Indian equity benchmark indices are expected to open on a subdued note on May 7, tracking muted global cues. According to Moneycontrol, GIFT Nifty was trading nearly flat around the 24,481 mark, indicating a range-bound opening for the domestic markets. In the previous volatile session on May 6, Indian equity markets ended with strong gains, with the Nifty closing above the 24,300 mark as optimism grew over a potential US-Iran agreement to ease geopolitical tensions. At close, the Sensex was up 940.73 points or 1.22% at 77,958.52, and the Nifty was up 298.15 points or 1.24% at 24,330.95. However, markets showed resilience and managed to post strong gains despite volatility, supported by positive global trends and falling crude oil prices. The rally was largely driven by positive global developments, particularly optimism around a potential US-Iran agreement that could ease transit restrictions through the Strait of Hormuz, leading to a decline in crude oil prices and supported the Indian rupee.
Several prominent companies announced their fourth quarter results, with Bajaj Auto reporting exceptional performance. As reported by The Economic Times, the company achieved a standalone net profit of ₹2,746 crore in Q4FY26, representing a 34% increase from ₹2,049 crore in the corresponding quarter of the previous financial year. BSE, Britannia, Bharat Forge, Dabur, MRF, Biocon, and Pidilite are also among the companies announcing quarterly results today. In today's trade, shares of BSE, Britannia, Paytm, Meesho, and RIL are expected to be in focus due to quarterly results and various news developments.
One 97 Communications, which operates Paytm, delivered a remarkable turnaround in its fourth quarter results. According to The Economic Times, the company reported a net profit of ₹184 crore in Q4, a significant improvement from the loss of ₹540 crore recorded in the year-ago quarter. The previous year's results were impacted by one-time expenses related to CEO Vijay Shekhar Sharma's employee stock option charges.
The rally was broad-based across sectors, with strong buying seen across PSU Banks, Private Banks, Realty, Auto, and Pharma stocks, each advancing between 2-3%. FMCG remained the only laggard, witnessing some selling pressure. The broader markets also mirrored the positive trend, as the Nifty Midcap index rose 1.76% and the Smallcap index advanced 1.93%, indicating sustained investor interest beyond frontline stocks. Market experts believe that the near-term narrative has turned more constructive, supported by both global and domestic factors.
Asian markets traded mixed while the US stock market ended higher overnight, with the S&P 500 and Nasdaq surging to record-high closes. The Dow Jones Industrial Average rallied 1.24% to 49,910.59, while the S&P 500 gained 1.46% to end at 7,365.09 and the Nasdaq closed 2.03% higher at 25,838.94. Nvidia stock surged 5.68%, while Advanced Micro Devices (AMD) shares jumped 18.64% to an all-time high after forecasting second-quarter revenue above Wall Street expectations. Japan's Nikkei 225 jumped 4.18%, hitting 62,000 for the first time, while Brent crude oil price rose 0.78% to $102.06 a barrel after previous session losses. Analysts say indications favour further upside towards 24,550 and then 24,750 levels, with support remaining intact at 24,000-23,800 levels. The Nifty formed a bullish candlestick pattern with a higher high and higher low, indicating continuation of the recent pullback, with a breakout above 24,400 potentially opening upside towards 24,600 and 24,800.
