Post Session: Quick Review

Indian equity benchmarks ended lower on Friday, with both the Nifty and Sensex closing over half a percent down amid weak global cues. After making a negative start, the indices remained under pressure throughout the session as renewed geopolitical tensions following fresh U.S.-Iran clashes in the Strait of Hormuz jolted hopes for a deal to end the 10-week conflict and reopen the crucial waterway.

Some of the important factors in trade:

Continued foreign investor selling: Investors turned cautious as Foreign Institutional Investors (FIIs) remained net sellers, pulling out Rs 340.89 crore from equities on May 7, 2026.

ICRA forecasts 5-5.5% growth in power demand: Traders overlooked rating agency ICRA’s latest report, which stated that power demand is likely to increase by 5.0-5.5% in 2026-27, against a tepid growth of around 1% in 2025-26, supported by the agricultural and household sectors.

Foreign Secretary Vikram Misri meets UAE Minister: Traders took note of the Ministry of External Affairs (MEA) 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 

On the global front: European markets were trading in red as investors weigh escalating US-Iran tensions and brace for the release of the April U.S. jobs report later in the day for directional cues. Asian markets closed mostly in red tracking negative cues from Wall Street overnight.

The BSE Sensex ended at 77328.19, down by 516.33 points or 0.66% after trading in a range of 77146.43 and 77647.44. There were 11 stocks advancing against 19 stocks declining on the index, while one stock remained unchanged. (Provisional)

The top gaining sectoral indices on the BSE were Consumer Durables up by 2.01%, IT up by 1.20%, TECK up by 0.86%, Healthcare up by 0.31%, and Consumer discretionary up by 0.14%, while PSU down by 1.81%, Bankex down by 1.18%, Oil & Gas down by 1.03%, Energy down by 0.92% and Metal down by 0.87% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Titan Company up by 4.64%, Asian Paints up by 2.79%, Adani Ports and Special Economic Zone up by 1.58%, Infosys up by 1.44% and HCL Technologies up by 1.25%. On the flip side, SBI down by 6.62%, HDFC Bank down by 1.84%, Bajaj Finance down by 1.76%, Axis Bank down by 1.60% and Ultratech Cement down by 1.55% were the top losers. (Provisional)

Meanwhile, in a significant move to enhance the nation's share in global shipping, the Ministry of Ports and Shipping has extended the subsidy scheme for the promotion of flagging of merchant ships in India for a further period of five years until the financial year 2030-31. In order to achieve the objective of Atmanirbhar Bharat, in July 2021, the Union Cabinet approved a scheme with an outlay of Rs 1,624 crore over five years. This scheme aims to provide subsidies to Indian shipping companies participating in global tenders issued by Ministries and Central Public Sector Enterprises (CPSEs) for importing government cargo such as crude oil, LPG (Liquid Petroleum Gas), Coal, and Fertilizers. Finance Minister Nirmala Sitharaman, in her Union Budget for 2021-22 speech, had announced a scheme. 

According to the scheme, for a ship flagged in India after February 1, 2021, which is less than 10 years old at the time of flagging, a subsidy is given at 15 per cent of the quote offered by the lowest bidding foreign company (LI), or the actual difference between the quote offered by the Indian-flagged vessel exercising Right of First Refusal (ROFR) and the quote offered by the L1 foreign company, whichever is less.

For existing Indian-flagged ships aged less than 10 years on February 1, 2021, the subsidy support would be extended at 10 per cent of the quote offered by the L1 foreign bidder, or the actual difference between the quote offered by the Indian-flagged vessel exercising ROFR and the quote offered by the L1 foreign company, whichever is less. Ships older than 20 years are not eligible for any subsidy under the scheme.

The CNX Nifty ended at 24176.15, down by 150.50 points or 0.62% after trading in a range of 24126.65 and 24253.80. There were 21 stocks advancing against 29 stocks declining on the index. (Provisional)

The top gainers on Nifty were Titan Company up by 4.68%, Apollo Hospital up by 3.32%, Asian Paints up by 2.74%, Tata Consumer Products up by 2.13% and Adani Ports and Special Economic Zone up by 1.59%. On the flip side, SBI down by 6.66%, Coal India down by 2.20%, HDFC Bank down by 1.91%, Axis Bank down by 1.89% and Bajaj Finance down by 1.79% were the top losers. (Provisional)

European markets were trading lower; Germany’s DAX lost 290.31 points or 1.19% to 24,373.30, France’s CAC fell 70.05 points or 0.85% to 8,132.03, and UK’s FTSE 100 decreased 32.51 points or 0.32% to 10,244.44.

Asian markets settled mostly lower on Friday tracking Wall Street’s fall overnight and as renewed tensions between the US and Iran in the Strait of Hormuz drove oil prices back above the $100 a barrel mark and revived inflation worries. US President Donald Trump insisted that the ceasefire remained in effect but warned of harsher military action if no deal is signed quickly. Hong Kong shares dropped, largely driven by caution ahead of key earnings reports from tech giants Alibaba and Tencent scheduled for next week. Japanese markets fell on profit-taking after recent gains, while the yen traded moderately higher against the US dollar on intervention fears and expectations of a hawkish shift at the Bank of Japan ahead of US Treasury Secretary Scott Bessent's visit to Tokyo next week. China’s Shanghai Composite closed flat as investors remained cautious following recent US-Iran military tensions and the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing on May 14-15, 2026. Discussions are expected to cover critical issues including trade tariffs, technology competition, and fentanyl control. However, Seoul shares ended slightly higher as gains in AI-related chip stocks continued to support investor sentiment. Meanwhile investors globally awaited the release of the US non-farm payrolls report later in the day for directional cues after private sector job growth soared in April.