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Sustained selling drags Indian indices near day’s lows
Oct-08-2026

A sustained selling dragged Indian equity benchmarks near their intraday low points in early afternoon session. Sentiment remained subdued following the RBI’s shift towards a calibrated tightening stance, persistent FIIs selling and elevated crude oil prices.

Both Sensex and Nifty were facing heavy selling pressure, amid broad-based sell-off, with metal, energy and other heavyweight stocks coming under pressure. Negative cues from other Asian markets also dented domestic sentiments. However, IT stocks bucked the broader selling trend, emerging as a bright spot in an otherwise weak market, with investors remaining optimistic ahead of the September quarter earnings season.

All Asian markets were trading lower, even after South Korea posted a current account surplus of $46.11 billion in August, up from $42.08 billion in July. The goods account saw a $46.81 billion surplus as exports surged 82.1 percent to $104.80 billion and as imports increased spiked 23.8 percent to $57.99 billion, both compared to one year earlier.

The BSE Sensex is currently trading at 71788.20, down by 850.50 points or 1.17% after trading in a range of 71735.91 and 72693.97. There were 7 stocks advancing against 23 stocks declining on the index.

The lone gaining sectoral index on the BSE was IT up by 0.51%, while Utilities down by 3.34%, Metal down by 3.19%, Power down by 3.11%, Energy down by 2.53% and Oil & Gas down by 2.50% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 1.14%, Titan Company up by 1.14%, TCS up by 1.08%, HCL Technologies up by 0.92% and Infosys up by 0.92%. On the flip side, ITC down by 3.75%, Adani Ports & SEZ down by 3.64%, Interglobe Aviation down by 2.93%, Power Grid down by 2.57% and Reliance Industries down by 2.30% were the top losers.

Meanwhile, against the backdrop of 25 basis points policy repo rate hike by the Reserve Bank of India (RBI), apex exporters body - Federation of Indian Export Organisations (FIEO) has raised concerns over higher borrowing costs leading to rise in financial burden on exporters, particularly MSMEs, at a time when global trade is facing heightened uncertainty. 

FIEO President S C Ralhan has noted that geopolitical tensions, volatile energy prices, supply-chain disruptions, longer transit times and delays in payments are extending the export working-capital cycle and higher interest costs in such scenarios can adversely affect the competitiveness of Indian exporters, especially those operating on thin margins.

In order to weather through the global uncertainty, he has urged the RBI to provide greater flexibility in export finance by extending the period of pre-shipment and post-shipment export credit from the existing 270 days to 450 days because of longer shipping and transit periods, logistics disruptions and delayed realisation of export proceeds.

He added that such an extension would provide much-needed breathing space to exporters and enable them to honour their international commitments without facing undue financial stress. He further suggested that targeted liquidity support and adequate availability of affordable export credit should accompany the calibrated tightening stance.

The CNX Nifty is currently trading at 22275.70, down by 327.35 points or 1.45% after trading in a range of 22272.90 and 22599.05. There were 8 stocks advancing against 42 stocks declining on the index.

The top gainers on Nifty were TCS up by 1.10%, Infosys up by 0.87%, HCL Technologies up by 0.74%, Titan Company up by 0.69% and Tech Mahindra up by 0.56%. On the flip side, Adani Enterprises down by 6.46%, ITC down by 4.14%, JSW Steel down by 4.07%, Adani Ports & SEZ down by 3.98% and Max Healthcare down by 3.79% were the top losers.

All Asian markets were trading lower; Jakarta Composite plunged 86.26 points or 1.4% to 6,060.46, KOSPI dropped 177.97 points or 2.69% to 6,625.93, Taiwan Weighted lost 492.93 points or 1% to 49,313.44, Hang Seng declined 359.5 points or 1.49% to 23,771.00, Nikkei 225 slipped 750.71 points or 1.08% to 69,285.00, Straits Times fell 193.07 points or 3.44% to 5,415.37 and Shanghai Composite weakened 30.29 points or 0.79% to 3,811.90.
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