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Stock market today, 7 May 2026: Following strong global cues on crashing crude oil prices, the key benchmark indices of the Indian stock market witnessed strong buying on Wednesday. The Nifty 50 index skyrocketed 298 points and closed at 24,330. The BSE Sensex surged 940 points and closed at 77,958. The Bank Nifty index zoomed 1,434 points and closed at 55,981.
The rally was broad-based, with banking, financials, and realty leading the rally, while energy and FMCG remained relatively subdued. Broader markets continued to outperform, with midcap and smallcap indices advancing around 2% each, reflecting improved risk appetite.
The Gift Nifty live chart is signalling a muted opening for the Indian stock market on Thursday. The index opened flat at 24,515 and traded in a tight 24,426 to 24,431 range for the first 30 minutes of the Opening Bell.
The Gift Nifty live chart is signalling a muted to flat opening for the Indian stock market. It has been trading in a tight range, indicating a cautious start for the day.
Growing expectations of a potential de-escalation in Middle East tensions, with indications of a paused assertive stance around the Strait of Hormuz and Iran's response to a US proposal, have strengthened global sentiment and supported a recovery in risk appetite, benefiting Indian markets.
For Nifty 50, immediate support is seen between 24,000–24,050 and resistance between 24,550–24,650. For Sensex, crucial support zones are 77,500 and 77,300, with potential for the rally to extend to 78,300–78,500.
Recommendations include NAM-INDIA (Target ₹1172), Laurus Labs (Target ₹1262), Mazagon Dock Shipbuilders (Target ₹2750), HDFC Bank (Target ₹835), Lodha Developers (Target ₹985), BEML (Target ₹2020), Ashok Leyland (Target ₹177), Union Bank of India (Target ₹177), Juniper Hotels (Target ₹220), Safari Industries (Target ₹1550), and Supreme Industries (Target ₹3820).
The Bank Nifty index has shown a strong close above its swing high and is trading above its 20-day moving average, indicating improving trend strength. The outlook remains optimistic with potential upside towards 57,200, while support has shifted higher to 55,200.
Expecting a muted opening, Avinash Gorakshkar, a SEBI-registered fundamental equity analyst, said, “The Gift Nifty index is trading red by losing over 75 points during the Opening Bell, which is signalling a negative to flat opening for the Indian stock market today.”
Global sentiment has strengthened amid growing expectations of a potential de-escalation in Middle East tensions. Indications from Donald Trump that the U.S. has paused its more assertive stance around the Strait of Hormuz, alongside expectations of Iran’s response to a U.S. proposal aimed at resolving the conflict, have supported a recovery in risk appetite. This has translated into a relief rally across global equities, with Indian markets also benefiting from the improved tone.
Crude has retreated meaningfully from recent highs above $110 and is now consolidating in the $95–97 range, offering relief on inflationary pressures and easing concerns around the broader macroeconomic outlook.
This has strengthened the bull's conviction as the buying in gold and silver continues on Thursday. The COMEX gold rate today is oscillating around $4,715/oz, logging an intraday gain of 0.45%. Likewise, the COMEX silver rate today is oscillating around $78.50/oz, logging an intraday gain of nearly 1.50%.
The volatility in the Indian stock market is expected to continue as the India VIX index closed at 16.68, logging an intraday loss of around 6.87%. However, the volatility is expected to remain limited until the index is below 18.
Speaking on the outlook of the Nifty 50 and Sensex today, Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “We are of the view that the uptrend formation is likely to continue in the near future. For day traders, 24,200/77500 and 24,100/77300 would be crucial support zones. As long as the market trades above these levels, the uptrend is likely to continue. On the higher side, the rally could extend till 24,500–24,600/78300-78500. However, below 24,100/77300, the uptrend would become vulnerable. Below this level, traders may prefer to exit their long positions.”
On the outlook of the Bank Nifty today, Vatsal Bhuva, Technical Analyst at LKP Securities, said, "The index has delivered a strong close above its swing high, confirming a breakout from a downward consolidation on the daily chart. It is now trading above its 20-day moving average and approaching the 50-day SMA, indicating improving trend strength. The RSI has also witnessed a bullish crossover, supporting positive momentum. Overall, the outlook remains optimistic, with potential upside towards 57,200. On the downside, support has shifted higher to 55,200, while resistance is placed in the 56,500–57,000 zone."
Regarding stocks to buy today, 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 buy-or-sell stocks for intraday trading: NAM-INDIA, Laurus Labs, Mazagon Dock Shipbuilders, HDFC Bank, Lodha Developers, BEML, Ashok Leyland, and Union Bank of India.
1] NAM-INDIA: Buy at ₹1094, Target ₹1172, Stop Loss ₹1055;
2] Laurus Labs: Buy at ₹1178, Target ₹1262, Stop Loss ₹1136.
3] Mazagon Dock Shipbuilders: Buy at ₹2650, Target ₹2750, Stop Loss ₹2600;
4] HDFC Bank: Buy at ₹795, Target ₹835, Stop Loss ₹760; and
5] Lodha Developers: Buy at ₹948, Target ₹985, Stop Loss ₹925.
6] BEML: Buy at ₹1897, Target ₹2020, Stop Loss ₹1860;
7] Ashok Leyland: Buy at ₹167.80, Target ₹177, Stop Loss ₹164; and
8] Union Bank of India: Buy at ₹168.75, Target ₹177, Stop Loss ₹165.
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.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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