Indian stock markets faced a downturn on May 7, with Sensex declining 114 points (0.15%) to 77,844.52 and Nifty 50 falling 4 points (0.02%) to 24,326.65. According to reports from LiveMint, the decline was primarily due to profit-taking in major stocks including HUL, TCS, ITC, and Reliance. Despite the benchmark indices closing in negative territory, mid-cap and small-cap sectors recorded significant gains, with Nifty Midcap 150 and Nifty Smallcap 250 both rising by more than 1%. The total market capitalisation of BSE-listed firms increased to over ₹475 lakh crore from ₹472.8 lakh crore in the previous session, resulting in a wealth gain of over ₹2 lakh crore for investors. Gift Nifty was trading around 24,261 level, a discount of nearly 122 points from the Nifty futures' previous close of 24,382.80, indicating a negative start for today's session.
As reported by LiveMint, optimism over a possible US-Iran agreement intensified market sentiment, with Brent Crude prices falling below the $100-per-barrel threshold. The Indian rupee appreciated by 25 paise to finish at 94.24 against the US dollar, supported by the drop in crude oil prices. However, Gift Nifty was trading around 24,261 level, a discount of nearly 122 points from the Nifty futures' previous close, indicating a negative start for today's session. Market experts suggest that Indian equity markets are expected to remain cautious and highly sensitive to news flow, with escalating geopolitical tensions in the Middle East continuing to weigh on investor sentiment despite periodic relief rallies.
According to LiveMint reports, Raja Venkatraman, Co-founder of NeoTrader, recommended three stocks for today: Sun Pharma Advanced Research (SPARC) with buy above ₹169, stop loss at ₹158, and target price of ₹193 for a multiday position. Laxmi Organic Industries is recommended for buy above ₹165, stop at ₹157, and target ₹181 for a multiday trade. One 97 Communications (Paytm) is suggested for buy above ₹1,200, stop at ₹1,150, and target ₹1,290 for a multiday position. SPARC is recommended due to a sharp thrust above value area at ₹155 and promising long body candle indicating buying interest, while Laxmi Organic shows steady rounding pattern breaking beyond resistance around ₹153-155.
As reported by LiveMint, MarketSmith India recommended two additional stocks: Bharat Forge with buy at ₹1,985-2,010 and target price of ₹2,290 in two to three months, citing strong defence and aerospace growth, diversified global customer base, and rising export contribution. Radico Khaitan is recommended for buy at ₹3,400-3,440 with target price of ₹3,900 in two to three months, highlighting strong premium liquor portfolio and fast-growing prestige segment. Bharat Dynamics is recommended by Chandan Taparia of Motilal Oswal for buy at ₹1,550 with target price of ₹1,550 and stop loss at ₹1,420, noting the stock has given consolidation breakout and formed a strong bullish candle with mechanical indicator RSI in positive territory. CG Power and Industrial Solutions is suggested for buy at ₹910 with target price of ₹910 and stop loss at ₹830, citing flag breakout with noticeable volumes and rising MACD indicator confirming bullish momentum.
According to LiveMint reports, foreign institutional investor (FII) selling pressure has persisted in recent sessions, while steady domestic institutional investor (DII) buying continues to lend support to local equities. Crude oil prices, after cooling toward $90, have moved higher and are currently trading in the $95-99 per barrel range, reflecting persistent concerns about supply disruptions. Market experts suggest that the outlook suggests continued volatility but fading bearish sentiment, with the contrast between military confrontation and diplomatic messaging keeping investors on edge and reinforcing a defensive undertone across global financial markets. Bank Nifty index gained 66.35 points (0.12%) to close at 56,047.40, showing buying interest at lower levels but facing resistance, while Nifty 50 needs to hold above 24,300 zones for an up move towards 24,500 and 24,700, with supports at 24,200 and 24,100 levels.
