Stock market today, 6 May 2026: Following weak global cues and rising geopolitical concerns driven by renewed escalation in the , the key benchmark indices of the finished lower on Tuesday. The Nifty 50 index went off 86 points and closed at 24,032. The BSE Sensex lost 251 points and ended at 77,017, whereas the Bank Nifty index finished 331 points lower at 54,547.
Sectorally, the trend was mixed—auto, pharma, and FMCG stocks showed resilience, while realty, banking, and financials edged lower. Broader markets remained relatively stable, with midcap and smallcap indices showing marginal movement, indicating selective participation.
Gift Nifty signals a gap-up opening
Following the de-escalation in the US-Iran war, the chart is signalling a positive start for the Indian stock market. The index opened upside at 24,221 and extended its morning gains, touching an intraday high of 24,324, signalling a big gap-up opening for the Indian stock market on Wednesday. By 7:35 AM, the index was trading around 24,290.
Expecting a big gap-up opening on Wednesday, Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth, said, “The Nifty 50 is set to open on a positive note, supported by firm global cues and early signals from Gift Nifty, which is trading around the 24,200 mark. The constructive setup follows a strong close on Wall Street, where the S&P 500 scaled fresh record highs, aided by easing crude oil prices and encouraging corporate earnings.”
US-Iran news
According to the news agency AFP, the US will pause escorting commercial ships through the Strait of Hormuz barely a day after it began doing so, US President Donald Trump said Tuesday, citing a desire to reach a peace deal with Iran.
Despite an uptick in military activity in recent days, Trump said “great progress has been made” toward a deal with Tehran and that the ship-guiding operation “will be paused for a short period of time to see whether or not the Agreement can be finalised and signed.”
The announcement came hours after Secretary of State Marco Rubio said the United States had completed its offensive operations against Iran, while withholding the right to unleash a “devastating” response to any new attacks on shipping in the narrow shipping lanes.
Crude oil, gold to silver rates today
After the de-escalation in the US-Iran war after the US administration’s decision to pause escorting commercial ships through the Strait of Hormuz barely a day after it began doing so, crude oil prices continue to fall on the second straight session. The WTI crude oil price today corrected over 1.50% and slipped below $100 per barrel.
The easing of crude oil prices led to a sharp rise in gold and silver prices today. The COMEX gold rate today is oscillating around $4,645 per ounce, logging an intraday gain of over 1.50%. Likewise, the COMEX silver rate today is oscillating around $75/oz, logging an intraday gain of over 2.25%.
Stocks to watch today
In the domestic market, attention will increasingly shift toward the ongoing earnings season. Key results from capital goods major Larsen & Toubro, auto leaders Mahindra & Mahindra and Hero MotoCorp, and banking major Punjab National Bank are expected to drive sector-specific momentum and influence broader market direction.
India VIX today
Volatility indicators are showing early signs of easing. The India VIX declined modestly to around 17.9, and a further cooling in volatility could reinforce bullish sentiment if sustained alongside supportive global cues.
USD vs INR
Currency dynamics remain a key variable to watch. The rupee continues to hover near the ₹95 per dollar mark, and any sharp depreciation could trigger foreign institutional outflows, given the inverse relationship between currency weakness and equity flows. While export-oriented sectors such as IT and pharmaceuticals may benefit from a weaker rupee, broader market sentiment could be weighed down if currency volatility intensifies.
Stock market today
Speaking on the outlook of the Nifty 50 and Sensex today, Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “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.”
On the outlook of the Bank Nifty today, Vatsal Bhuva, Technical Analyst at LKP Securities, said the index formed a spinning top candlestick on the daily chart, signalling indecision near current levels. On the hourly chart, a positive RSI divergence is emerging, suggesting a potential short-term pullback or relief bounce. However, the broader structure remains weak, and a sell-on-rise approach remains favourable as long as the index trades below 56,000.
“On the levels front, the 54,150–54,250 zone, aligned with the 100 WMA, is likely to act as a key support area, while 55,200 is expected to act as immediate resistance,” said Vatsal Bhuva of LKP Securities.
Stocks to buy today
Regarding , market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher, recommended these eight for intraday trading: VTL, RR Kabel, Ambuja Cements, REC, IRFC, ABB, M&M, and Apollo Micro Systems.
Sumeet Bagadia’s stock recommendations today
1] VTL: Buy at ₹636, Target ₹682, Stop Loss ₹613; and
2] RR Kabel: Buy at ₹1785, Target ₹1915, Stop Loss ₹1720.
Ganesh Dongre’s buy or sell stocks
3] Ambuja Cements: Buy at ₹433, Target ₹442, Stop Loss ₹428;
4] REC: Buy at ₹357, Target ₹370, Stop Loss ₹350; and
5] IRFC: Buy at ₹106, Target ₹112, Stop Loss ₹102.
Shiju Koothupalakkal’s intraday stocks for today
6] ABB: Buy at ₹7328, Target ₹7600, Stop Loss ₹7180;
7] M&M: Buy at ₹3210, Target ₹3350, Stop Loss ₹3155; and
8] Apollo Micro Systems: Buy at ₹308, Target ₹330, Stop Loss ₹300.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.