The Indian stock market extended losses for a second consecutive session on 8 May 2026, with the Sensex falling 516 points (0.66%) to close at 77,328.19 and the Nifty 50 declining 151 points (0.62%) to settle at 24,176.15. Selling pressure was led by heavyweight lenders, including State Bank of India, HDFC Bank, ICICI Bank, and Axis Bank, which emerged as the top drags on the Sensex. According to reports from LiveMint, 18 of the 30 index constituents ended in the red, with overall market capitalisation of BSE-listed companies remaining largely steady at around ₹473 lakh crore, supported by strength in mid- and small-cap stocks.
Market expert Raja Venkatraman of NeoTrader has identified five stocks for trading on May 11, 2026. The recommendations include METROPOLIS Healthcare with a buy above ₹555, stop at ₹530 and target of ₹620 (multiday), BHARATFORG with buy above ₹1,993, stop at ₹1,990 and target of ₹2,175 (multiday), and TIMKEN India with buy above ₹3,600, stop at ₹3,480 and target of ₹3,890 (multiday). As reported by LiveMint, MarketSmith India has also recommended eClerx Services Ltd at ₹1,660-1,684 with target of ₹1,950 and stop loss of ₹1,520, and Action Construction Equipment Ltd at ₹940-955 with target of ₹1,070 and stop loss of ₹890. The Nifty treaded into strong resistance around 24,500 after a sharp surge from 24,000, with steady profit booking dragging markets lower despite positive cues.
Sectorally, market breadth was weak as most indices ended in the red, with PSU Banks bearing the brunt with a sharp 3% decline and Oil & Gas shedding 1%. Private banks, metals, energy, power, and realty indices also fell by around 0.5% each, while IT, healthcare, consumer durables, and FMCG bucked the trend and closed in positive territory. According to LiveMint, the BSE Midcap index edged down 0.05% while the BSE Smallcap index managed a modest gain of 0.15%, continuing its outperformance trend. The US-Iran deal in sight brought fair bit of upward traction as the dip in crude oil brought enthusiasm in equity markets, though Auto, Realty and Pharma stocks led strong upside while Energy counters faced disappointment.
METROPOLIS Healthcare Limited (CMP ₹549.50) shows a P/E ratio of 81.36, 52-week high of ₹564.83 with volume of 9.34M, while BHARATFORG (CMP ₹1,989.70) has a P/E ratio of 116.11 and 52-week high of ₹2,025 with volume of 3.4M. TIMKEN India Limited (CMP ₹3,595) shows a P/E ratio of 62.80 with 52-week high of ₹3,675 and volume of 107.65K. As reported by LiveMint, eClerx Services Ltd is recommended at ₹1,660-1,684 with target of ₹1,950 and stop loss of ₹1,520, while Action Construction Equipment Ltd is recommended at ₹940-955 with target of ₹1,070 and stop loss of ₹890. The Gift Nifty was trading around the 24,066 level, a discount of 169 points from the Nifty futures' previous close of 24,234.60, indicating a negative start for the Indian stock market.
Markets have been choppy with overall trends difficult to decipher, forcing a move to buy on dip and sell on rally approach. According to LiveMint, Ponmudi R, CEO of Enrich Money, stated that the Indian equity markets are likely to trade with a cautious undertone as investors continue to navigate evolving geopolitical developments and mixed global cues. Fresh concerns emerged after Donald Trump reportedly dismissed Iran's response to the latest US peace proposal as "totally unacceptable," dampening hopes of an immediate diplomatic breakthrough. The development has once again brought the Strait of Hormuz and broader risks of supply disruption in global energy markets back into focus. Crude oil prices remain elevated, currently trading in the $97–99 range, as markets continue to price in persistent geopolitical uncertainty and supply-side risks linked to Middle East tensions.
