The Nifty ended 87 points lower, while the Sensex was down by 252 points.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, 5 May 2026: Today, the benchmark indices witnessed a volatile trading session. The Nifty ended 87 points lower, while the Sensex was down by 252 points. Among sectors, Capital Market and Defence indices rallied over 1 percent, whereas the Reality index lost the most, shedding 1.55 percent. Technically, after an initial intraday dip, the market took support near 23,900/76500 and registered some recovery.
Currently, the market is witnessing non-directional activity. For day traders, 23,900/76500 would act as an immediate support zone, while 24,100/77200 or the 50-day SMA (Simple Moving Average) would be the key resistance area for the bulls. A successful breakout above 24,100/77200 could push the market up to 24,250,24350/77700-78000, while below 23,900/76500, the market could retest the levels of 23,800-23,750/76200-76000.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, adds:
The Indian stock market closed on a cautious note today, with the Nifty 50 settling at 23032.8, lower by -86.5 points or -0.36%. The session was characterized by the inverse head and shoulder pattern, as the index opened at 24052.6, reached a high of 24081.7 , and touched a low of 23882.05.The Sensex also ended lower, falling -251.61 points, to close at a weaker level.
Sector-wise, the market showed a mixed trend with selective strength across sectors. Auto, FMCG, IT, Pharma, Metals, and Media indices ended in the green, indicating resilience and stock-specific buying interest, while broader segments like Midcap, Chemical, and Healthcare also posted gains, supporting the market. On the other hand, Financials remained under pressure, with Banking, Private Bank, PSU Bank, and Financial Services indices trading lower, reflecting weakness in rate-sensitive stocks. Realty emerged as the top laggard, followed by Consumer Durables and Oil & Gas, which also closed in the red. Overall, sectoral sentiment remained mixed, with defensives and select cyclicals showing strength, while financials and realty weighed on the market.
On the fundamental front, the market faced early pressure as rising global crude oil prices amid geopolitical tensions heightened concerns over inflation and India’s import burden. Weak global cues along with continued FII outflows further dampened investor sentiment. Adding to the cautious mood, reports indicated that the Reserve Bank of India may refrain from aggressive intervention near the ₹95/$ level and could opt for alternative measures, keeping the rupee under pressure. However, the second half witnessed a partial recovery from the day’s lows, supported by value buying and selective institutional activity, allowing the index to hold near key support zones. Despite this rebound, the overall sentiment remained guarded due to elevated crude prices, currency volatility, and persistent global uncertainties
