Stock market prediction for Thursday, 8 October, 2026: The Indian stock market is likely to open on a negative note, as GIFT Nifty signalled a muted opening on Thursday, 8 October.
Meanwhile, Asian markets continued to trade lower on Thursday, while US stock futures had a down day mid week on Wednesday.
Sensex, Nifty: What happened on Wednesday?
Indian stock markets ended lower on Wednesday, snapping a two-session winning streak, after the Reserve Bank of India raised its key policy rate for the first time in nearly four years. The 30-share BSE Sensex declined 429.11 points, or 0.59%, to close at 72,638.70, with 26 constituents ending in the red and only four advancing.
The Sensex came under further pressure during the session, falling as much as 599.09 points, or 0.81%, to hit an intraday low of 72,468.72. The NSE Nifty also declined 173.05 points, or 0.76%, to settle at 22,603.05.
“Markets reversed the recent gains on Wednesday and ended lower amid volatility, weighed down by a combination of domestic and global factors. After a weak opening and an initial recovery attempt, the benchmark indices failed to sustain their gains and oscillated within a narrow range. The Nifty closed at 22,603.05, down 0.76%, while the Sensex settled at 72,638.70, lower by 0.49%,” said Ajit Mishra, SVP – research, Religare Broking.
Sensex, Nifty prediction for today: Sensex, Nifty outlook
GIFT Nifty today
Gift Nifty was trading around the 22,557 level, down nearly 35 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
Sensex
The BSE Sensex closed at 72,638.70, declining 429.11 points (-0.59%). The index opened at 72,965.38, touched a high of 73,018.82 and slipped to an intraday low of 72,468.72. After opening lower, the benchmark remained under pressure and failed to sustain above the 73,000 mark, resulting in a weak close and extending the cautious tone in the market.
On the Sensex outlook, Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited, said, “Looking ahead, the Sensex continues to trade within a sideways structure, with the 72,000–72,300 support zone crucial for maintaining stability. A decisive move above 73,000–73,200 could strengthen buying interest and open the way for further recovery, while a sustained break below 72,000 may revive the bearish momentum. For now, the index remains caught between strong Put support and Call resistance, suggesting that traders should wait for a clear breakout or breakdown before taking aggressive directional positions.”
Nifty 50
On the Nifty 50 outlook, Rupak De, Senior Technical Analyst at LKP Securities, said that the Nifty has slipped lower after finding resistance at the 50-EMA on the hourly chart.
“The index has shown the first sign of reversal by forming a bearish candle following a strong bullish candle. The hourly RSI has also witnessed a bearish crossover. The next few days will be important, as a decisive fall below 22,600 might reignite bearishness in the market. On the lower end, a break below 22,600 could drag the index towards 22,200 levels. On the other hand, a sustained rise above 22,750 might bring some bullishness back into the market,” De added.
US markets performance
US benchmark indices ended lower in mid-week trading on Wednesday, October 7, as a rise in bond yields and concerns over higher inflation weighed on investor sentiment. However, a decline in yields later in the session helped the indices recover from their intraday lows.
Dow Jones Industrial Average
The Dow Jones Industrial Average ended about 350 points lower after falling more than 600 points at the session’s low.
The S&P index pulled back from its record high, dipped 0.2% on Wednesday.
Nasdaq
Meanwhile, Nasdaq also slid 0.2%, sliding from record high one day prior.
Japan’s Nikkei 225 performance
Japan’s Nikkei 225 was trading over 1% down, while the broader Topix declined 0.8% on Thursday.
South Korea’s Kospi performance
South Korean stocks opened higher on Thursday but failed to sustain the early gains, with the benchmark Kospi index falling 0.88%. The small-cap Kosdaq also came under pressure, declining more than 1%.
Taiwan stock market
Taiwan stock market snapped its gaining streak, with TAIEX index falling 0.90% in the early session on Thursday.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
