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In a highly volatile session on May 2, the Indian benchmark indices ended with marginal gains with Nifty around 24,350 level led by IT, media, oil & gas stocks.

At close, the Sensex was up 259.75 points or 0.32 percent at 80,501.99, and the Nifty was up 12.50 points or 0.05 percent at 24,346.70.

For the week, BSE Sensex rose 1.6 percent and Nifty50 added 1.2 percent.

Adani Ports, IndusInd Bank, Bajaj Finance, Reliance Industries, SBI were among top gainers on the Nifty, while losers included JSW Steel, Eicher Motors, Bajaj Auto, Hero MotoCorp, HDFC Life.

BSE Midcap index was down 0.4 percent, while smallcap index ended flat.

On the sectoral front, media, energy, IT, oil & gas up 0.3-0.7 percent, while power, metal, telecom, pharma, realty, consumer durables down 0.5-2 percent.

Overnight, Wall Street stocks rallied as solid earnings from big tech bolstered investor risk appetite.

European indices were trading with solid gains, while Asian indices edged up after China said it’s evaluating possible US trade talks, boosting optimism that tariff tensions will tamp down.

Also Read: After heavy sell-off, FIIs make a comeback with back-to-back monthly inflows

In stock-specific action, Adani Ports share price added 4 percent after Q4 consolidated jumped 47%, PNB Housing shares gained 4 percent post 1.73 crore shares change hands in block deal, Nuvoco Vistas Corporation shares climbed 5.5 percent as Q4 consolidated profit rose 65%, Indus Towers shares down 7 percent as Q4FY25 profit declines and Railtel Corporation of India shares rose 6.6 percent after March quarter net profit jumped 46 percent at Rs 113.4 crore.

More than 60 stocks on the BSE tested 52-week high including Godfrey Phillips, UPL, Coromandel International, Navin Fluorine, ICICI Bank, Bharti Hexacom, Max Financial, Mazagon Dock, among others. Click to View More

Outlook for May 5

Rupak De, Senior Technical Analyst at LKP Securities

The index has witnessed a bout of volatility during the week, slipping sharply after facing rejection around the 24,550 level. On the daily chart, a long upper-wick candle suggests selling pressure at higher levels. Going forward, support is placed at 24,250; a fall below this level might trigger a correction toward 24,000. Additionally, the index may remain range-bound within the 24,000–24,550 band. Only a decisive breakout above 24,550 may lead to a decent rally in the index.

Vaibhav Vidwani, Research Analyst at Bonanza

Today, the Indian stock market closed with a largely sideways trend as benchmark indices showed mixed performances amid volatility and profit booking. The Sensex ended slightly higher by about 260 points at 80,502, while the Nifty 50 closed nearly flat, inching up just 12.5 points to 24,347. The market saw early gains driven by strong Q4 earnings from key stocks like Adani Ports, which surged over 4% following a robust 50% YoY profit rise and optimistic revenue forecasts. However, profit booking and sectoral rotation, especially in metal and pharma stocks, which dragged the broader market down, offset these gains. The sideways closing was primarily due to cautious investor sentiment amid lingering geopolitical tensions, mixed corporate guidance, and a wait-and-watch stance ahead of further earnings announcements.

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Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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