBI's policy announcement. The Nifty Metal index was the biggest laggard during the session.

Market Update at 12:15 PM: The Indian benchmark indices extended their losses on Thursday as rising crude oil prices intensified the risk-off sentiment across domestic equities. Brent crude prices rose nearly 3 per cent amid supply concerns, adding pressure on investor sentiment.

As of 12:00 PM, the Sensex fell 632.02 points, or 0.87 per cent, to 72,006.68, while the Nifty 50 declined 231.95 points, or 1.03 per cent, to 22,371.10.

Among the Nifty 50 constituents, SBI Life Insurance Company and Bajaj Finance were among the top losers during the session.

Sector-wise, the Nifty IT index emerged as the top gainer, while the Nifty Realty index declined the most, reflecting continued weakness across interest-rate-sensitive and domestic-focused segments.

Market Update at 09:30 AM: The Nifty 50 and the Sensex were trading lower in early deals as global equities declined amid an extended rise in bond yields, weighing on investor sentiment.

As of 9:18 AM, the Sensex fell 168.88 points, or 0.23 per cent, to 72,469.82, while the Nifty 50 declined 57.25 points, or 0.25 per cent, to 22,545.80.

SBI Life Insurance Company, SBI Life Insurance Company, and Bajaj Finance were among the top losers in the Nifty 50.

Among sectors, the Nifty IT index gained the most, while the Nifty Realty index declined the most, indicating mixed performance across the broader market.

Pre-Market Update at 7:30 AM: GIFT Nifty at 22,551.50, as of 6:58 AM IST on October 8, indicated a weak start for domestic equities. The index was 51.55 points, or 0.23 per cent, below the previous Nifty 50 close of 22,603.05.

The cautious opening indication follows a weaker session for Indian equities, continued foreign institutional selling and broad declines across U.S., European and major Asian markets. Elevated crude prices and developments around the Strait of Hormuz are also likely to remain important for domestic risk appetite.

Minutes from the U.S. Federal Reserve’s September 15-16 meeting showed that most policymakers viewed another interest-rate increase by the end of the year as likely to be appropriate. All participants had supported the 25-basis-point rate increase in September, taking the target range to 3.75 per cent-4.00 per cent.

The outlook for tighter U.S. financial conditions remains relevant for emerging markets, including India, as it could influence foreign flows, the rupee and valuation-sensitive segments of the equity market. The U.S. 10-year Treasury yield stood at 5.304 per cent, up 0.009 percentage points.

Developments around the Strait of Hormuz also remain a key market trigger. The U.S. has said the Strait of Hormuz remains open, while Iran has claimed full control, according to reports, amid an Iran-war-driven oil and supply-risk backdrop. Any perceived disruption to shipping through the route could have implications for global crude supplies.

For India, a major oil importer, sustained high crude prices could affect inflation, the current account and the rupee. Oil marketing companies, aviation, paints, chemicals and transport-related businesses may remain in focus as energy costs stay elevated.

Tata Consultancy Services is scheduled to announce its July-September quarter results today, marking the beginning of the IT sector’s earnings season. Investors will track its commentary on demand conditions, discretionary technology spending, deal pipeline, margins, artificial intelligence monetisation, acquisitions and hiring.

During the quarter, TCS secured a USD 1.45 billion Porsche deal and announced a Rs 70,000 crore data-centre project in Hyderabad. The company’s outlook could have implications for the broader IT services sector and near-term earnings expectations.

U.S. markets ended lower in the previous session. The Dow Jones Industrial Average declined 0.66 per cent to 51,179.87, while the S&P 500 slipped 0.22 per cent to 7,801.77. The Nasdaq also fell 0.22 per cent to 27,538.69.

Asian markets were broadly weak in early trade. Japan’s Nikkei was down 0.98 per cent at 69,348.37, while Hong Kong’s Hang Seng declined 0.62 per cent to 24,130.50. The Shanghai Composite, however, rose 0.31 per cent to 3,842.19.

European markets also closed lower in the previous session. Germany’s DAX fell 1.35 per cent, France’s CAC 40 declined 1.22 per cent and the UK’s FTSE 100 was down 0.79 per cent.

Brent crude was trading at USD 101.53 per barrel as of 7:00 AM IST on October 8, up 0.32 per cent. WTI crude stood at USD 90.95 per barrel, higher by 0.29 per cent. With Brent remaining above USD 100 per barrel, developments related to Middle East supply risks may remain closely watched by Indian markets.

Gold rose 0.38 per cent to USD 4,128.88, while silver gained 0.65 per cent to USD 60.28. The increase in precious metals comes amid heightened global economic and geopolitical concerns.

The Dollar Index was largely unchanged, down 0.02 per cent at 102.218. The rupee traded around Rs 96.66 per U.S. dollar, with USD/INR lower by 0.11 per cent.

Foreign institutional investors were net sellers of Indian equities worth Rs 6,121.37 crore on October 7, while domestic institutional investors were net buyers to the tune of Rs 4,596.57 crore. The contrast between overseas selling and domestic buying remains an important liquidity indicator, particularly after a weak domestic session and amid a firmer U.S. yield environment.

The Nifty 50 closed 173.05 points lower, or 0.76 per cent, at 22,603.05 on October 7. The index moved between 22,546.30 and 22,717.65 during the session.

The Sensex fell 429.11 points, or 0.59 per cent, to settle at 72,638.70. It touched an intraday high of 73,018.82 and a low of 72,468.72.

India VIX rose 1.98 per cent to 13.88, indicating higher expected volatility. However, the movement in India VIX does not by itself indicate a specific market direction.

PTC Industries has launched a qualified institutional placement with a floor price of Rs 22,150 per share. The company is seeking to raise up to Rs 1,800 crore, according to people familiar with the matter.

The proceeds are intended for debt repayment, Aerolloy Technologies’ working capital, plant and machinery, and investment in Trac Precision Solutions. The fundraise is material for the company’s Aerospace, Defence and precision-manufacturing expansion plans, while also raising dilution considerations.

Bharti Airtel has increased postpaid tariffs by Rs 50 and introduced revised plans that include one complimentary international-roaming trip annually for five days. The revised tariffs have taken effect immediately.

The tariff revision may be watched for its potential implications for postpaid average revenue per user and pricing discipline across the telecom sector.

CARE Ratings has upgraded Adani Enterprises’ long-term rating to CARE AA; Stable from CARE AA-; Stable. It has also reaffirmed the company’s short-term rating at CARE A1+.

The upgrade covers bank facilities and instruments, including Rs 16,505 crore of bank facilities. CARE cited stronger financial flexibility following Adani Enterprises’ Rs 15,000 crore qualified institutional placement and an agreement to sell a 5.54 per cent stake in Adani Airports Holdings.

Ola Electric Mobility has fixed the price for its rights issue at Rs 27 per equity share, with an issue size of up to Rs 1,000 crore. The rights issue price is about 26 per cent below the prevailing market price, with the payment structured in two calls.

The record date is October 13, 2026, and Chairman Bhavish Aggarwal is expected to subscribe to his full entitlement. The proposed fundraise is significant for the company’s capital requirements, although the discounted issue price also brings dilution considerations.

Disclaimer: The article is for informational purposes only and not investment advice.

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