Technically, after a strong opening, the market witnessed profit booking at higher levels. However, it managed to close above the 24,000/77,000 mark, which is largely positive.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, 4 May 2026: Today, the benchmark indices experienced a volatile trading session. After a roller-coaster activity, the Nifty ended 122 points higher, while the Sensex was up by 356 points. Among sectors, the Reality index outperformed today, rallying over 2.45 percent, whereas the IT index lost the most, shedding nearly 1 percent. Technically, after a strong opening, the market witnessed profit booking at higher levels. However, it managed to close above the 24,000/77,000 mark, which is largely positive.
We are of the view that the short-term texture of the market is non-directional and is likely to remain so in the near future. For day traders now, the 24,000/77,000 level and the 20-day SMA (Simple Moving Average) will act as key support zones. Above these levels, the market could continue its positive momentum towards 24,300–24,400/77,700–78,000. On the flip side, below the 20-day SMA or 23,950/76,800, the market could retest the levels of 23,800–23,750/76,500–76,300.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, adds;
The Indian stock market ended on a positive note today, with the Nifty 50 closing at 24,164.10, up125.35 points or 0.52%. The session was characterized by a descending trend pattern as the index opened at 24,106.30, reached a high of 24122.9, and touched a low of 24,059.65The BSE Sensex also climbed, finishing the day at 77,269.4, reflecting a gain of 355.89 points or 0.46%.
Sector-wise, the market remained broadly positive with Realty leading the gains, followed by strong buying in Metals, Midcap, Healthcare, and Pharma, reflecting improved market sentiment. Financial Services, FMCG, and Auto also contributed to the upside with steady gains. Meanwhile, IT stocks stayed under pressure, along with slight weakness in Media, PSU Banks, and Private Banks due to mild profit booking and cautious undertone. Overall, the sectoral trend stayed positive with selective weakness across a few segments.
The Indian stock market ended on a positive note today, driven by selective buying during the Q4 earnings season, even as concerns persisted over rising crude oil prices, a weaker USD/INR putting pressure on the rupee, and continued FII outflows; meanwhile, ongoing election developments kept sentiment mixed, though expectations of policy stability provided some support, resulting in a cautiously optimistic near-term outlook.
