The Indian equity benchmarks, BSE Sensex and NSE Nifty, concluded the trading week on a negative note for the second consecutive session on Friday, May 8, 2026. The market downturn was primarily driven by significant selling pressure across banking and energy sectors, exacerbated by a fragile US-Iran ceasefire agreement.
At the close of trading, the 30-share Sensex tumbled 516.33 points, marking a 0.66 percent decline, to settle at 77,328.19. Similarly, the broader Nifty 50 index fell 150.50 points, or 0.62 percent, closing below the 24,200 mark at 24,176.15.
SBI Plunges Post-Q4 Earnings
State Bank of India (SBI) emerged as the top laggard among Sensex constituents, with its shares plunging 6.75 percent to Rs 1018.05 on the BSE. This significant drop followed the announcement of its fourth-quarter (Q4FY26) earnings earlier in the day, which seemingly disappointed investors.
Titan Company Rises After Q4 Results
In contrast, Titan Company shares showed resilience, jumping 4.64 percent to close at Rs 4508.45. The jewellery and watch retailer's positive performance came on the heels of its own Q4 results for the quarter ended March 31, 2026, which were well-received by the market.
Other Major Movers
Beyond SBI, other significant decliners on the Sensex included HDFC Bank, which fell 1.83 percent, Bajaj Finance (down 1.76 percent), Axis Bank (shedding 1.60 percent), UltraTech Cement (losing 1.55 percent), and Mahindra & Mahindra (M&M), which dropped 1.45 percent. On the gaining side, alongside Titan Company, Asian Paints and Adani Ports were among the few to register gains on the 30-pack index.
Notably, a handful of heavyweights contributed substantially to the Sensex's overall decline. These included State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, and Larsen & Toubro (L&T), whose collective fall exerted considerable downward pressure on the index.
Sectoral Performance
Sectoral indices also reflected the broad-based selling. The BSE Energy index declined 0.85 percent to 11,888.44. The financial services sector was hit particularly hard, with the BSE Financial Services index plunging 1.24 percent to 12,264.14, and the PSU Bank index seeing an even steeper drop of 2.71 percent to settle at 4,706.20.