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Below the Quote on Market Closing Comment 8th Oct 2026 from Ajit Mishra, SVP – research, Religare Broking

"Markets came under heavy selling pressure on Thursday, extending the prevailing corrective trend and declining nearly one and a half percent. After a weak opening, the benchmark indices remained under pressure through most of the session and eventually settled close to the day’s lows, reflecting sustained selling pressure across the board.

On the sectoral front, selling was broad-based, with metal, realty and energy among the major laggards, while IT was the only sector showing some relative resilience. The broader market witnessed even sharper selling, with both midcap and smallcap indices declining over 2%, indicating a clear risk-off tone and deterioration in market breadth.

Domestic and global macro concerns continued to weigh heavily on sentiment. The RBI’s decision to raise the repo rate by 25 bps to 5.50% and shift its stance towards calibrated tightening has raised concerns over tighter financial conditions. At the same time, Brent crude moved above the $102–103 a barrel mark amid geopolitical tensions and supply concerns, while the US 10-year Treasury yield remained elevated around 5.3%. Caution ahead of TCS’ quarterly results also added to the nervousness, particularly in the IT segment.

Technically, the Nifty has once again retested the April 2026 low of 22,182.55 after the marginal pullback, signalling further weakness in the prevailing structure. A decisive break below this level could open the door for a move towards the 21,700–22,000 zone. On the upside, 22,400 is likely to act as the immediate hurdle, followed by 22,700–22,800 as the next major resistance. With the index making fresh lows amid the ongoing corrective phase and market breadth deteriorating sharply, the near-term setup remains firmly cautious. Participants should align their positions accordingly and adopt a hedged approach, particularly given the possibility of heightened volatility amid the ongoing earnings season."

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