Mumbai, May 8 -- The key equity benchmarks slipped on Friday, extending losses for a second straight session, as intensifying geopolitical tensions surrounding the US-Iran conflict rattled investor sentiment. Escalating hostilities drove Brent crude prices above the $100-per-barrel mark, stoking fears of rising inflation and a spike in India's import bill. The rupee also slid against the dollar, hovering near the 94-per-dollar level versus the previous close, further denting market confidence.

Investors stayed on edge amid elevated volatility and closely monitored Q4 earnings announcements for stock-specific cues and near-term market direction. The Nifty closed below the 24,200 mark, dragged lower by heavy selling in banking and financia...