Closing Bell: Nifty holds at 24,350, Sensex rises 260 pts; oil & gas shine, metals drag

Indian equity indices ended on a positive note with Nifty above 24,300 in the volatile session on May 2. At close, the Sensex was up 259.75 points or 0.32 percent at 80,501.99, and the Nifty was up 12.50 points or 0.05 percent at 24,346.70.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Rupee traded volatile with a strong gap-up opening at 83.75, but later faced resistance as profit booking emerged following last week's robust rally of over 1.50%. The rupee's sharp rise has prompted short-term traders to lock in gains, leading to intraday weakness.

Looking ahead, movement in the dollar index, progress or uncertainty in trade tariff negotiations, and ongoing geopolitical tensions near India’s borders are expected to keep the rupee on a choppy path.

The rupee is likely to trade within a broad range of 83.50–84.50, reflecting the underlying volatility and cautious sentiment in the market.

Markets were extremely volatile in the first half and gyrated nearly 1,000 points before turning range-bound to end higher due to selective buying in banking and IT stocks. After the recent upsurge, investors resorted to profit taking with broader markets ending weak. Due to the fragile global environment amid geopolitical tensions and the ongoing tariff war, investors are not betting big on equities.

Domestic benchmark indices opened on a positive note, supported by favourable global cues. Nifty witnessed buying interest in the first half but faced profit booking in the latter part, settling on a flat note at 24,347.

Technically, Nifty formed a spinning top candle on the daily chart, suggesting indecision at higher levels, while the weekly chart formed a strong green candle, indicating underlying strength. Immediate resistance is placed at 24,590, and support remains near the 200-Day Simple Moving Average around 24,050. A sustained move above 24,590 could push the index towards 24,800–24,850 levels.

The Bank Nifty index opened flat on Friday, witnessed initial buying, but succumbed to profit booking, ending flat at 55,115. On the daily chart, a doji candle has formed, while a shooting star pattern appears on the weekly chart—both indicating uncertainty on higher levels. Resistance is seen at 56,000, and key support lies at 54,450. A decisive break below 54,450 could lead to fresh selling pressure; otherwise, range-bound consolidation between 54,450 and 56,000 might persist.

#1 Market gains for 3rd straight week, longest streak since December 2024

#2 Sensex, Nifty & Nifty Bank gain 1% each, Midcap index up 0.3%

#3 Oil & Gas is top gaining index led by Reliance Industries

#4 RIL is top Nifty gainer, rises 10% to record the best week in 5 years

In the last week, the benchmark indices continued their positive momentum. The Nifty ends 1.2 percent higher, while the Sensex was up by 1300 points. Among sectors, the Defense index outperformed, rallying over 6 percent, whereas the Media index shed 1.70 percent. During the week, the market comfortably traded above the 200-day SMA (Simple Moving Average). Technically, it has formed a bullish candle on weekly charts and is also holding an uptrend continuation formation on daily charts, which is largely positive.

We are of the view that 24,200/79900 would act as a sacrosanct support zone for trend-following traders. Above this level, the market could continue its positive momentum up to 24,600–24,800/81000-81700 . On the flip side, below 24,200/79900, the uptrend would become vulnerable. Falling below this level, the chances of hitting the 200-day SMA or 24,050/79500 would increase. Further downside may also continue, potentially dragging the index down to 23,900/79000.

For Bank Nifty, a lower top formation has formed on daily and intraday charts. For traders, 55,800 would be the immediate breakout level. Above this, it could move up to 56,100–56,500. However, a dismissal of 54,700 could accelerate selling pressure. Below this level, it could slip to 54,000–53,700.

Today, the Indian stock market closed with a largely sideways trend as benchmark indices showed mixed performances amid volatility and profit booking. The Sensex ended slightly higher by about 260 points at 80,502, while the Nifty 50 closed nearly flat, inching up just 12.5 points to 24,347. The market saw early gains driven by strong Q4 earnings from key stocks like Adani Ports, which surged over 4% following a robust 50% YoY profit rise and optimistic revenue forecasts. However, profit booking and sectoral rotation, especially in metal and pharma stocks, which dragged the broader market down, offset these gains. The sideways closing was primarily due to cautious investor sentiment amid lingering geopolitical tensions, mixed corporate guidance, and a wait-and-watch stance ahead of further earnings announcements.

The index has witnessed a bout of volatility during the week, slipping sharply after facing rejection around the 24,550 level. On the daily chart, a long upper-wick candle suggests selling pressure at higher levels. Going forward, support is placed at 24,250; a fall below this level might trigger a correction toward 24,000. Additionally, the index may remain range-bound within the 24,000–24,550 band. Only a decisive breakout above 24,550 may lead to a decent rally in the index.

Indian rupee ended marginally lower at 84.56 per dollar on Friday versus Wednesday's close of 84.49.

Indian equity indices ended on a positive note with Nifty above 24,300 in the volatile session on May 2.

At close, the Sensex was up 259.75 points or 0.32 percent at 80,501.99, and the Nifty was up 12.50 points or 0.05 percent at 24,346.70. About 1672 shares advanced, 2122 shares declined, and 134 shares unchanged.

Adani Ports, IndusInd Bank, Bajaj Finance, Reliance Industries, SBI were among top gainers on the Nifty, while losers included JSW Steel, Eicher Motors, Bajaj Auto, Hero MotoCorp, HDFC Life.

BSE Midcap index was down 0.4 percent, while smallcap index ended flat.

On the sectoral front, media, energy, IT, oil & gas up 0.3-0.7 percent, while power, metal, telecom, pharma, realty, consumer durables down 0.5-2 percent.

#1Tariff-driven business pressures in North America & volume slowdown key concerns

#2 India-US trade deal could enhance competitiveness of Indian exporters

#3 Cut FY26-27 EPS estimates by 25 percent

#4 Have strong long-term growth potential with its expanding portfolio

#1 Standalone adjusted EBITDA fell 5 percent YoY on lower realisations

#2 EBITDA rose 17 percent QoQ on better volumes

#3 Standalone adjusted EBITDA/t at Rs 11,100 vs Rs 10,700 (QoQ) & vs Rs 12,450 (YoY)

#4 Spot prices will likely fall to import parity

#5 Company continues its capex, we notice some delays in project timelines

#6 There could be some downside risk to our FY26 sales volumes estimate

Indian Rupee appreciated sharply to the highest levels since October 2024 on FII inflows and reports of selling of Dollars by foreign banks. Weak crude oil prices also supported the Rupee. However, a recovery in the US Dollar index capped sharp gains.

We expect Rupee to trade with a positive bias on positive domestic markets and fresh FII inflows. Decline in crude oil prices and overall weakness in US Dollar amid disappointing economic data out of the US may further support the Rupee. Traders may take cues from non farm payrolls report and factory orders from the US today. USDINR spot price is expected to trade in a range of Rs 83.70 to Rs 84.50.

#1 Normalised Q4 revenue misses, but profit beats estimates

#2 Slower growth warrants lower multiples

#3 Raise our FY26-27 estimates by 3-5 percent

#4 Expect company to deliver 6 percent EBITDA/recurring profit CAGRs over FY25-28

#5 Current FY26 FCF yield of 4 percent looks rich in context of its subpar growth

#1 Q4 results below estimates, given lower gross margin & higher SG&A

#2 Auto replacement, industrial UPS & solar segment saw healthy double-digit YoY growth

#3 Auto OEM & home UPS segments declined YoY

#4 Industrial infra business witnessed some revival

#5 Trim target P/E multiple to 19x from 21x

#6 Value core lead-acid battery business at Rs 320 now vs Rs 400 earlier

#7 Maintain buy given the possible upsides from new li-ion plant

The Sensex was up 412.48 points or 0.51 percent at 80,654.72, and the Nifty was up 59.00 points or 0.24 percent at 24,393.20. About 1549 shares advanced, 1846 shares declined, and 119 shares unchanged.

State Bank of India, Kotak Mahindra Bank, Avenue Supermarts, Indian Bank, Utkarsh Small Finance Bank, Voltamp Transformers, and Netweb Technologies India will announce their quarterly earnings on May 3

SCC- Capacit'e (JV) has received a Letter of Acceptance (LOA) from National High Speed Rail Corporation Limited (NHSRCL), for a total contract value of Rs 384.72 crore , excluding GST.

The scope of the contract involves “Design and Build Works for Construction of Maintenance cum Technology Centres at six (6) locations in Gujarat for Mumbai- Ahmedabad High Speed Rail Project.

Indian rupee is trading 19 paise higher at 84.30 per dollar versus Wednesday's close of 84.49.

#1 Good Q4 but cautious outlook on Q/C competition

#2 Commentary is cautious than what headline numbers reflected

#3 Cut adjusted EBITDA estimates by 5-15 percent & stay on the sidelines

#4 Management expects competition to increase from players like Amazon, Flipkart

#5 In food delivery, supply-demand mismatch of delivery riders to ease with time

S&P BSE Midcap and Smallcap at a loss of 0.56 and 0.14 percent, respectively

Nifty Midcap 100 and Smallcap 100 at a loss of 0.86 and 0.16 percent, respectively

The Sensex was up 360.47 points or 0.45 percent at 80,602.71, and the Nifty was up 42.75 points or 0.18 percent at 24,376.95. About 1661 shares advanced, 1707 shares declined, and 110 shares unchanged.

#1 Mix was impacted as key EV customer is transitioning to new model

#2 Margin (Ex-PLI) of 25.4 percent in Q4 vs our estimate of 26.2 percent

#3 Lower FY26/27 margin estimate by 300 bps

#4 Cut margin estimate on adverse mix & cost escalation risks

#5 Cut FY26/27 EPS estimates by 4 percent/6 percent

#1 Adjusted for one-offs, EBITDA marginally ahead of estimates

#2 Guided sales volumes look conservative

#3 Took Rs 230 crore opex costs to incorporate one-offs from balacesheet review for prior years

The company has signed an agreement with Aster DM Healthcare to provide Zaggle Save, an employee expense management and benefits platform.

Pankaj Rawat has resigned as Chief Marketing Officer of the company, effective April 30, to explore career opportunities outside India.

The company's subsidiary, Zaak ePayment Services, has received the Certificate of Authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator. Zaakpay is a B2B payments company that enables online businesses to accept payments seamlessly across multiple payment modes.

#1 India business performance to allay investor concerns

#2 Strong start to CY25, India volumes grew 15.5 percent, realisation up 1.8 percent

#3 Near-term growth trajectory to remain strong

#4 International business witnessed some weakness

#5 Expect international business trend to improve hereon

#6 Lower our CY25-27 earnings estimates by 0-7 percent

#1 Cognizant reported excellent Q1 numbers

#2 CC organic revenue growth of 4.2 percent YoY for Cognizant, above top-end of guidance

#3 Beat by Cognizant was led by healthcare & BFSI

#4 Two years of weak demand in BFSI is now ending

#5 Cognizant kept its CY25 CC revenue growth guidance of 3.5-6 percent unchanged

#6 For Q2, Cognizant gave revenue growth guidance of 1.2 percent QoQ

#7 Indian IT may face heightened competition in managed services deals

The company's subsidiary, Agra Gwalior Highway, has executed the concession agreement for a project worth Rs 4,262.78 crore with the National Highways Authority of India. The project involves the construction of the Agra-Gwalior Greenfield road.

The digital services and consulting company has completed the acquisition of MRE Consulting, a technology and business consulting service provider.

The company has received letters of acceptance from Western Railway for the provision of Kavach across 48 stations, covering 428 km. The total value of the contract is Rs 145.83 crore.

#1 Q4 largely in-line, delay in dividend payout introduces uncertainty

#2 Core rental revenue 2 percent ahead of estimates, profit 13 percent below estimates

#3 All past undisputed overdues from Voda Idea have now been cleared

#4 Estimated new tenancies from Voda Idea rose QoQ

#5 Delayed dividend announcement that was widely expected, and could weigh on near-term stock performance

#1 Q4 results ahead of estimates, boosted by PLI

#2 Outlook is positive despite concerns regarding US tariff

#3 Only 3 percent overall revenue is at risk post the increase in US tariff

#4 Near-term demand could be volatile

#5 Supply chain for rare-earth metals is seeing disruption

#6 Given uncertainty in global demand, cut our estimates over FY26/27

#1 Well positioned to weather the competition

#2 Cut target to factor in lower near-term profitability in Q/C

#3 Company is not burning cash at the EBITDA level

#4 Delisting of 19k restaurants from platform & lower days in in Q4 impacted GOV

The Board will meet on May 6 to consider the raising of funds up to Rs 300 crore in one or more tranches through private placement.

The Board has approved capital raising of up to Rs 5,000 crore by issuing Basel-III compliant Tier-I and Tier-II bonds of Rs 2,500 crore each during FY26.

#1 EBITDA beat of 81 percent driven by refining

#2 With crude down $10 in April, inventory losses likely in Q1

#3 Refining profitability has weakened, marketing margin has expanded sharply

#4 Raise FY26/27 EBITDA estimates by 15 percent/17 percent

#5 Build inflated marketing margins under a benign crude price assumption

#1 Profit jumps 47.8 percent to Rs 3,014.2 crore Vs Rs 2,039.7 crore, YoY

#2 Revenue grows 23.1 percent to Rs 8,488.4 crore Vs Rs 6,896.5 crore, YoY

#3 Board recommends dividend Rs 7 per share

#1 Sequential EBITDA improvement is largely attributed to higher volumes

#2 Parent leverage at comfortable levels

#3 Medium-term upside seen in aluminium LME

#4 Estimate dividend at Rs 34 in FY26 vs Rs 43.50 in FY25

#1 Tractor sales drop 1.2 percent to 8,729 units Vs 8,839 units, YoY

#2 Domestic sales decline 4.1 percent to 8,148 units Vs 8,492 units, YoY

#3 Export zooms 67.4 percent to 581 units Vs 347 units, YoY

#1 Profit grows 23.8 percent to Rs 84 crore Vs Rs 67.9 crore, YoY

#2 Revenue increases 10.3 percent to Rs 669.2 crore Vs Rs 607 crore, YoY

#3 Board recommends dividend of Rs 20 per share

#1 Profit zooms 54.3 percent to Rs 509.4 crore Vs Rs 330 crore, YoY

#2 Revenue grows 17 percent to Rs 1,283.2 crore Vs Rs 1,096.4 crore, YoY

#1 Profit zooms 8.5-fold to Rs 3,844.9 crore Vs Rs 450.6 crore, YoY

#2 Revenue declines 7.6 percent to Rs 26,965.9 crore Vs Rs 29,180 crore, YoY

#3 Exceptional gain stands at Rs 3,945.7 crore Vs exceptional loss of Rs 627.4 crore, YoY

#4 Board approves raising funds up to Rs 15,000 crore via QIP, preferential issue, or any other method

Railtel Corp March quarter net profit reached Rs 113.4 crore from Rs 77.53 crore a year ago, reflecting a strong operational execution and improved business momentum. RailTel’s operating income saw a sharp increase of 57 percent on-year, reaching Rs 1,308.28 crore in the March quarter compared to Rs 832.7 crore a year ago.

State Bank of India, Kotak Mahindra Bank, Avenue Supermarts, Indian Bank, Utkarsh Small Finance Bank, Voltamp Transformers, and Netweb Technologies India will announce their quarterly earnings on May 3

Marico, Godrej Properties, Archean Chemical Industries, Aether Industries, City Union Bank, Gravita India, Indian Overseas Bank, Jindal Saw, Latent View Analytics, Parag Milk Foods, PNB Gilts, R R Kabel, Sanofi Consumer Healthcare India, Subex, Sunteck Realty, Tatva Chintan Pharma Chem, and V-Mart Retail will release quarterly earnings on May 2.

The company has received orders worth Rs 1,663 crore in April. Out of these, Rs 1,082 crore relates to the building division, and Rs 581 crore to the transportation division.

The Board of Aditya Birla Fashion subsidiary, Aditya Birla Lifestyle Brands, has appointed Ashish Dikshit as Managing Director and Vishak Kumar as Deputy Managing Director and Chief Executive Officer. Ashish Dikshit will also continue in his current role as Managing Director of Aditya Birla Fashion and Retail.

#1 Weak quarter, RoA/RoE outlook remains soft

#2 Expect return metrics to remain under pressure in the near term

#3 Current valuation adequately captures the downside risks

#1 PPoP will be under pressure as interest rate cycle turns & opex accelerates

#2 It will be tough to sustain FY25 RoA & RoE of 1.2 percent & 13 percent

#3 Reduce earnings estimates by 4 percent for FY26 & 2 percent for FY27

#4 Near-term outlook remains tough, competitive intensity is high

The Sensex was up 284.73 points or 0.35 percent at 80,526.97, and the Nifty was up 16.75 points or 0.07 percent at 24,350.95. About 1763 shares advanced, 1524 shares declined, and 123 shares unchanged.

The company's subsidiary, JSW Neo Energy, has signed a Pumped Hydro Storage Power Procurement Agreement with Uttar Pradesh Power Corporation (UPPCL) for the procurement of 1,500 MW / 12,000 MWh of pumped hydro energy storage.

#1 Total sales at 60,774 units

#2 Domestic sales at 44,374 units

#3 Exports at 16,400 Units

#1 Profit soars 13.7 percent to Rs 1,030.2 crore Vs Rs 906.3 crore, YoY

#2 Net interest income increases 8.3 percent to Rs 2,377.4 crore Vs Rs 2,195.1 crore, YoY

#3 Gross NPA ratio falls to 1.84 percent Vs 1.95 percent, QoQ

#4 Net NPA ratio drops to 0.44 percent Vs 0.49 percent, QoQ

JSW Steel, Jidnal Steel and Vedanta appear as top losers in the metals stack.

Bluestar, Whirlpool and Titan among losers dragging Consumer Durables index lower.

#1 Profit rises 10.4 percent to Rs 164.1 crore Vs Rs 148.7 crore, YoY

#2 Revenue declines 2.2 percent to Rs 864.8 crore Vs Rs 884.1 crore, YoY

At 11:30 am, Market drops from the day's high with Sensex merely 104 pts higher and Nifty down by 0.05%; IT, oil & gas, energy sector as top gainers

S&P BSE Smallcap is up by 0.29% while S&P BSE Midcap is up by 0.13%

Nifty Midcap 100 is down by 0.02% while Nifty Smallcap 100 is up by 0.52%