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Benchmark indices opened on a positive note Tuesday morning, maintaining the bullish momentum seen in recent sessions as foreign institutional investors continue their buying spree and crude oil prices remain subdued.
The Sensex opened at 80,907.24, slightly higher than its previous close of 80,796.84, while the Nifty began trading at 24,500.75, up from Monday’s close of 24,461.15. However, both indices trimmed early gains in the first hour of trading, with Sensex trading at 80,753.58 (down 0.05 per cent) and Nifty at 24,457.90 (down 0.01 per cent) as of 9.45 am.
“Markets opened strong with GIFT Nifty comfortably above the dotted line, and Nifty expected to maintain a bullish tone through the day,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd. “Optimism is driven by falling WTI oil prices ($56.70) and FIIs buying ₹40,623 crore in the last 13 sessions.”
Adani Group stocks emerged as the star performers in early trade, with Adani Enterprises surging nearly 8 per cent to trade at ₹2,480, while Adani Ports & SEZ rose 7 per cent to ₹1,358, its biggest single-day gain in five months. Adani Green Energy jumped 8 per cent to ₹978, and Adani Total Gas surged by 11 per cent to ₹664.
“The rally across Adani verticals comes following the reports of Gautam Adani’s aides meeting with US President Trump’s officials,” noted VLA Ambala, Co-Founder of Stock Market Today. “A few months ago, the US authorities charged Gautam Adani with bribery to secure Indian power contracts and misleading US investors during fundraising. So, this meeting could prove eventful for the company.”
In the auto sector, M&M emerged as the top gainer on the NSE, rising 3.58 per cent to ₹3,129.60 following strong Q4 earnings. Other auto stocks also showed positive momentum, with Hero MotoCorp up 2.98 per cent and Eicher Motors gaining 2.13 per cent.
“Expect positive for auto stocks after auto major M&M announced impressive Q4 results,” said Vikas Jain, Head of Research at Reliance Securities.
On the losing side, pharmaceutical stocks faced selling pressure, with Cipla down 1.88 per cent, Dr. Reddy’s Laboratories declining 1.34 per cent and Sun Pharma falling 1.02 per cent. JioFin also retreated 1.80 per cent in early trade.
The market sentiment continues to be supported by sustained foreign institutional buying. “FIIs continued their buying streak on May 5 with net equity purchases of ₹497 crore, while DIIs remained strong buyers, investing ₹2,788 crore,” said Mandar Bhojane, Equity Research Analyst at Choice Broking.
Meanwhile, bullion markets witnessed significant movement. “Gold staged a remarkable comeback in Monday’s trading, completely erasing last week’s losses as investors positioned themselves ahead of the Federal Reserve’s highly anticipated interest rate announcement,” remarked Rahul Kalantri, VP Commodities at Mehta Equities Ltd. Gold prices jumped over 2 per cent, or more than $70, supported by a weakening US dollar.
Crude oil markets remained volatile. “MCX crude oil opened at ₹4,873 but crashed to ₹4,724 on Monday amid global oversupply fears,” Kalantri added. The decline in oil prices has been a positive factor for Indian markets, particularly benefiting oil marketing companies.
On the global front, investors are awaiting the US Federal Reserve’s policy decision scheduled for Wednesday. “The FOMC meeting for May concludes on Wednesday, and expectations are that the Fed will hold its policy rate steady at 4.25 per cent-4.5 per cent,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.
The US-China trade talks also remain in focus. “Treasury Secretary Scott Bessent expressed optimism over progress in US-China trade talks, though he acknowledged the current 145 per cent tariff levels were unsustainable,” Vakil noted.
Media reports suggest potential tariff cuts on steel, auto parts and pharmaceuticals in India-US trade negotiations. “India Offers US Reciprocal Zero Tariffs on Steel, Auto Parts and Pharmaceutical Drugs,” confirmed Vikas Jain.
From a technical perspective, the market continues to trade in a narrow range. “The market has spent the last seven days within a specific trading range, between 24,200 and 24,500,” observed Shrikant Chouhan, Head of Equity Research at Kotak Securities. “If the market closes below 24,200, it may fall to 23,800. Conversely, if it closes above 24,500, we could see it rise to 25,000 levels.”
Several companies are scheduled to announce their quarterly results today, including Godrej Consumer, Bank of Baroda, BSE Ltd., Polycab, HPCL, Paytm and Mahanagar Gas, which could influence market movement through the day.
Published on May 6, 2025
This article first appeared on The Hindu Business Line
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