Stock Market Today, 8 July 2026: Sensex, Nifty Open Sharply Lower as US Strikes Iran and Revokes Oil Waiver

The stock market today, 8 July 2026, opened sharply lower after a major overnight escalation in West Asia. Nifty 50 opened at 24,259.55, down 139.15 points or 0.37 percent, while the Sensex shed over 360 points in the pre-opening session to 77,816.45, as renewed US-Iran tension overshadowed the four-day rally that had powered the market through last week.

The trigger is significant: the US Treasury revoked the general license that had allowed Iran to sell its sanctioned crude on the global market, and US Central Command confirmed fresh military strikes against Iran, after suspected Iranian attacks damaged a Qatari LNG carrier and a Saudi oil tanker in the Strait of Hormuz. The move unwinds a key plank of the interim US-Iran memorandum of understanding signed only weeks ago.

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Stock Market Today: Key Numbers at Open

Metric	Value
Nifty 50 Open	24,259.55 (-139.15 pts, -0.37%)
Sensex (Pre-Open)	77,816.45 (-364.27 pts, -0.47%)
Gift Nifty (Pre-Market)	Down ~0.78-0.83% vs Nifty 50
Nikkei 225	-0.48%
Kospi	-0.76%
Dow Jones (Overnight)	-0.25%
S&P 500 (Overnight)	-0.45%
Rupee vs USD	95.17, down 20 paise from 94.97
Brent Crude	Near $75.50-75.88, up ~5% post-settlement
WTI Crude	Near $72.20, up ~5%
Gold Futures	-0.99%
Silver Futures	-1.87%

Why the Stock Market Today Opened in the Red

The core driver behind the stock market today is a sharp reversal in West Asia sentiment. Iran had appeared to be de-escalating in recent sessions, and markets had rallied on hopes that the Strait of Hormuz, through which roughly a fifth of global oil flows, would stay open. That changed after three vessels were struck by projectiles in or near the strait over the past 24 hours. The US responded by cancelling Iran’s oil sales waiver and launching retaliatory strikes, with a US official warning that Iran would “only reap benefits if they exhibit good behaviour.”

For Indian markets, the read-through is direct: higher crude prices lift India’s import bill and pressure the rupee, both of which weigh on equities broadly and on oil-sensitive sectors specifically, even as OPEC+’s continued supply increases and Saudi Arabia’s aggressive price cuts to Asia suggest the global oil market itself remains comfortably supplied over the medium term.

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Sectors and Stocks Likely in Focus in the Stock Market Today

Oil marketing companies, aviation stocks such as InterGlobe Aviation, tyre makers and paint companies typically come under pressure when crude spikes, given the direct hit to input costs or fuel expenses, while upstream energy names such as Reliance Industries can see a more mixed reaction depending on refining margin dynamics. Defence stocks including Bharat Electronics have historically drawn interest during periods of escalating geopolitical tension, on expectations of continued order momentum.

Stock-specific stories from Tuesday also remain in play: Trent continues to digest a split brokerage verdict after its Q1 crash, while Cochin Shipyard sees retail bidding continue in its government OFS at a Rs 1,400 floor price.

What Else Is Shaping the Stock Market Today

Beyond the Iran escalation, the stock market today carries two other threads. First, TCS reports Q1 FY27 results after market hours tomorrow, July 9, and will set the tone for the rest of the IT earnings season, a sector that had rallied sharply into this week before today’s risk-off tone. Second, the Kusumgar IPO opens for subscription today, seeking to raise Rs 650 crore entirely through an offer for sale, adding to what has already been an active primary market week.

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Conclusion

The stock market today opened sharply lower as a fresh US-Iran escalation, US strikes following attacks on commercial shipping in the Strait of Hormuz, and Washington’s decision to revoke Iran’s oil export waiver, sent crude prices up nearly 5 percent overnight and rattled Asian markets. Nifty 50 opened down 0.37 percent at 24,259.55, ending last week’s four-day winning streak. Oil-sensitive sectors and defence stocks are likely to be in sharper focus through the session, while TCS’s Q1 results tomorrow remain the other major catalyst on the horizon.

Frequently Asked Questions on the Stock Market Today

Why did the stock market today open lower?

Ans. The stock market today opened lower after the US revoked Iran’s general license to sell oil globally and launched military strikes in response to suspected Iranian attacks on commercial vessels in the Strait of Hormuz, sending crude oil prices up nearly 5 percent overnight.

What is the Nifty 50 level in the stock market today?

Ans. The Nifty 50 opened at 24,259.55 in the stock market today, down 139.15 points or 0.37 percent, ending a four-day winning streak.

How did global markets react ahead of the stock market today?

Ans. Asian markets traded lower, with Japan’s Nikkei down 0.48 percent and South Korea’s Kospi down 0.76 percent, while US markets closed lower overnight with the Dow down 0.25 percent and the S&P 500 down 0.45 percent.

How much did crude oil prices rise?

Ans. Brent crude rose to around $75.50 to $75.88 per barrel and WTI crude to around $72.20, both up close to 5 percent, after the US revoked Iran’s oil sales waiver and launched fresh strikes.

Which sectors are likely to be affected in the stock market today?

Ans. Oil marketing companies, aviation, tyre and paint stocks are typically pressured by rising crude prices, while defence stocks often see renewed interest during periods of geopolitical escalation.

What other events are shaping the stock market today?

Ans. TCS reports Q1 FY27 results after market hours tomorrow, July 9, setting the tone for the IT earnings season, while the Kusumgar IPO, seeking to raise Rs 650 crore via an offer for sale, opens for subscription today.

Should investors sell equities given today’s stock market weakness?

Ans. This article does not constitute investment advice. Geopolitical-driven sell-offs can reverse quickly. Evaluate your portfolio’s sector exposure and consult a SEBI registered financial advisor before making decisions.