India’s benchmark indices closed firmly higher on Wednesday, May 6, with the Nifty climbing past the 24,300 mark as broad-based buying lifted most sectors, while power and FMCG stocks lagged. By the end of the session, the Sensex had surged 940.73 points or 1.22 per cent to settle at 77,958.52, and the Nifty advanced 298.15 points or 1.24 per cent to 24,330.95. Market breadth remained positive, with 2,755 stocks gaining, 1,287 declining, and 161 ending unchanged.
The broader market also performed strongly, as both midcap and smallcap indices posted gains of nearly 2 per cent each.
Among Nifty constituents, InterGlobe Aviation, Trent, Tata Motors Passenger Vehicles, Shriram Finance, and Asian Paints were the top performers. On the downside, ONGC, Larsen & Toubro, Reliance Industries, Power Grid Corporation, and NTPC ended lower.
Sector-wise, all indices closed in positive territory except for power, FMCG, and energy. Gains were led by auto, media, private banks, PSU banks, realty, metals, and pharma stocks, which rose between 1 per cent and 2 per cent.
"Domestic markets rallied on a risk-on sentiment, driven by easing US–Iran tensions and China’s diplomatic engagement, which helped contain crude prices, though the trend remains headline-sensitive," said Vinod Nair, Head of Research, Geojit Investments.
Abhinav Tiwari, Research Analyst at Bonanza, noted, "Today, the Indian equities ended positively, as Nifty 50 and Sensex ended higher by 298 and 941 points, respectively. Sentiment improved as crude prices eased and global cues remained supportive. The biggest relief came from crude oil prices cooling to the low $100 after recently crossing $108-115. At the same time, the government approved ECLGS 5.0, enabling additional credit flow of around Rs 2.55 lakh crore. The scheme includes support for MSMEs and airlines, helping ease concerns around debt-heavy sectors like aviation and NBFCs. Q4 FY26 earnings also remained stable, with many companies reporting results slightly better than expectations, especially in banking, consumer, healthcare, and metals."
The Indian rupee strengthened by 0.7 per cent to touch a one-week high of 94.5975 against the dollar in intraday trade on Wednesday, supported by declining crude oil prices and improving market sentiment.
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