Market Opening Bell – 7 May 2026: Sensex gains 381 pts
Indian equities opened higher on Thursday, with the Sensex rising about 381 points to 78,339 and the Nifty 50 adding nearly 68 points to 24,398, tracking a global risk-on rally driven by expectations of a quicker resolution to the US‑Iran conflict and softer crude oil prices. Volatility eased as India VIX slipped below 17, while auto, metals and other cyclicals led early gains, even as select FMCG, realty and private banks saw profit taking.
Market overview
| Index | 7 May 2026 Open / Early Trade | Move & % Change | Comments |
| Sensex | 78,339 (open) | +381 pts (approx. +0.5%) | Opened in the green after prior 940‑pt rally. |
| Nifty 50 | 24,398 (open) | +68 pts (approx. +0.3%) | Opened above 24,350, near 24,400 mark. |
| Bank Nifty | 56,114 (open) | +133 pts (approx. +0.2%) | Followed up on previous 1,434‑pt surge. |
| Nifty Midcap 100 | Not stated | up over 0.5% (approx.) | Extended outperformance of broader market. |
| Nifty Smallcap 100 | Not stated | up over 0.5% (approx.) | Risk appetite stayed firm in smallcaps. |
| India VIX | 16.68 (prev close) | -6.87% | Volatility cooled to about one‑month low. |
- Wednesday close: Sensex 77,958, up 940 pts (1.22%); Nifty 50 24,330.95, up 298 pts (1.24%).
- Previous session rally driven by sharp pullback in crude and optimism on US‑Iran talks.
- Gift Nifty traded around 24,442–24,515, signalling a flat to mildly positive start.
- Market breadth strong at open, with advances far outnumbering declines on NSE.
Key movers
| Top Gainers (early trade) | Sector | Notable Factor |
| Bajaj Finance | Financials | Benefited from risk‑on sentiment after prior day’s bank/financial rally. |
| Trent | Retail | Participated in broader mid‑large cap buying. |
| SBI | PSU Bank | Tracked strength in PSU banks and bullish RSI setup. |
| Larsen & Toubro (L&T) | Capital goods | Cyclical play in risk‑on environment. |
| Asian Paints | Consumer | Among early Sensex gainers. |
| Top Losers (early trade) | Sector | Notable Factor |
| Tech Mahindra | IT | Traded marginally in the red despite firm global tech. |
| HDFC Bank | Banking | Saw mild profit booking after recent gains and RSI upswing. |
- Bajaj Auto jumped over 3% to a 52‑week high after record Q4 net profit of ₹2,746 crore, up 34% YoY, and a buyback announcement.
- Paytm (One97 Communications) rose over 6% on reporting a fourth straight quarterly profit.
- Meesho rallied about 7–8% after Q4 consolidated net loss narrowed to ₹166.34 crore from ₹1,391.38 crore YoY, with revenue up 47% to ₹3,531.21 crore.
- SBI, HDFC Bank, Tata Motors Passenger Vehicles, Dr Reddy’s, Shriram Finance, InterGlobe Aviation and Eternal showed “RSI trending up” signals, indicating strengthening price momentum.
Sectoral action
| Sector/Index | Direction (approx.) | Key Drivers |
| Nifty Auto | up | Led gains; Bajaj Auto rally, broader cyclical buying. |
| Nifty Metals | up | Benefited from global risk‑on and softer crude. |
| Nifty Media | up | Participated in broader risk appetite. |
| Nifty Pharma | up | Mild strength; some export focus aided by weaker rupee. |
| Nifty IT | up modestly | Followed Nasdaq record close, though stock moves mixed. |
| Nifty FMCG | down | Witnessed profit booking in defensives. |
| Nifty Realty | down | Under pressure after prior day outperformance. |
| Nifty Private Bank | down | Select profit taking after sharp Bank Nifty rebound. |
- Broader indices outperformed, with midcap and smallcap gauges up over 0.5% each.
- PSU banks outpaced private peers, with the Nifty PSU Bank index up more than 0.7% at open.
Technical outlook
| Statistic | Value/Change | Context |
| Nifty 50 key support | 24,100–24,200 | Sustaining above keeps uptrend intact, per multiple analysts. |
| Nifty 50 resistance | 24,500–24,650 | A move above could open 24,600–24,800. |
| Sensex support | 77,300–77,500 | Above this zone, targets seen at 78,300–78,500. |
| Bank Nifty support | 55,200–55,600 | Supports shifted higher after breakout. |
| Bank Nifty resistance | 56,500–57,200 | 57,200 also near 200‑period moving average. |
- Nifty formed a long bullish candle and broke above a triangle‑type pattern on daily charts.
- Analysts highlight strong Nifty support near 24,000, aligned with 21‑DMA and 50‑DMA.
- Bank Nifty delivered a breakout above a recent consolidation band and closed above its 20‑day EMA.
- “A sustainable move above 24,300 could open further upside towards 24,600–24,800 levels in the near term,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
- “As long as the market trades above 24,200/77,500, the uptrend is likely to continue. On the higher side, the rally could extend till 24,500–24,600/78,300–78,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
- “Overall, the [Bank Nifty] outlook remains optimistic, with potential upside towards 57,200. On the downside, support has shifted higher to 55,200,” said Vatsal Bhuva, Technical Analyst, LKP Securities.
Global cues and macro factors
| Market/Asset | Movement | Notes |
| S&P 500 | +1.46% | Closed at record high on AI rally and easing crude. |
| Nasdaq | +2.03% | Hit record close, led by Nvidia and AMD. |
| Nikkei 225 | +4.18% | Topped 62,000 intraday, record territory. |
| Topix | +2.37% | Tracked strong Japan tech and financials. |
| Kospi | -1.11% | Corrected after AI‑driven surge. |
| Brent crude | around $102/bbl | Off recent highs above $110; earlier spiked above $120. |
| WTI crude | about $96/bbl | Consolidating after sharp pullback. |
| COMEX gold | around $4,700–4,715/oz | Extended gains on softer dollar, peace hopes. |
| COMEX silver | around $78.5/oz | Up about 1.5% intraday. |
| USD/INR | 94.77 (spot) | Rupee weakened 28 paise vs dollar. |
- Global sentiment improved on signs the US and Iran are working toward a deal on the Strait of Hormuz and nuclear issues.
- US President Donald Trump said the war in Iran could be “over quickly”, though Iran said the US plan is still under review.
- Crude’s retreat from above $110–120/bbl to the $95–102 range eased inflation concerns for importers like India.
- Foreign portfolio investors remained net sellers on Wednesday, offloading ₹5,835 crore of equities on a net basis, per exchange data.
FAQs
Q: Why did the Sensex and Nifty open higher today?
– Improved global risk sentiment on expectations of a quicker US‑Iran resolution.
– Sharp pullback in crude oil prices from recent peaks above $110–120 per barrel.
– Follow‑through buying after Wednesday’s more than 1% rally in both indices.
Q: Which sectors are leading and lagging in early trade?
– Leaders: Auto, metals, media, pharma and IT, along with PSU banks.
– Laggards: FMCG, realty and private banks, where traders booked profits after recent gains.
Q: What key levels should traders watch for Nifty and Bank Nifty today?
– Nifty 50: Support around 24,100–24,200; resistance in the 24,500–24,650 band.
– Bank Nifty: Support near 55,200–55,600; resistance at 56,500–57,200, with 57,200 a key moving‑average hurdle.
Q: Why did the Sensex and Nifty open higher today?
A: They tracked a global risk-on rally driven by expectations of a quicker US-Iran conflict resolution, a sharp pullback in crude oil prices, and follow-through buying after Wednesday’s more than 1% surge in both indices.
Q: Which sectors are leading and lagging in early trade?
A: Auto, metals, media, pharma, IT and PSU banks are leading, while FMCG, realty and private banks are seeing profit booking and are underperforming in early trade.
Q: What are the key technical levels for Nifty 50 and Bank Nifty today?
A: Nifty 50 has support around 24,100–24,200 and resistance at 24,500–24,650. Bank Nifty has support near 55,200–55,600 and resistance in the 56,500–57,200 zone, where 57,200 aligns with a key moving average.
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