Benchmark indices opened sharply higher on Monday, May 4, buoyed by strong global cues and positive sentiment ahead of state election results, even as crude oil prices stayed elevated and foreign institutional investors continued to sell.

The BSE Sensex, which closed at 76,913.50 on Friday, opened at 77,257.27 and was trading at 77,477.48, up 563.98 points or 0.73 per cent, shortly after 9.16 am. The NSE Nifty 50, which ended the previous session at 23,997.55, opened at 24,063.55 and rose to 24,177.00, gaining 179.45 points or 0.75 per cent.

Among the top gainers on the Nifty 50, Maruti Suzuki surged 4.17 per cent to ₹13,869, after opening at ₹13,559 against a previous close of ₹13,314, with 64,082 shares worth ₹8,846.12 lakhs changing hands. Bajaj Auto climbed 3.90 per cent to ₹10,383.50, from a previous close of ₹9,994, on volumes of 49,594 shares valued at ₹5,125.26 lakhs. The automobile sector’s gains come on the back of robust monthly sales data, with Indian automakers reporting 8–10 per cent year-on-year growth amid festive demand and lower taxes.

Adani Ports rose 3.74 per cent to ₹1,719.30 against a previous close of ₹1,657.30, with 3,23,491 shares worth ₹5,524.81 lakhs traded. In the FMCG space, Hindustan Unilever gained 1.95 per cent to ₹2,294.70 from ₹2,250.90, while Tata Consumer Products added 2.11 per cent to ₹1,168.70 from ₹1,144.60.

On the losing side, Kotak Mahindra Bank was the biggest drag, falling 4.21 per cent to ₹367.15 from a previous close of ₹383.30, with over 50,49,267 shares worth ₹18,647.95 lakhs traded — the highest volume among Nifty movers this morning. Dr. Reddy’s Laboratories dropped 2.33 per cent to ₹1,292.10 from ₹1,322.90. ONGC slipped 0.57 per cent to ₹297.85, while Eternal fell marginally by 0.15 per cent to ₹246.66. TCS edged lower by 0.11 per cent to ₹2,471.20 from ₹2,473.90. Banking and financial stocks broadly remained under pressure, with Bank Nifty hovering near the 54,800–55,000 zone.

Crude oil prices continued to weigh on market sentiment. July Brent futures were at $108.60, up 0.40 per cent, while WTI June futures were at $102.12, up 0.17 per cent. On the MCX, May crude oil futures were at ₹9,732 against a previous close of ₹9,665, up 0.69 per cent, and June futures were at ₹9,302, up 0.96 per cent from ₹9,214. US President Donald Trump’s announcement that American vessels would help escort ships through the Strait of Hormuz brought some relief, though prices remained elevated.

...”Today’s market action may be unduly influenced by the state election results with focus on West Bengal... The real market trend will be guided by crude oil prices, which, in turn, will be decided by the news and happenings in West Asia,”... said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments.

FII outflows remain a concern. Foreign institutional investors extended their selling streak to nine consecutive sessions on April 30, offloading equities worth over ₹8,000 crore. Domestic institutional investors, however, maintained buying momentum for six straight sessions, investing ₹3,487 crore in equities. ...”The continuing momentum in the AI trade implies that FIIs will continue to sell in India. This might keep largecaps under check with activity moving significantly to the broader market,”... Vijayakumar added.

Results for five state assembly elections — Assam, Kerala, Tamil Nadu, West Bengal, and Puducherry — are due today. ...”State elections are likely to act more as a near-term sentiment catalyst than a driver of structural trend change. The broader market trajectory will continue to be dictated by global factors — particularly crude oil prices, currency movements and institutional flows,”... said Ponmudi R, CEO of Enrich Money.

The Indian rupee slipped past the 95-per-dollar mark on April 30, adding pressure on import-heavy sectors. IT stocks, however, remain a natural hedge against rupee depreciation. Earnings from Ambuja Cements, BHEL and Tata Technologies due today are expected to set the tone for cement, capital goods and engineering R&D sectors respectively. Godrej Properties and Aditya Birla Capital results will be closely tracked in real estate and NBFC segments.

India VIX remained elevated at around 18.4, signalling continued caution. Technically, Nifty faces immediate resistance at 24,300–24,400, while 23,800 remains a key support level. ...”Despite the broader trend holding positive, the current phase reflects consolidation, and a clear breakout above the resistance band is needed to extend the upmove,”... said Hitesh Tailor, Research Analyst at Choice Equity Broking.

India’s GST collections rose 8.7 per cent year-on-year to a record ₹2,42,702 crore in April 2026, providing a positive macroeconomic backdrop to the day’s trading.

Published on May 4, 2026