Green start to May, Nifty open above 24000, Sensex jumps 300 pts amid voting results of 5 states

Mumbai (Maharashtra) [India], May 4 : The domestic stock markets began the month of May on a positive note, with both benchmark indices opening in the green as investors tracked state election results and global developments.

The Nifty 50 index opened at 24,063.55, rising 66 points or 0.28 per cent, while the BSE Sensex opened at 77,257.27, gaining 343.77 points or 0.45 per cent.

Market participants said sentiment remained supported by positive global cues, while domestic factors such as election results are expected to influence near-term movement.

Ajay Bagga, Banking and market expert, toldthat markets are set for a constructive start after the holiday break.

"Indian markets return today after the Buddha Purnima and Maharashtra Day holiday and are set for a constructive start. Gift Nifty futures on the NSE International Exchange were up, hinting at a positive opening. Domestically, attention also turns to state election results today, which could inject a near-term sentiment catalyst," he said.

He added that the rupee remains under pressure near record lows, while elevated crude oil prices amid tensions around the Strait of Hormuz continue to pose inflation risks for India.

"IT and pharma remain outperformers. PSU banks and financials face headwinds. Energy stocks will be in sharp focus all week given Project Freedom," Bagga said.

Sectorally, most indices on the NSE opened with gains, except the Nifty Private Bank index. Nifty Auto rose 1.87 per cent, Nifty Realty gained 1.82 per cent, Nifty PSU Bank increased 1.23 per cent, and Nifty Metal was up 0.84 per cent. Nifty IT gained 0.16 per cent, Nifty Pharma rose 0.32 per cent, and Nifty Media added 0.10 per cent.

Meanwhile, geopolitical developments remained in focus. Over the weekend, there were diplomatic exchanges between Washington and Tehran. Iran submitted a 14-point response to the US proposal to end the conflict that began on February 28, seeking resolution within 30 days, instead of a two-month ceasefire suggested by the US. Iran also confirmed that the US response was conveyed via Pakistan and is currently under review.

V K Vijayakumar said that election results may influence markets in the short term, but global factors will play a bigger role.

"Today's market action may be unduly influenced by the state election results with focus on West Bengal. But it is important to note that this will be only a very short-term sentimental impact. The real market trend will be guided by the crude oil prices," he said.

Crude oil prices remained elevated, with Brent crude trading at USD 108.48 per barrel at the time of filing this report.

In the commodities market, gold prices stood at Rs 1,51,001 per 10 grams for 24 karats, while silver prices were at Rs 2,46,302 per kg.

On the corporate front, several companies, including Bharat Heavy Electricals, Ambuja Cements, Aditya Birla Capital, Jindal Stainless, Godrej Properties, KEI Industries, Petronet LNG, Ather Energy, Exide Industries, Manappuram Finance, Tata Technologies, Wockhardt and Tata Chemicals are set to announce their fourth quarter results for FY26.

Other Asian markets also showed strong momentum, with Japan's Nikkei 225 rising 0.38 per cent to 59,513, Singapore's Straits Times up 0.68 per cent, Hong Kong's Hang Seng gaining 1.93 per cent to 26,273, Taiwan's weighted index surging 4.20 per cent to 40,628, and South Korea's KOSPI rising 4.22 per cent to 6,882.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor