Indian equity markets opened on a firm note on Wednesday, May 6, with benchmark indices extending their upward momentum amid positive global cues and sustained investor optimism. The Sensex gained 585.12 points, or 0.76 per cent, to 77,602.91, while the Nifty rose 188.45 points, or 0.78 per cent, to 24,221.25. Market breadth was positive, with 172 shares advancing, 64 declining, and 14 remaining unchanged.
Among the top Nifty gainers were InterGlobe Aviation, Shriram Finance, Bajaj Finance, Titan Company, and Bajaj Finserv. On the losing side, L&T, ONGC, and Power Grid Corporation were among the key laggards.
Aakash Shah, Technical Research Analyst at Choice Broking, noted, “Indian equity markets are expected to open on a strong positive note, with Gift Nifty trading at 24,318, up by 208 points. Asian markets also opened higher, tracking strong gains in the US markets overnight, which is supporting early sentiment. From a technical standpoint, momentum indicators remain mixed. The RSI is moving sideways near the 50 mark, reflecting neutral momentum, while the MACD histogram is showing shrinking positive bars, indicating weakening bullish momentum. The 24,000 level, which coincides with the 20-day EMA, is acting as a crucial pivot for the market. A decisive breakdown below this level could lead to further downside toward 23,800 and 23,500. On the upside, a sustained move above 24,350 may trigger a rally toward 24,600.”
“The broader trend remains constructive, but the short-term structure suggests consolidation with key levels acting as triggers. The immediate range for Nifty is seen between 23,800 and 24,300. A decisive breakout on either side will determine the next directional move,” he added
Rupee Movement
The rupee strengthened by 24 paise at the open on May 6, tracking a pullback in global oil prices after Donald Trump signalled that a potential peace deal with Iran may be within reach, easing concerns over supply disruptions. The domestic currency opened at 95.04 against the dollar, compared with its previous close of 95.28.