Indian equity markets have made negative start and are trading lower with cut of around half percent in early deals on Friday on account of selling by funds and retail investors. Hectic selling in HDFC Bank, Axis Bank, Eternal, Bajaj Finance and Reliance Industries companies’ stocks dragged both the Sensex and the NSE below their crucial 77,500 and 24,250 levels. Sentiments were weak amid continued foreign investor selling and concerns over rising geopolitical tensions in West Asia. Foreign Institutional Investors (FIIs) remained net sellers, pulling out Rs 340.89 crore from equities on May 7, 2026. Weak cues from the global market also weighed on the domestic sentiments. Traders were cautious after the U.S. and Iran traded fire in the Strait of Hormuz, with each side claiming the other initiated the attack.
On the global front, Asian markets were trading in red, following negative cues from the US markets overnight, as concerns grew over renewed hostilities between Iran and the U.S. amid a fragile ceasefire. Back home, on the BSE sectoral front, traders were seen piling up positions in Healthcare, IT, Capital Goods, Consumer Durables and TECK, while selling was witnessed in Energy, Oil & Gas, Bankex, Metal and Telecom.
The BSE Sensex is currently trading at 77415.79, down by 428.73 points or 0.55% after trading in a range of 77291.72 and 77647.44. There were 9 stocks advancing against 21 stocks declining on the index.
The top gaining sectoral indices on the BSE were Healthcare up by 0.59%, IT up by 0.49%, Capital Goods up by 0.35%, Consumer Durables up by 0.11% and TECK up by 0.05%, while Energy down by 0.85%, Oil & Gas down by 0.80%, Bankex down by 0.68%, Metal down by 0.56% and Telecom down by 0.46% were the top losing indices on BSE.
The top gainers on the Sensex were Adani Ports up by 1.62%, Asian Paints up by 1.02%, Tech Mahindra up by 0.63%, Bharat Electronics up by 0.50% and Infosys up by 0.42%. On the flip side, HDFC Bank down by 1.34%, Axis Bank down by 1.27%, Eternal down by 1.22%, Bajaj Finance down by 1.02% and Reliance Industries down by 0.91% were the top losers.
Meanwhile, the Ministry of External Affairs (MEA) has said that Foreign Secretary Vikram Misri has paid an official visit to the United Arab Emirates (UAE) on May 7, 2026, where he held meeting with UAE Minister of State for International Cooperation Reem Al Hashimy in Abu Dhabi and exchanged views on the prevailing situation in the West Asia region and other regional and global issues of mutual interest. Hashimy is also the UAE's special envoy for India.
MEA said both sides reviewed the full spectrum of the India-UAE Comprehensive Strategic Partnership and identified areas for further cooperation. They also reviewed ongoing bilateral cooperation in the areas of trade, investment, economic cooperation, energy, connectivity, defence and security, fintech, health, education, culture and people to people connections. The two sides also identified new initiatives to further deepen the bilateral Comprehensive Strategic Partnership. It said Misri and Hashimy positively assessed the progress made on the decisions taken during the visits to India by UAE President Sheikh Mohamed bin Zayed Al Nahyan and Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan this year.
The ministry further said the foreign secretary also participated in a trilateral meeting under the India-France-UAE framework, along with Hashimy, and Martin Briens, Secretary General of the Ministry for Europe and Foreign Affairs of France. The three sides reaffirmed their commitment to the trilateral partnership and agreed on a structured roadmap with defined timelines.
The CNX Nifty is currently trading at 24207.15, down by 119.50 points or 0.49% after trading in a range of 24158.15 and 24253.80. There were 14 stocks advancing against 36 stocks declining on the index.
The top gainers on Nifty were Apollo Hospital up by 2.14%, Adani Ports up by 1.59%, Asian Paints up by 0.92%, Tata Consumer up by 0.88% and Tech Mahindra up by 0.76%. On the flip side, Coal India down by 1.59%, HDFC Bank down by 1.36%, Axis Bank down by 1.35%, Eternal down by 1.21% and Bajaj Finance down by 1.03% were the top losers.
All Asian markets were trading lower; Nikkei 225 slipped 408.84 points or 0.65% to 62,425.00, Taiwan Weighted lost 322.96 points or 0.78% to 41,610.82, Jakarta Composite plunged 10.65 points or 0.15% to 7,163.67, Shanghai Composite weakened 17.82 points or 0.43% to 4,162.27, KOSPI dropped 54.15 points or 0.73% to 7,435.90, Hang Seng declined 315.28 points or 1.2% to 26,311.00 and Straits Times fell 27.84 points or 0.57% to 4,914.12.
