Prime End of the Day Summary: View on Market Performance 05 May 2026

Nifty Falls 86 Points as Rupee Hits Record Low, Crude Surges

Nifty extended its alternating pattern of one-day gains followed by declines, slipping 86 points to close at 24,032 after yesterday’s up move. The index opened 69 points lower and deepened its losses by nearly 170 points in the first half. However, a strong recovery in the latter half saw it rebound close to 200 points from the intraday low of 23,882. NSE cash market turnover declined by 6% compared to the previous session.

M&M, UltraTech Cement, and Hindalco emerged as the top gainers on the Nifty, while ICICI Bank, Jio Financial, and Coal India faced notable selling pressure and ended as key laggards.

Sectoral performance remained mixed. FMCG, Auto, and Pharma sectors led the gains, whereas Realty, Consumer Durables, and Private Banks witnessed the sharpest declines.

The Indian rupee weakened further to hit a fresh record low amid escalating geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict, raising concerns of a global inflationary surge. Elevated crude oil prices, coupled with risk aversion, have intensified fears of a widening Balance of Payments deficit. Persistent capital outflows and a cautious central bank stance have added to the pressure.

Nifty has been consolidating around its 50 DEMA at 24,180 over the past six trading sessions. Immediate support remains at 23,800, while 24,334 and 24,600 are likely to act as short-term resistance levels.