SENSEX rises over 500 points, NIFTY50 opens above 24,100 amid drop in oil prices; M&M, IndiGo, among top gainers

At the opening bell of 9:15 am, the NIFTY50 gained 0.57% or around 138 points to 24,171 points on Wednesday, compared to 24,032.80 points at the previous market close, according to NSE data.

The BSE SENSEX index also opened higher at 77,424.36 points, then surged more than 500 points in the early trading hours post the opening bell. The index opened 0.52% or more than 400 points higher at 77,017.79 points, compared to 77,017 points at the previous market close.

Although the benchmark indices opened higher, investors remained cautious in the markets on Wednesday, as mixed global cues were driving the sentiment amid the dynamic developments in West Asia.

Factors fuelling stock markets today

A drop in global oil prices acted as a major positive cue for the sentiment among domestic investors, as data showed that the Brent crude oil futures slid to a near $108 per barrel (bbl) level as of 9:28 am (IST) on Wednesday, compared to $110 per bbl levels on Tuesday.

The benchmark crude oil prices dropped in the international market after US President Donald Trump hinted at ‘great progress’ towards a potential peace agreement between the United States and Iran.

Trump also paused 'Project Freedom,' which was further increasing the tensions between the nations in conflict. The US Navy was escorting ships out of Iran amid the Strait of Hormuz closure as part of the project’s plan.

Investors are keeping a close, cautious eye on the daily dynamic geopolitical developments in the region, as so far, neither side has specified any formal updates on the same.

After a single day of relief on Monday this week, the foreign investors resumed their selling streak in the Indian stock market on Tuesday. NSE data showed that FIIs sold a total of ₹3,621 crore worth of assets from the capital market segment across the exchanges in a single day on May 5.

The data also showed that domestic investors continued to support the stock market, with ₹2,602.62 crore of buying in a single day during Tuesday’s market session.

The domestic stock indices also received positive momentum from the Asian stock markets, which were trading higher on the backdrop of declining crude oil prices.

Top gainers & losers today

InterGlobe Aviation (IndiGo), Mahindra & Mahindra (M&M), Trent, Bajaj Finance, and Shriram Finance were among the top gainers on Wednesday’s early market session, according to NSE data.

IndiGo shares were up 3.19%, M&M was up 2.8%, Trent was up 2.4%, Bajaj Finance was up 1.97%, and Shriram Finance was up 1.97% as of 9:46 am on May 6.

On the NIFTY50 index, stocks like Larsen & Toubro (LT), Hindustan Unilever, ONGC, Power Grid Corp., and Titan were among the top losers on Wednesday’s early market session.

LT was down 3.5%, Hindustan Unilever was trading 1.2% lower, ONGC was down 0.7%, Power Grid Corp. lost 0.64%, and Titan was down 0.48%.

Midcap stocks today

The Nifty Midcap 100 index was trading 1.06% higher at 60,902.20 points, compared to 60,264.50 points at the previous stock market close, according to NSE data.

Stocks like Coforge were up 8.4%, Yes Bank up 3.8%, Mahindra & Mahindra Financial Services up 3.6%, SRF Ltd up 3.5%, and Vodafone Idea up 3.3% were among the top gainers.

Others like Power India down 2.4%, Blue Star down 1.35%, Tube Investments down 1.3%, Suzlon down 1.19%, and Vishal Mega Mart down 0.8% were among the laggards on Wednesday.

Smallcap stocks today

The Nifty Smallcap 100 index was trading 0.88% higher at 18,342.55 points on Wednesday, compared to 18,182.40 points at the previous stock market close, according to the exchange data.

Shares of Wockhardt were up 7.8%, Force Motors up 6.5%, Netweb Tech up 5.77%, Cohance was up 5.5%, and GRSE shares were up 4%, among the top gainers on May 6.

Others like Afcons were down 2.7%, Meesho was down 2.7%, Aster DM Healthcare was down 2.4%, Credit Access Grameen was down 2.18%, and Triveni Turbine was down 2% were among the top losers in the morning market trade.