Indian Markets Close Mixed After Volatile Session
Indian equity benchmarks ended a choppy session on a subdued note on May 07, with the Nifty 50 closing at 24,330.95 and the BSE Sensex settling 114 points lower at 78,018.52 after swinging between gains and losses through the day. The Nifty opened at 24,398.50 and traded in a 198-point range between 24,284.00 and 24,482.10 before paring early gains.
Market breadth was mixed as investors remained cautious ahead of global cues and corporate earnings. The session saw sharp intraday volatility, with the Nifty posting modest losses of 0.01% from the previous close.
Sectoral Action and Stock Movers
Metal stocks led sectoral gains, with the Nifty Metal index jumping 0.7% as commodity prices firmed. Hindalco climbed to ₹1,059.00, up 2.2% from its previous close of ₹1,036.30. UltraTech Cement rallied to ₹11,987.00 from ₹11,671.00, gaining 2.7%.
Banking stocks traded in a narrow range, with HDFC Bank closing at ₹773.20 and ICICI Bank at ₹1,250.90. Reliance Industries ended at ₹1,462.50. Bajaj Finserv advanced 2.2% to ₹1,799.00 from ₹1,760.00, while HDFC Life Insurance gained 2.5% to close at ₹601.95 from ₹587.05.
Among individual gainers, Gandhar Oil Refinery surged 13.79% to ₹156.66, while Oneclick Logistics India rallied 13.10%. The broader market showed resilience despite the benchmark indices struggling for direction.
GIFT NIFTY Tracks Domestic Weakness
GIFT NIFTY ended Session I at 24,392.50, down 163.50 points or 0.67% from the previous close of 24,556.00. The contract opened at 24,515.50 and traded in a 230-point range between a high of 24,531.50 and a low of 24,301.00 before settling near mid-range.
The session was marked by sharp swings, with GIFT NIFTY sliding from early highs to test support near 24,300 during the Indian market hours before staging a partial recovery into the close. The contract tracked the cash market's choppy price action, mirroring the Nifty 50's inability to sustain gains above 24,400.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 24,330.95 | -2.30 | -0.01% |
| BSE Sensex | 78,018.52 | -114.00 | -0.15% |
| GIFT NIFTY | Open | High | Low | LTP | Change |
|---|---|---|---|---|---|
| May 07 | 24,515.50 | 24,531.50 | 24,301.00 | 24,392.50 | -163.50 (-0.67%) |
Outlook
GIFT NIFTY heads into Session II at 24,392.50, positioned 62 points above the cash market close. Traders will watch for overnight global cues and any fresh triggers as the contract resumes trading later tonight.