Closing Bell: Nifty Plunges Over 2% as Heavyweights Drag; Midcaps See Muted Falls | 08 Jul 2026, 03:45 PM IST
By ThePip Desk
Indian equities witnessed a sharp decline today, with the Nifty 50 closing at 23903.00, down 2.03%. Despite 62% of Nifty stocks advancing, key heavyweights pulled the index lower.
Indian equity markets experienced a significant downturn on Wednesday, July 8, 2026, with benchmark indices closing sharply lower. The Nifty 50 concluded the session at 23903.00, registering a substantial decline of −495.70 points, or −2.03%. The broader market sentiment was also weak, as the Nifty Bank index fell by −1405.75 points (−2.42%) to settle at 56794.95. The NIFTY Midcap 100, while also declining, showed relative resilience compared to its larger counterparts, closing at 61400.40 with a drop of −884.90 points (−1.42%). Market breadth for the Nifty 50 saw 31 stocks advance against 19 declines, indicating that while a majority of constituents saw gains, the index’s downward movement was driven by significant selling pressure in heavily weighted stocks.
Benchmark Index Performance
| Name | Close | Change | Change% |
|---|---|---|---|
| Nifty 50 | 23903.00 | −495.70 | −2.03% |
| Nifty Bank | 56794.95 | −1405.75 | −2.42% |
| NIFTY Midcap 100 | 61400.40 | −884.90 | −1.42% |
Top Gainers and Losers on Nifty 50
Among the Nifty 50 constituents, Oil & Natural Gas Corporation Ltd. (ONGC) emerged as the top gainer, rising by +1.09% to ₹246.84. This gain followed news of ONGC signing a new technical services contract with bp for its Western Offshore Basin fields. Bajaj Auto Ltd. also saw positive movement, up +0.69% to ₹10179.5, after reporting a 28% rise in June sales, with domestic two-wheeler sales increasing by 12%. Hindalco Industries Ltd. advanced by +0.25% to ₹971.9, while Coal India Ltd. closed marginally higher at ₹429.45, up +0.12%.
Conversely, the session was marked by significant declines in several prominent stocks. JIO Financial Services Ltd. (JIOFIN) led the losers, falling by −4.99% to ₹230.95. Shriram Finance Ltd. (SHRIRAMFIN) also saw a substantial drop of −4.89%, closing at ₹1014.6. Interglobe Aviation Ltd. (INDIGO) declined by −4.76% to ₹5138, and Maruti Suzuki India Ltd. (MARUTI) was down −4.08% at ₹13945. Other notable losers included Hindustan Unilever Ltd. (−3.24%), Kotak Mahindra Bank Ltd. (−3.04%), Tata Consumer Products Ltd. (−2.97%), Bajaj Finance Ltd. (−2.94%), Tata Motors Passenger Vehicles Ltd. (−2.89%), and Max Healthcare Institute Ltd. (−2.88%).
Sectoral Performance
Sectoral performance broadly reflected the negative market sentiment. The provided data shows various sectors experiencing declines ranging from −0.87% to −2.55%. The absence of specific sector names prevents a detailed breakdown, but the widespread negative figures indicate broad-based selling pressure across the market.
Institutional Flow Data
Provisional data for today’s session indicates that Foreign Institutional Investors (FIIs) were net buyers, injecting +393.19 crore into the market. In contrast, Domestic Institutional Investors (DIIs) were net sellers, offloading equities worth −383.43 crore. This mixed institutional activity follows a trend where FIIs were also net buyers on July 7 (+243.03 crore) and July 3 (+1355.33 crore), while DIIs showed varied activity, being net buyers on July 6 (+3791.42 crore) but net sellers on July 3 (−1953.89 crore) and today.
What to Watch
As markets look towards tomorrow’s session, investors will monitor the sustainability of the selling pressure observed today. The performance of key heavyweights and the broader institutional flow data will be crucial in setting the tone for Thursday’s trading.