Domestic stock markets started the month of May on a positive note with both the benchmark indices opening in the green as investors eyed state election results and global developments.
The Nifty 50 index opened 66 points or 0.28 per cent higher at 24,063.55, while the BSE Sensex opened 343.77 points or 0.45 per cent higher at 77,257.27.
Market participants said sentiment was supported by positive global cues, while domestic factors such as election results are expected to weigh on near-term developments.
Banking and markets expert Ajay Bagga told ANI that the market is ready for a constructive start after the holidays.
“Indian markets have returned today after the Buddha Purnima and Maharashtra Day holiday and are set for a constructive start. GIFT Nifty futures on the NSE International Exchange were up, indicating a positive start. Domestically, the focus is also on state election results today, which could inject a near-term sentiment catalyst,” he said.
He said the rupee is under pressure near record lows, while higher crude oil prices amid tensions around the Strait of Hormuz pose inflation risks to India.
Bagga said, “IT and pharma have performed better. PSU banks and finance companies are facing adverse conditions. In view of Project Freedom, there will be a special focus on energy stocks throughout the week.”
Sector-wise, most of the indices on NSE opened with gains except Nifty Private Bank Index. Nifty Auto rose 1.87 percent, Nifty Realty rose 1.82 percent, Nifty PSU Bank rose 1.23 percent and Nifty Metal rose 0.84 percent. Nifty IT rose 0.16 percent, Nifty Pharma rose 0.32 percent and Nifty Media rose 0.10 percent.
Meanwhile, geopolitical developments remained in focus. Diplomatic exchanges took place between Washington and Tehran over the weekend. Iran submitted a 14-point response to the US proposal to end the conflict that began on February 28, calling for a resolution within 30 days instead of the two-month ceasefire suggested by the US. Iran also confirmed that the US response was conveyed through Pakistan and is currently being reviewed.
VK Vijayakumar said the election results may impact the market in the short term, but global factors will play a bigger role.
“Today’s market activity may be unduly influenced by the state election results focused on West Bengal. But it is important to note that this will only have a very short-term emotional impact. The actual market trend will be dictated by crude oil prices,” he said.
Crude oil prices remain high, with Brent crude trading at US$108.48 per barrel at the time of filing this report.
Gold prices remained stable in the commodity market ₹1,51,001 per 10 grams for 24 carat, while silver prices were ₹2,46,302 per kg.
On the corporate front, several companies including Bharat Heavy Electricals, Ambuja Cements, Aditya Birla Capital, Jindal Stainless, Godrej Properties, KEI Industries, Petronet LNG, Ather Energy, Exide Industries, Manappuram Finance, Tata Technologies, Wockhardt and Tata Chemicals are set to announce their fourth quarter results for FY26.
Other Asian markets also showed strong momentum, with Japan’s Nikkei 225 up 0.38 percent at 59,513, Singapore’s Straits Times up 0.68 percent at 26,273, Hong Kong’s Hang Seng up 1.93 percent at 26,273, Taiwan’s weighted index up 4.20 percent at 40,628 and South Korea’s KOSPI up 4.22 percent. Reached . 6,882.
