Mumbai, October 8, 2026 (Yes Punjab News)
Indian equity markets witnessed a sharp sell-off on Thursday as a steep rise in global crude oil prices, concerns over prolonged high interest rates and continued foreign fund outflows weighed heavily on investor sentiment.
The Sensex fell 1,045.46 points, or 1.44 per cent, to close at 71,593.24, extending its decline for the second consecutive session. The index touched an intra-day low of 71,327.75.
The Nifty also declined sharply, falling 371.25 points, or 1.64 per cent, to settle at 22,231.80. During the session, it slipped to 22,179.90, its lowest level of 2026.
Global crude oil prices added to market concerns, with Brent crude rising 4 per cent and crossing the $104-per-barrel mark. The surge raised fears of renewed inflationary pressures and concerns that monetary conditions could remain tight for longer.
Market watchers said the Nifty’s close below its monthly 50-day Simple Moving Average (SMA) indicated a deterioration in its medium-term price structure. The index also breached the 22,550-22,600 and 22,400 support zones, bringing the psychologically important 22,000 level into focus.
Analysts said any recovery could face resistance around 22,400 and then 22,600.
Selling was broad-based, with only three Sensex constituents — Tech Mahindra, Axis Bank and Infosys — ending in positive territory.
ITC, IndiGo, Power Grid Corporation and Bharat Electronics were among the biggest losers, each declining more than 3 per cent. NTPC, Reliance Industries and Maruti Suzuki also ended among the major laggards.
Metal stocks faced particularly heavy selling, making the Nifty Metal index the biggest sectoral loser. In contrast, the Nifty IT index showed relative resilience and outperformed the broader market.
Broader markets also came under pressure. The Nifty MidCap index declined 2.53 per cent, while the Nifty SmallCap index fell 2.34 per cent as risk aversion intensified.
Market watchers said investor attention will now turn to the second-quarter earnings season, with management commentary on demand sustainability and the ability of companies to absorb higher input costs likely to influence near-term market direction.
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