Prime End of the Day Summary: View on Market Performance 06 May 2026

Nifty Surges 300 Points as Crude Tumbles and Rupee Strengthens

The index continued its recent pattern of alternating gains and losses, but today’s move stood out as it resulted in a bullish breakout from the consolidation seen over the past seven trading sessions. Nifty ended the day at 24,330, up nearly 300 points. It opened 139 points higher on the back of strong global cues but quickly reversed, slipping over 250 points from the early morning high. However, in the second half bulls took a charge with massive 360 points rally, to end the session on a strong wicket. NSE cash market turnover rises by 18% compared to the previous session.

Indigo, Tata Motors Passenger Vehicles (TMPV) and Shriram Finance emerged as the top gainers on the Nifty, while ONGC, Reliance, and Power Grid faced selling pressure and ended as key laggards.

Except for Nifty FMCG, all sectoral indices closed in the green. Among them, PSU Banks, Realty, Financial Services, and Auto witnessed the sharpest gains.

The Indian rupee registered its largest single-day gain since April 2, appreciating by 67 paise. The move was supported by a decline in crude oil prices and weakness in the US dollar against major currencies. Central bank intervention and risk-averse sentiment further aided the currency. Markets are increasingly factoring in a potential de-escalation of geopolitical tensions and easing supply constraints, which have weighed on both crude prices and the dollar.

Technically, Nifty has reclaimed levels above its 50 DEMA (24,185), which is an encouraging sign for bulls. Next resistance for the index is seen at 24600, which happens to be the swing high, while immediate support has shifted higher to 24,000.