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Stock market today, 8 May 2026: Driven by a sharp cooling in crude oil prices amid optimism surrounding a potential US–Iran peace agreement, the key benchmark indices of the Indian stock market remained volatile and ended flat on Thursday. The Nifty 50 index ended marginally lower at 24,326. The BSE Sensex shed 114 points and closed at 77,844. The Bank Nifty index added 66 points and closed at 56,047.
Sectorally, the trend remained mixed, with auto, energy, and realty stocks leading the gains, while FMCG and IT traded under pressure. Broader markets continued to outperform, with the midcap index hitting a fresh record high and gaining over 1%, while the smallcap index also advanced nearly 1%, reflecting sustained risk appetite and improving market breadth.
Driven by a fresh US-Iran clash, WTI crude oil prices today opened higher and reached an intraday high of $98.02/bbl. By 6:50 AM IST, WTI crude oil was trading around $96 per barrel, up 1.25% from yesterday's close. This put pressure on the Gift Nifty live chart. The Index opened lower at 24,309 and touched an intraday low of 24,281. By 7:30 AM, the index was oscillating around 24,295, over 100 points lower than yesterday's close.
Gift Nifty signals a potential gap-down opening for the Indian stock market, trading over 100 points lower than the previous day's close, indicating a cautious start due to geopolitical tensions.
Crude oil prices have moved higher, trading in the $95–99 per barrel range, due to geopolitical instability. Elevated oil prices are a key macro concern for emerging markets like India and are influencing market sentiment.
For Nifty 50, key support is seen at 24,200 and resistance at 24,400, with potential upside towards 24,600. For Sensex, support levels are 77,700/77,200 and resistance is around 78,400-78,600.
Market experts have recommended several stocks for intraday trading, including BSE, CG Power, Emcure Pharma, KFin Tech, IRFC, GE Vernova, DFCX Systems, and NELCO, with specific buy targets and stop-loss levels provided.
The Bank Nifty index is showing a cautiously constructive setup. Immediate resistance is seen in the 56,300–56,400 zone, while the 55,400–55,200 range acts as immediate support to preserve the ongoing recovery structure.
Expecting a cautious start for the Indian stock market today, Ponmudi R, CEO of Enrich Money, said, “Indian equity markets are expected to remain cautious and highly sensitive to news flow, as escalating geopolitical tensions in the Middle East continue to weigh heavily on investor sentiment despite periodic relief rallies.”
The latest exchange of fire between the U.S. and Iran near the Strait of Hormuz has further heightened uncertainty, even as Donald Trump called on Tehran to accept the U.S. proposal and reiterated that Washington doe$90 earlier, have once again moved higher and are currently trading in the $95–99 per barrel range, reflecting persistent concerns about “not seeking escalation”. The contrast between military confrontation and diplomatic messaging has kept investors on edge, curbing risk appetite and reinforcing a defensive undertone across global financial markets.
Crude oil prices, after cooling sharply toward the $90 level earlier, have once again moved higher and are currently trading in the $95–99 per barrel range, reflecting persistent concerns around supply disruptions and geopolitical instability. Elevated oil prices continue to remain a key macro concern for emerging markets, including India.
Following a rebound in WTI crude oil prices, gold and silver are trading cautiously in the early morning session. The COMEX gold rate today is around 0.50% higher at $4,735 per ounce, whereas the COMEX silver rate today is around 0.50% higher at $80.55/oz.
Speaking on the outlook of the Nifty 50 and Sensex today, Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “For day traders, 24,300/77,700 and the 20-day SMA (Simple Moving Average) or 24,150/77,200 would act as key support zones. As long as the market trades above these levels, the bullish sentiment is likely to continue. On the higher side, 24,480-24,575/78,400-78,600 would be the immediate resistance for the bulls. On the flip side, if the market falls below the 20-day SMA or 24,150/77,200, the uptrend could become vulnerable. Below these levels, traders may prefer to exit their long positions.”
On the outlook for the Bank Nifty today, Ponmudi R of Enrich Money said that, from a technical perspective, the 56,300–56,400 zone remains an important near-term resistance area, and a sustained move above this band could strengthen momentum toward the broader hurdle at the 56,800–57,000 levels. On the downside, the 55,400–55,200 range continues to act as immediate support, and maintaining above this region will be important to preserve the ongoing recovery structure.
“Overall, the broader setup remains mildly constructive with a cautious bias, while stronger momentum is likely to emerge only after a decisive breakout above the immediate resistance zone,” Ponmudi R said.
Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher, recommended these eight buy-or-sell stocks for intraday trading: BSE, CG Power, Emcure Pharma, KFin Tech, IRFC, GE Vernova, DFCX Systems, and NELCO.
1] BSE: Buy at ₹3964, Target ₹4242, Stop Loss ₹3825; and
2] CG Power: Buy at ₹859, Target ₹920, Stop Loss ₹829.
3] Emcure Pharma: Buy at ₹1665, Target ₹1730, Stop Loss ₹1615;
4] KFin Tech: Buy at ₹926, Target ₹975, Stop Loss ₹900; and
5] IRFC: Buy at ₹106, Target ₹112, Stop Loss ₹102.
6] GE Vernova: Buy at ₹4768, Target ₹5000, Stop Loss ₹4660;
7] DFCX Systems: Buy at ₹220.90, Target ₹237, Stop Loss ₹215; and
8] NELCO: Buy at ₹732, Target ₹775, Stop Loss ₹715.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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