Mumbai (Maharashtra) [India], May 4 (ANI): The home stock markets started the month of May on a constructive be aware, with each benchmark indices opening within the inexperienced as traders tracked state election outcomes and international developments.
The Nifty 50 index opened at 24,063.55, rising 66 factors or 0.28 per cent, whereas the BSE Sensex opened at 77,257.27, gaining 343.77 factors or 0.45 per cent.
Market members mentioned sentiment remained supported by constructive international cues, whereas home elements equivalent to election outcomes are anticipated to affect near-term motion.
Ajay Bagga, Banking and market knowledgeable, instructed ANI that markets are set for a constructive begin after the vacation break.
‘Indian markets return right now after the Buddha Purnima and Maharashtra Day vacation and are set for a constructive begin. Gift Nifty futures on the NSE International Exchange have been up, hinting at a constructive opening. Domestically, consideration additionally turns to state election outcomes right now, which might inject a near-term sentiment catalyst,’ he mentioned.
He added that the rupee stays beneath stress close to file lows, whereas elevated crude oil costs amid tensions across the Strait of Hormuz proceed to pose inflation dangers for India.
‘IT and pharma stay outperformers. PSU banks and financials face headwinds. Energy shares might be in sharp focus all week given Project Freedom,’ Bagga mentioned.
Sectorally, most indices on the NSE opened with beneficial properties, besides the Nifty Private Bank index. Nifty Auto rose 1.87 per cent, Nifty Realty gained 1.82 per cent, Nifty PSU Bank elevated 1.23 per cent, and Nifty Metal was up 0.84 per cent. Nifty IT gained 0.16 per cent, Nifty Pharma rose 0.32 per cent, and Nifty Media added 0.10 per cent.
Meanwhile, geopolitical developments remained in focus. Over the weekend, there have been diplomatic exchanges between Washington and Tehran. Iran submitted a 14-point response to the US proposal to finish the battle that started on February 28, looking for decision inside 30 days, as a substitute of a two-month ceasefire instructed by the US. Iran additionally confirmed that the US response was conveyed by way of Pakistan and is presently beneath evaluation.
V Okay Vijayakumar mentioned that election outcomes might affect markets within the quick time period, however international elements will play an even bigger position.
‘Today’s market motion could also be unduly influenced by the state election outcomes with give attention to West Bengal. But it is very important be aware that this might be solely a really short-term sentimental impression. The actual market development might be guided by the crude oil costs,’ he mentioned.
Crude oil costs remained elevated, with Brent crude buying and selling at USD 108.48 per barrel on the time of submitting this report.
In the commodities market, gold costs stood at Rs 1,51,001 per 10 grams for twenty-four karats, whereas silver costs have been at Rs 2,46,302 per kg.
On the company entrance, a number of firms, together with Bharat Heavy Electricals, Ambuja Cements, Aditya Birla Capital, Jindal Stainless, Godrej Properties, KEI Industries, Petronet LNG, Ather Energy, Exide Industries, Manappuram Finance, Tata Technologies, Wockhardt and Tata Chemicals are set to announce their fourth quarter outcomes for FY26.
Other Asian markets additionally confirmed robust momentum, with Japan’s Nikkei 225 rising 0.38 per cent to 59,513, Singapore’s Straits Times up 0.68 per cent, Hong Kong’s Hang Seng gaining 1.93 per cent to 26,273, Taiwan’s weighted index surging 4.20 per cent to 40,628, and South Korea’s KOSPI rising 4.22 per cent to six,882. (ANI)