Aided by strong buying in heavyweight stocks, the headline indices ended Monday’s trade on May 4 with healthy gains, while early trends from the state elections showing the Bharatiya Janata Party leading in key states further boosted market sentiment.
Although the key indices opened on a muted note, they gradually gathered momentum during the first half of trade. However, profit booking at higher levels capped the upside, with the Nifty 50 eventually settling at 24,119, up 0.51% from the previous close.
Major support for the benchmark came from heavyweights such as Hindustan Unilever, Reliance Industries, and Maruti Suzuki India.
The S&P BSE Sensex concluded the session with a modest gain of 0.31% at 77,159. The broader market outperformed the frontline indices, with the Nifty Midcap 100 and Nifty Smallcap 100 each ending the day with gains of over 0.60%.
Vinod Nair, Head of Research, Geojit Investments Limited, said, “Investor sentiment remained supported by a favourable election outcome in West Bengal and better-than-expected Q4 earnings, helping markets look past Middle East-related concerns. However, intermittent profit booking persisted amid uncertainty surrounding the U.S. “Project Freedom” initiative to reopen the Strait of Hormuz. While the resolution path may take time, optimism around gradual progress continues. Crude prices holding below $110 are providing near-term comfort.”
“Going ahead, market direction will hinge on geopolitical developments and oil price trends, given their impact on inflation, interest rates, the rupee, and corporate margins,” he further added.
Result reactions trigger sharp upside in select stocks
It was another winning session for Cemindia Projects as the stock surged 17.32% to ₹956.45, a day after it had hit the 20% upper circuit limit.
Dr. Lal PathLabs emerged as the second-best performer of the trade, rallying 15% to ₹1,573 apiece after reporting its March quarter numbers, while Meesho extended its winning run for the second straight session, gaining another 11.7% to ₹215.7.
RR Kabel also reacted positively to its March quarter earnings, with the stock settling 13% higher at ₹1,775 apiece. Bharat Heavy Electricals climbed 7% to ₹378 apiece after its Q4 numbers came in ahead of Street estimates.
Vedanta , HFCL, Cholamandalam Investment and Finance Company, Sumitomo Chemical India, Neuland Laboratories, Blue Jet Healthcare, Indegene, Aster DM Healthcare, PCBL Chemical, Emcure Pharmaceuticals, CESC, and Laurus Labs, all closed with gains of over 6%.
Meanwhile, four Adani Group stocks — Adani Green Energy, Adani Ports and Special Economic Zone, Adani Energy Solutions, and Adani Enterprises — rallied between 3.2% and 5.3%.
Among real estate stocks, Anant Raj gained 4.8% to ₹510.4 apiece, while Godrej Properties jumped 3.5% to ₹1,899 after its Q4 results.
Other stocks in the space, including DLF, Lodha Developers, and Prestige Estates Projects, all closed with gains of over 2%.
In the defence pack, Hindustan Aeronautics, ended 5% higher at ₹4,559 apiece, while ideaForge Technology was locked in the 20% upper circuit at ₹731 after the company turned profitable in the March quarter.
(more to come)