The Indian stock market delivered strong gains on May 3, with the BSE Sensex rising 355.90 points (0.46%) to close at 77,269.40 and the Nifty 50 advancing 121.75 points (0.51%) to settle at 24,119.30. According to reports from LiveMint, the rally was driven by blue-chip stocks and positive election outcomes that largely matched market expectations. Raja Venkatraman, Co-founder of NeoTrader and MarketSmith India, has recommended five stocks for trading on May 4, citing market stability and favorable technical indicators as key factors.
The Gift Nifty was trading around 24,076 as of 7:32 AM, representing a discount of 130 points from the Nifty futures' previous close of 24,206. As reported by LiveMint, Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth, noted that the Nifty 50 is likely to begin the session on a cautious note with early indicators pointing to a flat-to-negative opening. The Gift Nifty hovering around the 24,000 mark suggests limited upside after recent recovery and potential market consolidation before the next directional move.
General Insurance Corporation of India (current price: ₹409.35) is recommended as a buy above ₹415 with a stop loss at ₹395 and target price of ₹460 over two months. According to MarketSmith India, the dominant domestic reinsurer has reclaimed momentum after a seven-month decline, with strong technical support at TS and KS bands. Lodha Developers Ltd (current price: ₹923.60) is suggested as a buy above ₹930 with stop loss at ₹890 and target of ₹1,025 over two months, supported by a bullish rounding pattern breakout above the cloud region.
Syrma SGS Technology Ltd (current price: ₹1,018.55) is recommended as a buy above ₹1,025 with stop loss at ₹960 and target of ₹1,125 over two months, supported by consistent uptrend since March 2026. Linde India Ltd (current price: ₹7,445) is suggested as a buy at ₹7,400-7,500 with target price of ₹8,600 in two to three months, backed by strong parentage and market leadership in industrial gases. Jindal Steel Ltd (current price: ₹1,260) is recommended as a buy at ₹1,255-1,272 with target of ₹1,410 in two to three months, benefiting from integrated steel operations and capacity expansion pipeline.
Experts believe that BJP's victories in three of five assembly elections are likely to reinforce perceptions of political stability and lift market sentiment. According to LiveMint, they also pointed to record GST collections and stronger-than-expected auto sales growth as indicators of resilient underlying demand. However, global cues remain fragile with U.S. markets seeing sharp selling pressure and crude oil surging amid geopolitical concerns over the Strait of Hormuz. The sustained strength in crude oil, still above $100, continues to pose macro risks for India given its import dependence.
