Nifty 50 Trades Above 24,365, Sensex Holds 78,000 Mark; Nifty Mid Cap 100 Hits Fresh High

Market Update at 2:39 PM: The Indian equity benchmarks traded in a narrow range on Thursday as investors assessed the latest developments in West Asia and monitored movements in crude oil prices.

The Nifty 50 was trading 36.45 points, or 0.15 per cent, higher at 24,365.70, while the Sensex gained 52.23 points, or 0.07 per cent, to trade at 78,014.73.

In the broader markets, the NSE Nifty MidCap 100 index touched a fresh record high of 62,020.10, supported by gains in One97 Communications and BSE Ltd.

Among sectoral indices, the Nifty Consumer Durable index declined the most during the session. The Nifty FMCG, the Nifty PSU Bank, and the Nifty Realty indices also underperformed the broader market. On the other hand, the Nifty Auto index emerged as the top sectoral gainer.

Meanwhile, Brent crude prices fell 2.74 per cent to USD 98.50 per barrel after reports suggested that the agreement between the U.S. and Iran had been reached to stop the blockade in exchange for the gradual reopening of the Strait of Hormuz.

Market Update at 12:36 PM: Indian benchmark indices traded in a narrow range on Thursday as investors closely monitored rising geopolitical tensions in West Asia.

The Nifty 50 was trading 10.85 points, or 0.04 per cent, higher at 24,292.80. Meanwhile, the Sensex slipped 20.72 points, or 0.03 per cent, to trade at 77,971.45.

Broader markets outperformed the benchmark indices during the session. The Nifty MidCap index gained 0.36 per cent, while the Nifty SmallCap index advanced 0.37 per cent.

Among sectoral indices, the Nifty Construction Durable index emerged as the top laggard. The Nifty FMCG, Nifty PSU Bank, and Nifty Realty indices also traded lower during the session. On the other hand, the Nifty Auto index outperformed other sectors and traded in positive territory.

Investor sentiment remained cautious as crude oil prices moved higher amid escalating tensions between the U.S. and Iran. Brent crude prices rose during Asian trading hours after U.S. President Donald Trump warned that Tehran could face bombing at a much higher level if it failed to agree to a peace deal.

Brent crude’s May futures contract was trading 0.63 per cent higher at USD 101.91 per barrel on the Intercontinental Exchange.

Market Update at 09:35 AM: The Indian equity benchmark indices, Nifty 50 and Sensex, traded in a volatile range at the opening session on Thursday amid mixed global market cues and rising geopolitical tensions between the U.S. and Iran.

The Nifty 50 was trading 7.45 points, or 0.03 per cent, lower at 24,323.25, while the Sensex declined 90.25 points, or 0.12 per cent, to 77,868.27.

In the broader market segment, buying interest remained strong. The Nifty MidCap index advanced 0.54 per cent, while the Nifty SmallCap index gained 0.53 per cent during early trade.

Meanwhile, crude oil prices moved higher in Asian trading hours after tensions escalated between the U.S. and Iran. U.S. President Donald Trump reportedly warned that Tehran could face bombing at a much higher level if it does not agree to a peace deal.

Brent crude futures for May delivery were trading 0.56 per cent higher at USD 101.84 per barrel on the Intercontinental Exchange, reflecting growing concerns over global supply disruptions amid rising geopolitical uncertainty.

Higher crude oil prices remain a key concern for Indian markets as they could increase inflationary pressures and impact the country’s import bill.

Pre-Market Update at 7:34 AM: The Indian benchmark indices, Sensex and Nifty 50, are likely to open on a muted note on Thursday amid mixed global cues, as investors remain cautious due to the ongoing U.S.-Iran conflict and fluctuating crude oil prices.

Gift Nifty hovered around the 24,461 mark, trading at a discount of nearly 13 points compared to the previous close of Nifty futures, indicating a subdued start for domestic equities. Asian markets traded mixed, while Wall Street ended higher overnight, with the S&P 500 and Nasdaq closing at fresh record highs.

U.S. President Donald Trump said the conflict involving Iran could end soon, as Washington pushes for a deal to ease tensions related to the Strait of Hormuz and Tehran’s nuclear ambitions. Meanwhile, Iranian Foreign Ministry spokesperson Esmaeil Baqaei said the U.S. proposal is still under review by Tehran.

Oil prices stabilised after sharp declines in the previous session. Brent crude futures rose 0.78 per cent to USD 102.06 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 0.96 per cent to USD 95.99 per barrel.

From a derivatives perspective, the Put-Call Ratio (PCR) stands at 1.18. On the Put (PE) side, significant open interest among the nearest strikes is concentrated at 24,000, suggesting this level may act as key support for the day.

On the Call (CE) side, major open interest addition was seen at the 25,000 strike during the previous trading session, indicating this level may act as strong resistance. In the near out-of-the-money segment, high open interest is concentrated at the 24,500 and 25,000 strikes.

Technically, the Nifty 50 has turned bullish after breaking out of its recent consolidation range and bullish flag pattern with strong volumes. Immediate support is placed near the 50-DMA zone around 24,000, which also acted as a strong buying area during Wednesday’s session.

On the upside, a decisive move above 24,368 could strengthen momentum further and open the path towards 24,720–24,750, coinciding with the 61.8 per cent Fibonacci retracement level of the February-to-April decline. If the index sustains above this zone, the next major upside target is seen around 25,006.

However, a close below the 50-DMA may weaken the current setup and drag the index back into consolidation.

Major companies scheduled to announce results include BSE, Pidilite Industries, Britannia Industries, Bajaj Holdings & Investment, Lupin, Bharat Forge, Dabur India, Biocon and Coromandel International.

No stock is under the F&O ban for May 7.

On May 6, Foreign Institutional Investors (FIIs) were net sellers after buying equities worth Rs 5,834.90 crore. Domestic Institutional Investors (DIIs) also bought shares worth Rs 6,836.87 crore during the session.

The Indian stock market ended sharply higher on Wednesday, supported by late-session buying amid reports that the U.S. and Iran were nearing a deal to end their conflict.

The Sensex jumped 940.73 points, or 1.22 per cent, to close at 77,958.52, while the Nifty 50 gained 298.15 points, or 1.24 per cent, to settle at 24,330.95.

The U.S. stock market closed strongly higher on Wednesday, with the S&P 500 and Nasdaq hitting fresh record highs amid easing Middle East tensions and strong gains in AI-related stocks.

The Dow Jones Industrial Average climbed 1.24 per cent to close at 49,910.59. The S&P 500 advanced 1.46 per cent to 7,365.09, while the Nasdaq Composite surged 2.03 per cent to settle at 25,838.94.

Among major movers, Nvidia jumped 5.68 per cent, while Advanced Micro Devices (AMD) soared 18.64 per cent to a record high. Intel gained 4.46 per cent, Apple rose 1.16 per cent, and Tesla added 2.37 per cent.

Gold prices steadied after recording their biggest daily advance since late March. Spot gold was steady at USD 4,692.98 an ounce, while silver prices rose 0.1 per cent to USD 77.44 after surging 6.2 per cent on Wednesday.

Disclaimer: The article is for informational purposes only and not investment advice.

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