Sensex dropped 719 points on Monday, 8 June 2026, closing at 73,524.26 after Iran fired missiles at Israel, shattering hopes of a US-brokered peace deal and pushing Brent crude past $95 a barrel. The Nifty 50 settled at 23,123.00, down 243.70 points or 1.04%, marking the steepest single-day fall in over three weeks. India VIX surged 8.07% to 17.06, signalling elevated fear across Dalal Street.
1. NSE & BSE Opening
Indian benchmarks opened with a sharp gap-down after GIFT Nifty signalled a 300-point fall overnight. The Sensex crashed 737 points within the first five minutes of trade, slipping below the 73,500 mark. Nifty breached the 23,150 support level in early deals as panic selling gripped traders across cash and derivatives segments. Selling pressure was broad-based from the opening bell itself, with only pharma counters showing mild resilience.
2. FII / DII Activity
Foreign institutional investors continued their selling streak, offloading equities worth ₹8,776 crore in the cash segment on Friday, 5 June — the last available data before Monday’s session. Domestic institutional investors absorbed the pressure, buying shares worth ₹9,134 crore on the same day. FII selling in June 2026 has now crossed ₹25,000 crore in just five sessions, the sharpest start to any month since February 2026.
| Investor | Net Activity (5 Jun) |
|---|---|
| FII / FPI | −₹8,776 Cr (Sellers) |
| DII | +₹9,134 Cr (Buyers) |
3. Top Gainers & Top Losers
Defensive pharma stocks dominated the gainers list, while IT and metals bore the brunt of the sell-off on Monday.
| Top Gainers | Change |
|---|---|
| Sun Pharma | +0.72% |
| Dr. Reddy’s | +0.48% |
| Apollo Hospitals | +0.25% |
| Axis Bank | +0.13% |
| Top Losers | Change |
|---|---|
| Wipro | −4.62% |
| Tata Steel | −2.26% |
| M&M | −2.12% |
| Hindalco | −2.11% |
| IndiGo | −1.95% |
4. Sector Performance
Pharma and healthcare were the only sectors that managed to close in the green on Monday. IT, realty, and metals led the sectoral decline amid global risk aversion and rising crude oil fears.
| Sector Index | Change |
|---|---|
| Nifty Pharma | +0.51% |
| Nifty Healthcare | +0.39% |
| Nifty PSU Bank | +0.05% |
| Nifty Metal | −1.58% |
| Nifty IT | −1.80% |
| Nifty Realty | −1.89% |
| Nifty MidCap 100 | −1.40% |
| Nifty SmallCap 100 | −1.92% |
5. Commodity Watch
Brent crude oil surged 2.5% to $95.42 per barrel after Iran’s missile strikes stoked fears of a Strait of Hormuz disruption. Gold traded at ₹1,52,730 per 10 grams (24K) in Delhi, pulling back from recent highs as higher-for-longer US rate expectations offset the safe-haven demand. Silver held firm at ₹2,65,000 per kilogram on the MCX.
| Commodity | Price | Trend |
|---|---|---|
| Brent Crude | $95.42/barrel | ↑ Bearish for India |
| Gold (24K, Delhi) | ₹1,52,730/10g | Flat-to-weak |
| Silver (MCX) | ₹2,65,000/kg | Steady |
6. Currency Watch
The Indian rupee weakened to ₹95.36 per US dollar on Monday, pressured by a stronger dollar index and surging crude oil prices. India imports approximately 85% of its crude requirements, and any sustained move in Brent above $95 poses a meaningful risk to the current account deficit and retail inflation. The RBI’s forex reserves and recent capital-friendly measures may limit further depreciation in the near term.
| Pair | Rate |
|---|---|
| USD/INR | ₹95.36 |
7. Global Market Cues
Global equity markets sold off sharply after Iran’s missile attack on Israel over the weekend. Asian indices collapsed in early Monday trade, with South Korea’s Kospi plunging 8%, Japan’s Nikkei tumbling 4.14%, and Hong Kong’s Hang Seng declining 1.50%. US markets had already set a bearish tone on Friday, with the Nasdaq crashing 4.18% — its worst single-day fall since April 2025 — amid a broad technology sell-off.
| Index | Change |
|---|---|
| Dow Jones (Fri close) | −1.35% |
| S&P 500 (Fri close) | −2.64% |
| Nasdaq (Fri close) | −4.18% |
| Kospi (Mon) | −8.00% |
| Nikkei 225 (Mon) | −4.14% |
| Hang Seng (Mon) | −1.50% |
8. Conclusion
Monday’s sell-off was driven almost entirely by geopolitical shock rather than any domestic weakness. India’s macro fundamentals remain solid — the 7.7% GDP growth in FY26, the RBI’s steady repo rate at 5.25%, and strong DII buying provide a floor for the market. However, if the Iran-Israel conflict escalates further and Brent crude sustains above $95, near-term volatility will persist. Traders should watch for US President Trump’s diplomatic moves and any ceasefire signals as the next catalyst. The Nifty’s immediate support sits at 22,800–22,900, while resistance is at 23,350. A cautious, stock-specific approach is advisable for the sessions ahead.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. The author positions in the securities mentioned. Readers are advised to consult a SEBI-registered investment advisor before making any investment decisions. Stock market investments are subject to market risks; read all scheme-related documents carefully. (SEBI Registration Disclaimer Placeholder)
