Sensex Gains, Nifty Tops 24,100 As Easing Oil, BJP Win Counter Late Profit-Booking

Mumbai, May 4:Marketsrecovered from last week’s weakness to end higher on Monday, as BJP breached Bengal in landslide assembly elections and oil prices backing off their peaks helped fight off the profit booking seen later during the day.

Both benchmarks came offtheir intraday highs as the Sensex ended atat 77,269.40, up 355.90 points or 0.46%, and the Nifty 50 topped 24,100 to settle at 24,119.30, up 121.75 points, or 0.51%.

Solid Start

Markets got a solid start, mirroring positive Asian cues and cheering a pullback in crude oil prices, which eased macro concerns. Domestic cues added to the sentiment as the BJP appeared to be gaining in West Bengal election results.

The benchmarks rose further with the Nifty briefly topping the 24,200 mark and the Sensex surgingonbroad-based buying with most sectoral indices in positive territory lead by autos, FMCG and select financial stocks.

Losing Steam

However, the rally lost some steam in the latter half of the session, with indices paring gains amid mild profit-booking and cautious undertones linked to global uncertainties. Despite this, the market managed to hold on to a significant portion of its gains, suggesting underlying strength.

The key trigger through the day remained oil. Crude prices eased from recent highs after signals that the US could help ease shipping disruptions in the Strait of Hormuz, cooling risk sentiment and offering relief to import-heavy economies like India.

Broader Participation

Broader markets also participated in the upmove, with midcap and smallcap indices inching up.

Domestic political cues added to the positive undertone. Early election trends, particularly the BJP’s strong showing in West Bengal, were seen as sentimentally supportive, with markets often responding positively to signs of political strength and continuity.

Kotak Loser

On the stock-specific front, gains were widespread, although select names such as Kotak Mahindra Bank ended lower, emerging as the top laggard on the Nifty amid concerns around return ratios despite strong earnings. Other top losers included Bharti Airtel, Dr. Reddy’s Laboratories, Oil and Natural Gas Corporation, and Tata Consultancy Services. On the other hand, top gainers were Adani Ports and Special Economic Zone, Adani Enterprises, Eicher Motors, Reliance Industries, and Jio Financial.

Overall, the session reflected a measured recovery rather than an outright rally—markets opened strong, climbed through the morning, but eased off highs before the close.

In essence, Dalal Street found its footing again, supported by softer oil and favourable domestic cues—but the tempered close suggests investors are still treading carefully in a globally uncertain environment.

Source:

• Exchanges