Pre-Market 8 May 2026: Nifty Holds Above 24,300 as Investors Track US-Iran Talks; GIFT Nifty Signals Cautious Start

Markets head into Friday after a volatile session on 7 May 2026. The Sensex fell 114 points to close at 77,844.52, while the Nifty 50 slipped 4.30 points to settle at 24,326.65.

What Happened In Thursday’s Session?

Indian markets moved within a limited range through most of Thursday’s session as investors tracked global developments and fresh Q4 earnings announcements. Early gains failed to hold, keeping benchmark indices largely flat by the close.

The broader market remained firm even as frontline indices struggled for direction. The Nifty Smallcap 100 and Nifty Midcap 100 indices gained between 0.8% and 1%, supported by stock-specific buying during the Q4 earnings season.

Sentiment stayed cautious after US President Donald Trump said the war with Iran could end quickly. Iranian foreign ministry spokesman Esmaeil Baqaei later said the US proposal was still under review. Reports also suggested Iran had proposed an updated process for ships moving through the Strait of Hormuz.

Among index heavyweights, HDFC Life Insurance Company, Bajaj Auto and Mahindra & Mahindra were among the top gainers. Hindustan Unilever, Tata Consultancy Services and Titan Company were the laggards on the indices.

Global Cues After Market Hours

Global markets traded flat after Indian market hours.

In the US, the Dow Jones Industrial Average was down 313.62 points or 0.63% at 49,596.97 on 7 May 2026.

The S&P 500 fell 28.01 points, or 0.38%, to 7,376.06, while the Nasdaq Composite fell by 32.747 points, or 0.13%, to 25,806.196.

For European markets, the FTSE 100 Index declined 161.71 points, or 1.55%, to 10,276.95, while France’s CAC 40 Index fell 97.24 points, or 1.17%, to 8,202.08.

Japan’s Nikkei 225 fell by 1.10% to 62,144.52, while Hong Kong’s Hang Seng Index declined by 282.24 points or 1.06% to 26,344.04.

GIFT Nifty Update

GIFT Nifty was at 24,380.00, down 18.50 points or 0.08% as of 7 May 2026, 20:42 IST. The signal remained mildly negative and pointed to a flat-to-cautious opening for domestic equities.

Technical Levels To Watch

The Nifty index continues to trade above an important support zone despite Thursday’s session.

• Immediate support is placed near the 24,000 mark

• Resistance is seen around 24,600

• A sustained move above 24,400 could push the index towards 24,600 and later 24,800

Also Read - Post Market, 07 May 2026: Markets Slip After Early Gains

What Should Investors Expect Today?

Investors are expected to track global market moves and fresh Q4 earnings on Friday. Activity may stay stock-specific in the early trade.

Overseas signals remain mixed. GIFT Nifty was also slightly in the red late Thursday evening, indicating a subdued start for Indian equities.

At the same time, Nifty continues to hold above its 50-day EMA after the recent rebound. Traders will now watch whether the index can sustain above the 24,300 mark and build on the recovery.

Sources:

Mint

CNBC

Reuters

CNBC TV18