Prime End of the Day Summary: View on Market Performance 07 May 2026

Nifty Ends Flat Amid Intraday Volatility; Mid & Small caps Outperform

Nifty extended its alternating trend of gains and losses, slipping marginally by 4 points to settle at 24,326 after the previous session’s rally. The index opened higher by 68 points and advanced to an intraday high of 24,482 in early trade. However, profit booking in the second half triggered a sharp pullback of 189 points from the peak, wiping out initial gains. Following yesterday’s surge, NSE cash market turnover increased further by 2%, indicating sustained trading activity.

HDFCLIFE, Bajaj Auto, and M&M emerged as the top gainers on the Nifty, while Hindustan Unilever, TCS, and Titan faced selling pressure and ended as key laggards.

Sectoral trends were mixed, with Auto, Realty, and Financial Services outperforming, whereas Consumer Durables, IT, and FMCG sectors saw declines.

Midcaps and smallcaps outperformed the benchmark indices, with the Nifty Midcap 100 rising 1.1% and the Nifty Smallcap 100 gaining 0.9%. Market breadth remained positive for the second consecutive session, as reflected in a BSE advance-decline ratio of 1.80, indicating sustained buying interest in the broader market.

The Indian rupee strengthened for the second consecutive session, appreciating by 36 paise to close at 94.25, supported by gains in Asian currencies. The dollar weakened as easing crude prices—on expectations of a potential diplomatic breakthrough between Washington and Tehran—reduced inflation concerns. Additional support came from short covering and steady dollar inflows through domestic banks.

Despite the profit booking during the second half, the broader technical structure remains intact, with the index sustaining the uptrend that began yesterday. Immediate support is placed around the 24,000 level, while resistance is placed near 24,600.