The Indian equity indices ended on a strong note with Nifty above 24,400 on May 5. The buying was seen across various sectors except for banks. At the close, the Sensex was up 294.85 points or 0.37 percent at 80,796.84.
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The Nifty was up 114.45 points or 0.47 percent at 24,461.15. About 2,462 shares advanced, 1,404 shares declined, and 171 shares remained unchanged. BSE midcap and smallcap indices added more than a percent each.
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All sectoral indices, excluding banks, ended in the green. Auto, power, energy, consumer durables, metal, FMCG, and Oil & Gas sectors were up by 1 percent each. Adani Ports, Adani Enterprises, Trent, Shriram Finance, and M&M were among the top gainers on the Nifty.
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The losers included Kotak Mahindra Bank, ONGC, Dr. Reddy’s Labs, JSW Steel, and SBI. Shrikant Chouhan, Head Equity Research, Kotak Securities, said the benchmark indices continued their positive momentum.
The Nifty closed 114 points higher and the Sensex was up by 295 points. “Defense, auto, and tourism indices gained over 1 percent, while selective banking stocks witnessed intraday profit booking.
Sensex sees steady rise
Technically, the market formed a small bullish candle and is showing an uptrend continuation formation,” Chouhan said. Vatsal Bhuva, Technical Analyst at LKP Securities, said the Nifty continues to trade within a narrow range of 24,200 to 25,500. There is firm support around 24,200–24,250 and resistance around 24,500–24,550.
“The index is holding above its rising 10-day EMA, reflecting a positive near-term trend. As long as Nifty sustains above 24,200, the outlook remains bullish, though a strong close above 24,550 is needed for confirmation,” Bhuva said. Aditya Gaggar, Director of Progressive Shares, said after a strong opening, the Index remained range-bound and ended at 24,461.15 with gains of 114.45 points.
“Except for BankNifty and PSU Banks, all sectoral indices closed in the green, with Auto and Energy emerging as top performers. The Midcap and Smallcap indices significantly outperformed the Frontline Index,” Gaggar said. Vinod Nair, Head of Research, Geojit Investments, said the market has sustained its positive momentum, bolstered by continued foreign inflows and record GST collections in April.
“Despite a mild decrease in optimism, a weak dollar and a decline in oil prices have further supported FII sentiment. Over the past month, the market has recouped more than 50% of the losses from the consolidation period from September 2024 to March 2025,” Nair said. The Indian rupee ended 32 paise higher at 84.24 per dollar on Monday against Friday’s close of 84.56.
Indian equity indices closed on a positive note despite some sectoral drag from banks. Most sectors ended in positive territory, driven by strong buying interest and positive global cues. While the market continues to face some resistance, especially around the 24,500 level, the overall trend remains bullish.
