An Indian crew member was killed after a US-owned oil tanker was attacked near Basra, Iraq. Fifteen other Indian crew members were evacuated.
The Reserve Bank of India (RBI) has announced a record surplus transfer of Rs 2.87 trillion to the central government for FY26, driven by increased income and an expanded balance sheet, despite a reduction in the contingent risk buffer (CRB) to 6.5 per cent.
Iranian Foreign Ministry spokesperson Esmail Baghaei stated that Iran is instead working with Oman to establish a mechanism for the safe passage of ships through the Strait.
Indian benchmark equity indices, Sensex and Nifty, closed marginally higher, breaking a four-day losing streak, despite elevated crude oil prices and ongoing geopolitical uncertainties. The market saw a temporary pause in panic selling, though cautious sentiment persists.
An Indian worker from Odisha was killed and two others were injured in a drone attack by Ukraine in the Moscow region. The deceased, A Rameya, was working at an oil refinery. Efforts are underway to repatriate his body.
Indian benchmark indices, Sensex and Nifty, closed marginally higher after a volatile trading session, driven by value buying in IT and select blue-chip counters, despite global crude price hikes and a weak rupee.
Prime Minister Narendra Modi has offered India's support to bring peace to West Asia during talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan. Both countries signed agreements to strengthen strategic collaborations in energy and defence.
An Indian national was killed in an attack on an oil tanker off the coast of Oman. The tanker was struck by an explosive-laden unmanned boat, resulting in a fire and explosion.
Indian benchmark equity indices, Sensex and Nifty, rebounded on Wednesday, recovering intraday losses, primarily driven by strong fag-end buying and a significant rally in blue-chip Reliance Industries.
The United States and Iran could be set to announce an agreement soon to achieve a complete solution to the hostilities in West Asia, as reported by Saudi state media Al Arabiya on Wednesday, citing sources familiar with the ongoing negotiations.
Foreign Portfolio Investors (FPIs) have withdrawn Rs 27,048 crore from Indian equities so far in May, bringing the total outflows for 2026 to Rs 2.2 lakh crore, driven by global macroeconomic and geopolitical uncertainties.
Major paint companies in India, including Asian Paints, Berger Paints, Akzo Paints, and Kansai Nerolac, have announced price hikes ranging from 1% to 8% across various product lines, effective from mid-March to late April, in response to persistently high crude oil and gas prices.
Airlines are cutting not only international services but also domestic flights, especially on routes projected to remain unprofitable in the coming weeks due to weak demand and high fares.
Srivastava warned that continued bombing of Iran by the US and Israel could severely undermine any prospects of reopening critical maritime routes through negotiation with Tehran.
The Americans can occupy Bab el Mandeb, claim to have 'solved' the Strait of Hormuz crisis, declare victory that President Trump so desperately needs, points out Colonel Anil A Athale, former head of the history division, ministry of defence.
Indian investors have seen their wealth erode by a staggering Rs 16.77 lakh crore over four trading sessions, as the markets faced deep losses driven by elevated crude oil prices, geopolitical tensions, persistent foreign fund outflows, and a record-low rupee.
Indian equity benchmark indices experienced a significant drop in early trade, with the BSE Sensex falling over 525 points and the NSE Nifty down more than 164 points, primarily due to rising crude oil prices and ongoing uncertainty surrounding the US-Iran conflict.
Odisha Police formed a Special Investigation Team (SIT) to investigate an illegal hashish oil trade operating from an island in Koraput district, following a major drug seizure and multiple arrests.
The Indian rupee plummeted to an all-time low of 95.80 against the US dollar, settling at 95.66, driven by elevated crude oil prices and escalating geopolitical tensions in West Asia, despite potential RBI intervention and import curbs on gold.
Indian stock markets experienced a significant sell-off, with the Sensex tumbling over 1,300 points, driven by escalating crude oil prices due to US-Iran tensions and Prime Minister Narendra Modi's call for austerity measures, which amplified investor concerns about India's economic outlook.
Despite reporting a weaker-than-expected net loss of Rs 2,536 crore for Q4FY26, largely due to a significant non-cash forex loss, analysts remain optimistic about IndiGo's long-term prospects, citing strong demand trends, a favourable pricing outlook, and strategic cost-control measures.
The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
External Affairs Minister S Jaishankar discussed the West Asia conflict and its impact on energy supplies with his Russian counterpart Sergey Lavrov and EU's Foreign Policy chief Kaja Kallas.
Sensex gains over 400 points while Nifty trades above 23,800 amid strong IT sector buying.
Analysts predict India will face oil price volatility and macroeconomic effects due to the escalating Iran crisis, though the country's oil supply chain is not yet structurally insecure.
Government sources indicate a potential increase in petrol and diesel prices due to rising global crude oil costs and losses incurred from a prolonged freeze on retail rates.
The Indian rupee depreciated 16 paise to settle at a fresh lifetime low of 96.86 against the US dollar, marking its ninth consecutive session of decline, driven by elevated global crude prices and a strong dollar.
US Secretary of State Marco Rubio has said that the US is ready to sell as much energy as India is willing to buy. He described India as a 'great partner' ahead of his visit to New Delhi.
Of the 1.32 trillion capex target for FY26, State-run oil firms have already spent 1.07 trillion in the first 10 months.
Indian benchmark indices Sensex and Nifty traded lower amid volatile trends, influenced by escalating geopolitical uncertainties in West Asia and fresh outflows from Foreign Institutional Investors (FIIs).
Trump said he is unwilling to make a deal with Tehran at this stage despite indications the country wants negotiations.
The Congress has strongly criticised the US government's temporary waiver allowing India to purchase Russian oil, raising concerns about continued 'American blackmail' and its impact on India's energy policy.
Indian equity markets experienced a significant decline in early trade, with the BSE Sensex and NSE Nifty dropping, as escalating geopolitical tensions in West Asia and a surge in global oil prices dampened investor sentiment. Track Sensex, Nifty50 movement and key market drivers for May 8, 2026.
The rupee weakened to a record low against the US dollar due to Gulf tensions, rising oil prices, and foreign capital outflows.
India is well-stocked with inventories of crude oil and key petroleum products, including petrol, diesel, and aviation turbine fuel (ATF), to deal with short-term disruptions as the war intensifies in West Asia, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday.
Prime Minister Narendra Modi has appealed to citizens to adopt austerity measures, including avoiding destination weddings abroad and reducing edible oil consumption, to mitigate the impact of the West Asia crisis on India's economy.
The rupee recovered to 95.18 against the US dollar after hitting an all-time intra-day low of 95.44. The recovery was supported by possible RBI intervention amid renewed Gulf tensions and rising crude oil prices.
Amidst escalating tensions with Iran, the US has granted India a temporary 30-day waiver to continue purchasing Russian oil, aiming to stabilise global energy markets and encourage future US oil imports by India.
In a development that could reshape West Asia's security landscape, US President Donald Trump announced Friday that he will convene an emergency meeting in the White House Situation Room to make a final decision on a broad, multi-part peace deal with Iran.
Moody's Ratings has reduced India's GDP growth forecast for 2026 to 6 per cent, citing subdued private consumption, capital formation, and industrial activity due to higher energy costs and global uncertainties.
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