Nifty, Sensex Today: Markets decline for 2nd straight session as Crude Oil nears $100 a barrel

8 Sep 2026 , 06:26 PM

Closing Bell: Nifty Slips Below 23,650 as Financials Drag Sensex Down 555 Points, Brent Crude Crosses $100 a Barrel

Indian benchmark indices – Nifty and Sensex, ended Tuesday’s session at a lower edge (08^th September) declining for a second straight session. The Nifty index declined below the 23,650 mark against heavy selling in banking and insurance stocks. The index fell 144.05 points to close at 23,635.10 and the Sensex declined 555.23 points to close at 75,577.58, touching its lowest close since mid-June. Bank Nifty declined 310.75 points to settle at 56,777.55. Financial Services led the decline in the market as SBI Life, ICICI Bank and Axis Bank fell sharply, tracking escalating Middle East tensions and Brent crude crossing the $100-a-barrel mark. Pharma, FMCG and Energy stocks provided some cushion, with Bharat Electronics gaining 1.62% to lead the day’s advancers.

Market Overview: Nifty, Sensex, and Bank Nifty Performance

• Nifty 50 closed at 23,635.10, down 144.05 points (-0.61%)

• Sensex ended at 75,577.58, down 555.23 points (-0.73%)

• Nifty Bank settled at 56,777.55, down 310.75 points (-0.54%)

Top Gainers

1. Bharat Electronics Limited — closing at 410.55 up by 1.62%

2. Hindustan Unilever Limited — closing at 1,980.00 up by 1.02%

3. Oil and Natural Gas Corporation Limited — closing at 236.00 up by 0.98%

4. Eicher Motors Limited — closing at 7,747.50 up by 0.98%

5. Adani Ports and Special Economic Zone Limited — closing at 1,710.00 up by 0.93%

Top Losers

1. SBI Life Insurance Company Limited — closing at 1,696.60 down by 2.04%

2. ICICI Bank Limited — closing at 1,399.40 down by 1.97%

3. Axis Bank Limited — closing at 1,244.90 down by 1.67%

4. UltraTech Cement Limited — closing at 11,009.00 down by 1.49%

5. Larsen & Toubro Limited — closing at 3,946.10 down by 1.32%

Trending Stocks

1. SBI Life Insurance Company Limited —

• Closed at ₹1,696.60, down 2.04%

⮚ Financial Services Led the Market Lower: SBI Life ranked on the top of the losers’ list as the Nifty Financial Services index fell around 0.93%. Thus, becoming the biggest sectoral drag of the session, with banking and insurance counters under broad selling pressure.

⮚ Rising Crude Oil Added to Risk-Off Mood in Rate-Sensitive Stocks: Brent crude crossing $100 a barrel kept investors cautious on financials and other rate-sensitive segments, as elevated oil prices raised concerns about inflation and interest rates.

2. Bharat Electronics Limited —

• Closed at ₹410.55, up 1.62%

⮚ Defensive Rotation Supported Quality Large caps: With financials under pressure, investors rotated into safer large cap names in defence sector – helping Bharat Electronics lead the day’s gainers alongside FMCG and Energy stocks.

⮚ Broader Market Breadth Stayed Positive: Nifty Midcap and SmallCap indices both edged higher even as benchmark indices fell, reflecting selective buying interest away from the beaten-down financial space.

Sectoral Performance Index

Indices	Change
Nifty Pharma	+0.77%
Nifty FMCG	+0.35%
Nifty Energy	+0.32%
Nifty Auto	+0.28%
Nifty Metal	+0.02%
Nifty Realty	-0.05%
Nifty Consumer Durables	-0.24%
Nifty IT	-0.37%
Nifty Financial Services	-0.93%

Sectoral Performance & Key Reasons

Sectoral performance was mixed on Tuesday – 08th September 2026, with defensive sectors offsetting weakness in rate-sensitive financials. Nifty Financial Services (-0.93%) was the biggest declining index, with ICICI Bank, Axis Bank and SBI Life all declining sharply. Nifty IT (-0.37%) and Nifty Consumer Durables (-0.24%) also ended lower. On the other hand, Nifty Realty (-0.05%) and Nifty Metal (+0.02%) stayed largely flat. Nifty Pharma (+0.77%) closed as the top-performing sector for a second straight session, followed by FMCG (+0.35%), Energy (+0.32%) and Auto (+0.28%).

Main Reasons for Stock Market Down Today

1. Heavy Selling in Banking and Insurance Stocks Dragged the Market

The Nifty Financial Services index fell around 0.93%, becoming the worst-performing sector of the session. Financial stocks carry the heaviest weight in both the Nifty and Sensex index, so weakness here reflected the impact on the benchmark indices.

2. Brent Crude Crossing $100 a Barrel Rattled Investor Sentiment

Brent crude inched above $100 a barrel over 1.2% for the first time in months, driven by renewed concerns over global supply disruptions. Higher crude prices are a major worry for oil-importing countries like – India, threatening to widen the current account deficit and stoke inflation.

3. Persistent Middle East Geopolitical Tensions Kept Risk Appetite Subdued

Continuing US-Iran tensions and concerns over potential disruptions to Gulf energy supplies kept global investors cautious. Iran’s warnings of possible retaliation added to the uncertainty, weighing on sentiment across Asian markets, including India.

4. Second Consecutive Session of Losses Pushed Indices to a Multi-Week Low

The Sensex closed at its lowest level since mid-June, extending Monday’s decline as profit-booking continued at higher levels. The Nifty’s fallback to reclaim the 23,750-23,800-zone kept the near-term technical structure weak.

5. Cautious Global Cues Limited Buying Interest

Global markets traded mixed as investors tracked rising energy costs, Federal Reserve rate expectations, and global bond yield movements. Asian markets were mixed, with gains in South Korea and Japan, offset by weakness in Hong Kong

Summary

Indian benchmark indices ended lower for a second straight session on 8 September 2026, dragged down by sharp fall in banking and insurance stocks as Brent crude crossed $100 a barrel and persistent Middle East tensions. Pharma, FMCG and Energy stocks offered some support, with Bharat Electronics leading gains as investors rotated into defensive and quality large cap names.