Nifty Slips 0.27% as Banking Pressure Outweighs IT Rally

Indian equity benchmarks closed with mixed performance on Friday, August 07, 2026, influenced by global cues and sector-specific movements. The NIFTY 50 closed at ₹24,570.65, down by 65.35 points, marking a decrease of 0.27%. The NIFTY BANK also ended lower at ₹57,746.45, shedding 317.20 points, or 0.55%, while the NIFTY FINANCIAL SERVICES index declined by 397.50 points, or 1.48%, to settle at ₹26,466.00. In contrast, the NIFTY MIDCAP 100 showed positive momentum, rising by 136.75 points, or 0.22%, to close at ₹63,463.55, and the NIFTY IT index was a significant gainer, advancing by 441.50 points, or 1.42%, to ₹31,547.70. The INDIA VIX, a measure of market volatility, stood at ₹12.18, up by 0.02 points, or 0.18%.

Among the sectoral indices, Nifty IT and Nifty Midcap 100 were the top performers, supported by buying in heavyweight technology stocks like Tata Consultancy Services and Infosys. Conversely, banking and telecom stocks experienced intense selling pressure, dragging down financial benchmarks. Foreign institutional investors offloaded equities worth approximately ₹17.86 crore on a net basis on Thursday, August 6, 2026, adding mild headwinds to domestic sentiment.

The yield on India's 10-year government bond was approximately 6.776% on August 7, 2026, while the Indian Rupee depreciated slightly, trading around 95.2540. Meanwhile, Gift Nifty traded approximately 93 points lower at 24,655, signalling a cautious opening for the next trading week as investors monitor upcoming macroeconomic data releases and global commodity price trends.