Markets opened lower on Tuesday, September 8, 2026, extending the previous session’s losses as elevated prices and escalating US-Iran tensions kept investor sentiment subdued. The , which closed at 76,132.81 on Monday, opened at 75,970.28 and was trading at 75,759.85, down 372.96 points or 0.49 per cent, as of 9.41 AM. The 50, which settled at 23,779.15 in the previous session, opened at 23,743.10 and slipped further to 23,682.50, down 96.65 points or 0.41 per cent, at the same time.
The market is now in its fifth consecutive week of a slow but steady decline. “Elevated crude prices, selling in IT stocks, fears of a Fed rate hike this month and a booming IPO market which is sucking lots of money have contributed to this slow grind down in the market,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. “Since the macro construct which contributed to this downtrend persists, it is possible that the downtrend may continue in the near-term.”
Brent crude was hovering near $97 a barrel — close to a six-week high — while WTI crude closed above $92 in the previous session, rising more than 1 per cent as US and Iranian attacks on vessels in and around the Strait of Hormuz raised fears of prolonged supply disruptions. India’s average crude import price, the Indian Basket, surged to $101 per barrel on Friday and is averaging $99 per barrel in September, up sharply from $83 per barrel in June and $90 per barrel in August, according to HDFC Securities.
“Brent crude is hovering near $95, keeping pressure on risk sentiment and raising concerns over inflation and growth prospects for oil-importing economies such as India,” said Hitesh Tailor, Technical Research Analyst at Choice Broking. “Asian markets remain uneven, while investors continue to assess escalating Middle East tensions and their impact on energy supplies.”
Monday’s session saw broad-based selling across IT, metals, PSU banks and media. The media index fell 3 per cent and the IT index declined 2.28 per cent, while pharma and healthcare stocks saw selective intraday buying and were the lone sectors to buck the broader trend.
On the Nifty 50 leaderboard, BEL led gainers, opening at ₹408.00 and trading at ₹411.85, up 1.94 per cent. HDFC Life followed, gaining 1.49 per cent to ₹541.15 against a previous close of ₹533.20. Hindalco rose 1.23 per cent to ₹1,018.40, Coal India added 0.47 per cent to ₹420.80, and Nestle India edged up 0.35 per cent to ₹1,402.90.
On the losing side, Trent was the top decliner, falling 1.33 per cent to ₹2,777.00 from a previous close of ₹2,814.50. Shriram Finance dropped 1.18 per cent to ₹1,024.80, Mahindra & Mahindra slipped 1.08 per cent to ₹3,125.90, Bharti Airtel fell 0.98 per cent to ₹1,835.90, and Asian Paints declined 0.88 per cent to ₹2,478.90.
Defence stocks are expected to attract attention after the Defence Acquisition Council, chaired by Defence Minister Rajnath Singh, accorded Acceptance of Necessity for acquisition proposals estimated at ₹1.10 lakh crore, with approximately 98 per cent of planned procurements targeted at Indian industry.
Despite Monday’s market decline, institutional flows provided some cushion. Foreign Institutional Investors turned net buyers with an inflow of ₹280 crore, while Domestic Institutional Investors recorded net buying of ₹566 crore, for a combined institutional inflow of ₹846 crore.
“…this trend is opening up opportunities for investors in large-caps which continue to remain weak despite improving fundamentals,” said Vijayakumar. “Instead of trying to time the market, investors can think about changing the weightage of portfolios towards large-caps where the risk-reward is favourable.”
On commodities, gold oscillated above $4,400 as stronger-than-expected US payrolls kept Federal Reserve rate hike expectations elevated. “Investors now await this week’s US inflation data for further clues on the Fed’s next policy move,” said Deveya Gaglani, Senior Research Analyst – Commodities, Axis Direct. LME Copper rose past $14,500 a tonne, touching a record amid tariff-related disruptions in metals markets.
Globally, Asian markets were mixed. Japan’s Nikkei 225 was up 0.4 per cent, South Korea’s Kospi surged more than 2.7 per cent, while the Hang Seng was trading 0.9 per cent lower. GIFT Nifty was indicating a largely flat-to-weak opening around 23,781–23,797.
Technically, the Nifty is trading below its key moving averages with RSI at 34.72, reflecting fragile near-term momentum. “For day traders, 23,800/76,200 will act as a key resistance zone. Below this, a correction wave is likely to continue,” said Shrikant Chouhan, Head of Equity Research, Kotak Securities, adding that the market could slide towards 23,670–23,600 on the downside. Bank Nifty closed Monday at 57,088.30, down 281.35 points, with immediate support at 56,500–56,700 and resistance at 57,400–57,500.