Closing Bell: Nifty above 24,400, Sensex up 295 points; banks a drag

Indian equity indices ended on strong note with Nifty above 24,400 on May 5 led by buying across the sectors barring banks. At close, the Sensex was up 294.85 points or 0.37 percent at 80,796.84, and the Nifty was up 114.45 points or 0.47 percent at 24,461.15.

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

Today, the Indian stock market closed on a positive note, with the Sensex rising by 294 points (0.37%) to 80,821 and the Nifty 50 gaining 114 points (0.47%) to close above 24,461. The market rally was primarily driven by easing global trade tensions, which extended the longest winning streak of 2025 so far. Optimism around a potential India-U.S. trade deal further buoyed investor sentiment.

Key sectors such as Auto, FMCG, oil & gas, and Energy saw notable gains, while banking stocks lagged due to mixed quarterly earnings, with SBI shares falling over 1.25% following a 10% drop in Q4 net profit. Adani Ports led the gains with a 6.31% rise. Looking ahead, market expectations remain cautiously optimistic, with investors focusing on upcoming corporate earnings, geopolitical developments, and the Federal Reserve’s policy decisions later this week.

As most of the Asian markets were shut, local investors traded with caution with selective bullish bets seen across the sectors barring banks. FIIs have been steadily buying into local equities over past few weeks, which is encouraging for Indian markets despite uncertainty surrounding global tariffs and geopolitical tensions.

Today, the benchmark indices continued positive momentum, the Nifty ends 114 points higher while the Sensex was up by 295 points. Among Sectors, Defense, Auto and tourism indices gained over 1 percent whereas selective Banking stocks witnessed intraday profit booking at higher levels. Technically, after a gap up open market registered range bound activity. On daily charts it has formed small bullish candle and on intraday charts it is holding uptrend continuation formation.

We are of the view that, 24375/80500 would act as a key support zone for the trend following traders. Above the same, the market could move up to 24600-24675/81000-81300. On the other side, dismissal of 24375/80500 could trigger a quick intraday correction. Below the same, market could retest the level of 24300-24250/80200-80000.

The Nifty index continues to trade within a narrow range of 24,200 to 25,500, with firm support at the 24,200–24,250 zone and resistance around 24,500–24,550. While a decisive breakout above 24,550 could spark bullish momentum towards 25,000, Monday’s small-bodied candlestick suggests that short-term consolidation may persist. The index is holding above its rising 10-day EMA, reflecting a positive near-term trend. With the RSI in a bullish crossover, underlying strength remains intact. The outlook stays bullish as long as Nifty sustains above 24,200, though a strong close above 24,550 is essential for confirmation.

After a strong opening, the Index remained rangebound throughout the day and eventually ended the session 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 the top performers.

The real momentum was witnessed in the broader markets, where Midcap and Smallcap indices advanced significantly, outperforming the Frontline Index.

Despite the gains, the Index continues to face resistance near the 24,500 levels. A sustained move above this threshold could propel it further towards 24,630, while on the downside, 24,360 is expected to act as immediate support.

The market has sustained its positive momentum, though the level of optimism has decreased. Continued foreign inflows and record GST collections in April indicate resilience in economic activity, fostering mild hopefulness. A weak dollar and a decline in oil prices have further bolstered FII sentiment. However, the market's momentum is moderating, with action shifting from broad-based movements to stock and sector-specific trends based on results.

Over the past month, the broad market has recouped more than 50% of the losses incurred during the consolidation period from September 2024 to March 2025. Q4 results to date have been sluggish, and there is a thin layer of caution due to border tensions, which could have a short-term impact on the market.

Indian rupee ended 32 paise higher at 84.24 per dollar on Monday versus Friday's close of 84.56.

Indian equity indices ended on strong note with Nifty above 24,400 on May 5 led by buying across the sectors barring banks.

At close, the Sensex was up 294.85 points or 0.37 percent at 80,796.84, and the Nifty was up 114.45 points or 0.47 percent at 24,461.15. About 2462 shares advanced, 1404 shares declined, and 171 shares unchanged.

BSE midcap and smallcap indices added more than a percent each.

Except bank, all other sectoral indices ended in the green with auto, power, energy, consumer durables, metal, FMCG, Oil & Gas up 1 percent each.

Adani Ports, Adani Enterprises, Trent, Shriram Finance, M&M were among top gainers on the Nifty, while losers were Kotak Mahindra Bank, ONGC, Dr Reddy's Labs, JSW Steel, SBI.

#1 Company eligible to get back the initial investment made in BPSL

#2 Uncertainty over the capex incurred & EBITDA generated in this period remains

#3 Recovering the initial investment could also be a long, drawn-out process

#4 Calculate a valuation impact of 5-9 percent from April 30 close

#5 With the stock down 6 percent on May 2, part of the impact has played out

The decline in oil prices is a mix of supply-heavy forces and weak global demand signals. Brent crude falling to four-year lows, even as geopolitical tensions increase Saudi Arabia’s pivot from supporting prices to supporting a surplus adds a structural layer to this shift. On the demand side, slowing growth in Europe, a contracting US economy, and soft European data are all weighing on sentiment.

The effect on the market has been mixed. Oil-importing economies, such as India, benefit in the short term through lower input costs and enhanced trade balances, but energy stocks and exporting nations feel pressured. This could alter inflation trajectories, possibly giving central banks more room on interest rates. Nevertheless, if the prices remain depressed for an extended period, it could dampen U.S. shale production and could lead to a new rebalancing phase in the oil market.

#1 Revenue growth of 20 percent, marginally ahead of our/street estimates

#2 Core portfolio performance mixed with parachute reporting -1 percent/22 percent volume/value growth

#3 Saffola edible oil growth improved to 26 percent, VAHO growth turned positive at 1 percent

#4 Reported 70/120 bps market share gain in parachute/VAHO

#5 Guided for double-digit revenue growth for FY26

#6 Our estimates for FY26 build in 11 percent growth

#7 Key to long-term growth is the scale-up in adjacency portfolio

#1 Profit spikes 64 percent to Rs 129.1 crore Vs Rs 78.7 crore, YoY

#2 Revenue soars 26.4 percent to Rs 2,217.8 crore Vs Rs 1,754 crore, YoY

#1 Higher treasury gains & other income led to a profit beat

#2 Loan growth moderated to 12 percent YoY from 14 percent-15 percent two quarters ago

#3 Deposit growth remained sluggish at 9-10 percent

#4 NIM is stable but not as good as the top three private sector banks

#5 Cut our estimates by 4 percent due to some loan growth cuts & some NIM moderation

Tatva Chintan Pharma Chem has received an export order worth of USD 35,55,000 (Rs 29.95 crore) excluding tax for supply of specialty chemicals under

pharma & agro intermediates & speciality chemicals (PASC) category, to be delivered in November / December 2025 (Q3 FY26).

#1 Mixed Q4 result, PPoP missed our estimate by 3 percent driven by lower NII & higher opex

#2 Credit costs were higher as the bank strengthened its provision coverage ratio

#3 Loan growth moderated to low-teens

#4 Cut profit estimates by 3-5 percent due to lower NII & higher opex assumptions

The Sensex was up 338.11 points or 0.42 percent at 80,840.10, and the Nifty was up 120.05 points or 0.49 percent at 24,466.75. About 2319 shares advanced, 1224 shares declined, and 132 shares unchanged.

The company has received a work order from Tata Steel for processing and conversion of coils at Jamshedpur works for a period up to 31.03.2029 for an

amounting Rs 1,764 crore.

#1 Management cuts loan growth guidance

#2 NIM to be under pressure in near term

#3 EPS estimates largely unchanged for FY26/27

The company has received purchase orders of Rs 80 crores for manufacturing and export of lab-grown diamonds jewellery.

#1 Profit a comprehensive beat of our estimate

#2 Profit helped by higher-than-expected refining as well marketing margin

#3 Despite excise duty hike, OMCs earnings supernormal marketing margin on auto fuels

#4 Higher marketing margin drives up our FY26-27 estimates by 4-9 percent

Adani Green Energy Sixty Nine, a Wholly-owned step-down subsidiary of the company, has entered into a power purchase agreement with Uttar Pradesh Power Corporation Limited for supply of 400 MW solar power from grid connected solar PV power project to be developed in the state of Rajasthan.

#1 Core trends are unexciting but not weak

#2 Loan growth of 12 percent YoY weak due to corporate repayment

#3 Expect FY26 NIM to fall 12-15 bps as easing cycle takes hold

#4 An opportunity to accumulate if stock falls due to NIM risk

The share price lost more than 57 percent in last 17 sessions.

The company has received approval from its Board to sell its subsidiary, IDL Explosives, to Apollo Defence Industries for Rs 107 crore.

The company has executed a Share Purchase Agreement to divest its 100% stake in BSE Institute (BIL) to AV Financial Experts Network for Rs 16.9 crore, subject to the fulfilment of pre-closing obligations.

The US Food and Drug Administration has issued Form 483 with four observations for the company's API facility in Dholka. The US health regulator inspected the facility between April 28 and May 2. These observations are procedural in nature and none are related to data integrity.

The Sensex was up 337.36 points or 0.42 percent at 80,839.35, and the Nifty was up 125.05 points or 0.51 percent at 24,471.75. About 2282 shares advanced, 1181 shares declined, and 143 shares unchanged.

Indian Hotels Company, Coforge, Bombay Dyeing & Manufacturing Company, Computer Age Management Services, CCL Products, Capri Global Capital, Cigniti Technologies, Ethos, Jammu & Kashmir Bank, Nureca, Unicommerce Esolutions, and Zee Media Corporation will release their quarterly earnings on May 5.

Indian rupee is trading higher by 27 paise at 84.29 per dollar versus Friday's close of 84.56.

The Board has approved the issuance of non-convertible debentures (NCDs) worth up to Rs 500 crore.

The Board has approved the appointment of Rajkumar Dubey as Chairman of the company, effective May 1. Sukhmal Kumar Jain has ceased to be the Chairman.

Devyani International announced the launch of its first New York Fries (NYF) store in India, located at Chhatrapati Shivaji Maharaj International Airport, Mumbai.

The company is in receipt of work order worth Rs 214,086,042 for design, supply, installation, testing, commissioning and client handling over of power supply system electrical work at Udaipur Air Terminal, Rajasthan.

Oberoi Realty launched Elysian Tower D at Oberoi Garden City Goregaon, on 30th April 2025 and has registered gross booking value of ~Rs 970 crore for ~2.1 lakh sq. ft. (RERA carpet area) and a saleable area of ~3.25 lakh sq. ft.

The company handled cargo volume of 37.5 MMT, a 4% YoY growth, led by containers (up 21% YoY), and liquids and gas (up 8% YoY). Its logistics rail volume stood at 57,751 TEUs, up 17% YoY, while GPWIS volume reached 1.8 MMT, up 4% YoY.

#1 Pricing-led growth seen in H1 for core

#2 Management expects food business to grow at 25 percent

#3 Foods & prem personal care to account for 25+ percent by F27

#4 Digital-first portfolio to scale 2.5x by FY27

#5 Beardo set to reach double-digit EBITDA margin

The final day subscription surge—particularly from Qualified Institutional Buyers (QIBs)—suggests a last-minute effort to support the issue amid fears of under-subscription. This points to a lack of broad-based enthusiasm and raises concerns about the IPO’s inherent demand quality. As a result, we expect a flat to mildly negative listing, likely in the range of ±5% under the best-case scenario.

Flat listing seems to be justified, as the issue was aggressively priced, especially when benchmarked against peer OLA Electric, whose post-listing performance has been underwhelming. We believe the electric two-wheeler (EV 2W) segment remains highly competitive and capital-intensive, with most players, including market leaders, struggling to achieve sustainable profitability and raising concern with new investors.

Given these facts, we recommend a “HOLD” only for high-risk taking investors, who are comfortable with short- to medium-term volatility while conservative investors may prefer a wait-and-watch approach, allowing the stock to establish a more reasonable valuation post-listing.

Industry being in High Growth – High Competition and High Cash Burning segment, we will see high volatility both in business as well as in the price action, hence investors should be aware of risk in short to medium term investing.

#1 EPS declines 13 percent YoY while it’s up 7 percent QoQ on higher provision expenses

#2 Deposit growth slows to 11 percent YoY, is lower than ICICI & HDFC Bank

#3 Seasonal improvement in CASA & stable loans boost NIM

#4 Higher opex growth & provision expenses limited RoA improvement

#5 Results highlight that company faces margin vs growth trade-off in near term

The Sensex was up 249.80 points or 0.31 percent at 80,751.79, and the Nifty was up 96.50 points or 0.40 percent at 24,443.20. About 2217 shares advanced, 1172 shares declined, and 151 shares unchanged.

#1 RoA maintained at >1 percent, aided by sharp gains in non-interest income

#2 Net interest margin maintained at 3 percent mark

#3 Provision expense normalised sharply from the ultra-low levels

The company's biologics subsidiary, Shilpa Biologics, has received European GMP certification for its Dharwad plant in Karnataka for manufacturing test batches, based on a recent inspection. The inspection was conducted between February 18–20 by the competent authority of Austria.

The company has received a work order worth Rs 458.14 crore from North Eastern Electric Power Corporation. The order involves the construction of civil works on an item-rate basis for the Tato-I Hydro Electric Project in Arunachal Pradesh.

#1 Net profit up 21.9% at Rs 2,437 crore versus Rs 2,000 crore, YoY

#2 Revenue up 24.5% at Rs 31,353 crore versus Rs 25,183 crore, YoY

#1 Profit rises 3.5 percent to Rs 96.8 crore Vs Rs 93.5 crore, YoY

#2 Revenue soars 23.9 percent to Rs 624.8 crore Vs Rs 504.2 crore, YoY

#3 Board recommends dividend of Rs 100 per share for FY25

#1 Profit sinks 20.3 percent to Rs 50 crore Vs Rs 62.7 crore, YoY

#2 Revenue tanks 22.1 percent to Rs 172.6 crore Vs Rs 221.6 crore, YoY

#1 Mixed Q4 result, PPoP missed our estimate by 3 percent driven by lower NII & higher opex

#2 Credit costs were higher as the bank strengthened its provision coverage ratio

#3 Loan growth moderated to low-teens

#4 Cut profit estimates by 3-5 percent due to lower NII & higher opex assumptions

Bank stocks the only laggard today, down by 0.87 on BSE and0.36% on NSE

Marico raised to Buy at Emkay Global: Target price Rs 810 implying 13% increase from last price

ABB India rated new Add at Emkay Global: Target price Rs 6100 implying 12% increase from last price

GE Vernova T&D rated new Buy at Emkay Global: Rs 2,050 implying 32% increase from last price

Hitachi India rated new buy at Emkay Global: Target price Rs 16,870 implying 13% increase from last price

The Sensex was up 367.57 points or 0.46 percent at 80,869.56, and the Nifty was up 128.85 points or 0.53 percent at 24,475.55. About 2250 shares advanced, 1060 shares declined, and 146 shares unchanged.

#1 Margin slipping to 6.8 percent came as a big negative surprise

#2 Management attributed margin fall to high competition

#3 Trim EPS estimates by 4-7 percent for FY26-27

Life Insurance Corporation of India has increased its stake in Tata Steel to 7.851% from 5.836% between July 28, 2022, and April 30, 2025.

The company's subsidiary, NTPC Renewable Energy, has declared commercial operation of the third and final phase of its 60 MW capacity, part of the 150 MW Gujarat Solar PV project. With this, the total installed and commercial capacity of the NTPC Group has reached 80,155 MW.