Indian equity benchmarks opened higher on Monday, May 6, despite mixed signals from global markets. The Sensex gained 150 points in early trade, briefly crossing the 81,000 mark before settling at 80,851.33, up 54.49 points or 0.07 percent. Meanwhile, the Nifty50 edged closer to the 24,500 mark, rising 25.60 points or 0.10 percent to trade at 24,486.75.
Market breadth favoured advances, with 1,380 stocks trading in the green, 740 in the red, and 151 unchanged on the NSE, indicating a mildly positive start to the week.
Among the Nifty constituents, Mahindra & Mahindra (M&M), SBI Life Insurance, ONGC, Hindalco, and Hero MotoCorp were among the top gainers, offering support to the indices. Shares of M&M saw strong buying interest ahead of its earnings announcement, while ONGC benefited from a rebound in crude oil prices. SBI Life continued its upward momentum driven by investor optimism around insurance sector growth.
On the flip side, pharma stocks dragged, with Cipla, Dr Reddy’s Laboratories, and Sun Pharma leading the list of Nifty laggards. Other notable losers included Titan Company and Maruti Suzuki, which saw profit booking after recent gains.
Yes Bank saw a sharp upmove of nearly 8% in early trade, driven by increased investor interest and reports of improved asset quality. The broader market also showed resilience, supported by gains in auto, PSU bank, and metal stocks.
The market’s focus remains on a heavy earnings calendar, the listing of Ather Energy, and Tata Motors’ shareholder vote on its proposed demerger. Despite global uncertainties, domestic cues such as corporate earnings and sector-specific developments are expected to guide market sentiment through the day.
