The Indian stock market experienced significant declines in early trading, with the S&P BSE Sensex dropping 894.99 points or 1.16%, settling at 76,434.20. The Nifty 50 index also fell by 230.60 points or 0.98%, reaching 23,940.45. All sectoral indices on the National Stock Exchange (NSE) were in the red, with consumer durables, media, and realty shares witnessing the largest declines. The market breadth was weak, with 1,124 shares advancing against 2,218 shares declining on the Bombay Stock Exchange (BSE). Foreign portfolio investors (FPIs) sold shares worth ₹4,110.60 crore while domestic institutional investors (DIIs) purchased shares worth ₹6,748.13 crore on May 8, 2026. Notable stocks included Shipping Corporation of India, which surged 7.73% after reporting a 118.5% year-on-year increase in net profit for Q4 FY26. Meanwhile, Kalyani Steels saw a decline of 2.72% following a 10.51% drop in net profit. The yield on India's 10-year benchmark federal paper rose to 7.033%, and the rupee depreciated against the dollar, trading at 94.9150. Global markets showed mixed results amid rising oil prices and geopolitical tensions.