Pre-Market Update: GIFT Nifty Signals Positive Start as Crude Softens, GST Collections Hit Record High
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GIFT Nifty signals a positive start for Sensex and Nifty as crude oil prices soften and April GST collections hit a record high. Assembly election results will remain in focus, with West Bengal likely to draw maximum market attention.
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Indian equity markets are likely to begin Monday’s session on a positive note, with GIFT Nifty indicating early strength on May 4, 2026. Sentiment is being supported by softer crude oil prices, record GST collections in India.
Crude Oil Slips as Strait of Hormuz Relief Hopes Improve
WTI crude futures eased to nearly USD 101 per barrel on Monday, extending losses for the third consecutive session. The decline followed comments from US President Donald Trump, who said Washington would work to “free” stranded cargo vessels caught in the Strait of Hormuz.
The initiative, named “Project Freedom,” is aimed at helping civilian ships flagged in countries not directly involved in the conflict move out of the contested waterway and resume operations. For India, any cooling in crude oil prices is a major relief, as elevated oil prices can weigh on inflation, the rupee and corporate margins.
US-Iran Talks in Focus as Tehran Reviews 14-Point Proposal
Geopolitical developments also remain on investors’ radar. Iran has said it is reviewing Washington’s response to its latest 14-point proposal, raising hopes that the fragile US-Iran ceasefire could gradually move towards a more durable diplomatic arrangement in the Middle East.
A sustained easing of tensions would be positive for global risk sentiment and particularly important for oil-importing economies such as India.
GST Collections Touch Record High in April
On the domestic front, India’s gross GST collections for April touched a record Rs 2.42 lakh crore, registering a growth of 8.7 per cent year-on-year. Net GST revenue also rose 7.3 per cent YoY, largely supported by strong import-linked collections.
The record GST print adds strength to the domestic macro backdrop and may offer some comfort to investors amid global uncertainty.
GIFT Nifty Signals Opening Above 24,200
As of 7:20 AM, GIFT Nifty was trading higher by 88 points, or 0.37 per cent, at 24,235.5. This indicates that the Nifty may open above the psychologically important 24,200 mark.
A firm opening above this level could improve short-term sentiment, though follow-through buying will be important after the recent bout of volatility.
Assembly Election Results to Remain in Focus
Apart from global cues, political developments could influence market sentiment during the day. The results of Assembly elections in West Bengal, Assam, Kerala, Tamil Nadu and Puducherry will be closely tracked.
Results for 824 seats and more than 4,800 candidates are scheduled to be declared today, with early trends expected from 8 AM. Dalal Street’s sharpest political focus will be on West Bengal, where investors will watch whether the verdict points to continuity under the All India Trinamool Congress or a shift towards the Bharatiya Janata Party.
Asian Markets Offer Supportive Signals
Asian markets were largely trading in positive territory on May 4. South Korea’s KOSPI jumped 3.66 per cent, Taiwan’s Weighted Index advanced 3.31 per cent, Hong Kong’s Hang Seng gained 1.60 per cent, and the Straits Times was up 0.61 per cent.
The broad strength across regional markets may help support risk appetite in Indian equities during early trade.
Key Results on May 4
Several companies are scheduled to announce their results on May 4. The list includes Aarti Industries, Aditya Birla Capital, Ambuja Cements, Ather Energy, BHEL, CAMS, CSB Bank, Exide Industries, Godrej Properties, IIFL Capital Services, Jaiprakash Power Ventures, Jindal Stainless, Jyothy Labs, KEI Industries, Latent View Analytics, Manappuram Finance, NACL Industries, Petronet LNG, Quess Corp, SG Mart, Sobha, Tata Chemicals, Tata Technologies and Wockhardt.
F&O Ban List on May 4
No stock is under the F&O ban for May 4.
Institutional Flows: FIIs Sell, DIIs Offer Support
On April 30, Foreign Institutional Investors were net sellers of Indian equities worth Rs 8,047.86 crore. Domestic Institutional Investors, on the other hand, bought shares worth Rs 3,487.10 crore.
Heavy FII selling remains a key monitorable, especially as the market trades near important technical levels. DII buying has helped cushion the pressure, but foreign flows will continue to influence short-term sentiment.
April Market Performance
Indian equities delivered their best monthly rally in nearly two years in April, despite concerns around the US-Iran conflict. The Nifty 50 and Sensex gained more than 7.4 per cent each during the month, marking their strongest monthly performance since December 2023, when both indices had risen 7.9 per cent.
This was also the best April performance for the benchmark indices since 2020, when both had surged more than 14 per cent.
However, the final trading session of April saw some profit booking. On Thursday, the Nifty 50 declined 0.7 per cent to settle slightly below 24,000, while the Sensex fell 0.75 per cent, or nearly 600 points, to close near 76,913.
US Markets End Strong
US markets ended on a firm note on Friday. The S&P 500 extended its winning run to a fifth week, supported by strong earnings from technology companies. The index closed 0.3 per cent higher at an all-time high, led by technology and consumer discretionary stocks. The Nasdaq 100 also gained 0.9 per cent to finish at a record high.
Disclaimer: The article is for informational purposes only and not investment advice.