India Stocks: Indian shares extend losses as RBI rate hike, rising oil weigh

Tata Consultancy Services

08/10/2026 05:32

Updates for morning trade
By Bharath Rajeswaran and Vivek Kumar M
Oct 8 (Reuters) - Indian shares fell on Thursday, extending losses from the previous session after the central bank delivered a hawkish rate hike, while rising oil prices added to inflation worries.
The Nifty 50 .NSEI fell 0.54% to 22,482.1, while the BSE Sensex .BSESN shed 0.48% to 72,290.77, as of 9:57 a.m. IST.
Fourteen of the 16 major sectors logged losses. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 dropped 0.8% each.
The IT index .NIFTYIT gained 1.8%, led by a 2.5% rise in Tata Consultancy Services TCS.NS ahead of its September-quarter earnings due later in the day.
Analysts, on average, expect TCS to post an 11.2% year-on-year rise in quarterly revenue and a 14.2% uptick in profit.
Benchmarks Nifty and Sensex snapped a two-session winning run on Wednesday after the Reserve Bank of India raised its ​benchmark repo rate by 25 basis points to 5.5%, marking the first hike in nearly four years amid mounting inflation and strong economic growth.    
Brent crude LCOc1 jumped 2.2% to $102.5 a barrel on persistent worries about Middle East supplies driven by increased attacks on shipping in the Gulf and the Strait of Hormuz. O/R
"Elevated oil prices and US Treasury yields continue to warrant investors' attention, while the persistent FII selling  and mixed global cues limit conviction," said Hitesh Tailor, technical research analyst at Choice Broking. 
With markets digesting the RBI's rate hike and policy stance, benchmarks are likely to remain subdued until a clearer directional catalyst emerges from the quarterly results, two analysts said.
Among stocks, Paytm PAYT.NS and One Mobikwik ONEM.NS tumbled 7% each, while Pine Labs PINL.NS fell 3.1% after CNBC-TV18 reported that the planned October 15 rollout of merchant fees on certain digital-payment transactions could be delayed by a few months, citing sources. 
ITC ITC.NS fell 3% after about 4.4 million shares changed hands in 12 block deals at a discount of  0.6%-3.1% over last close, according to data compiled by LSEG.

 (Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Subhranshu Sahu and Nivedita Bhattacharjee)
 ((VivekKumar.M@thomsonreuters.com;))