The Indian equity market experienced a significant upswing on Monday, May 4, 2026, with key indices closing firmly in positive territory. The benchmark Sensex climbed 355 points to settle at 77,269, while the Nifty 50 advanced 122 points, ending the day at 24,119. This positive momentum pushed the total market capitalization of BSE-listed firms to Rs 467.33 lakh crore.
Market sentiment was buoyed by a favorable election outcome in West Bengal for the Bharatiya Janata Party (BJP), alongside a better-than-expected fourth-quarter earnings season. This combination helped investors look past lingering concerns related to geopolitical tensions in the Middle East.
Top Performers and Laggards
Among the Sensex constituents, several stocks posted strong gains. Adani Ports, Hindustan Unilever (HUL), Reliance Industries, Larsen & Toubro (L&T), Eternal, and Maruti Suzuki were among the top performers, with some rising by as much as 5.30% during Monday's trading session.
Conversely, some major players saw declines. Bharti Airtel, Kotak Mahindra Bank, Tata Consultancy Services (TCS), ITC, and Infosys were the primary losers, with shares falling by up to 3.14%.
The broader market also reflected the positive sentiment, with 185 stocks hitting their 52-week highs, while only 35 shares touched new 52-week lows.
Analyst Insights on Market Direction
Market experts offered their perspectives on the factors influencing the current rally and future outlook.
Vinod Nair, Head of Research at Geojit Investments Limited, noted, "Investor sentiment remained supported by a favourable election outcome in West Bengal and a better-than-expected Q4 earnings, helping markets look past Middle East-related concerns. However, intermittent profit booking persisted amid uncertainty surrounding the US '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."
Nilesh Jain, VP-Head of Technical and Derivative research at Centrum Finverse, highlighted key technical levels. "A decisive breakout above 24,200 is essential to extend the upmove towards 24,500 levels. On the volatility front, the index eased by nearly 1% over the week to close around 18, and any further cooling in volatility could lend support to bullish momentum. The broader structure remains positive as long as the Nifty holds above 23,800, though some near-term consolidation cannot be ruled out."
Shrikant Chouhan, Head Equity Research at Kotak Securities, suggested a non-directional short-term market. "We are of the view that the short-term texture of the market is non-directional and is likely to remain so in the near future. For day traders now, the 24,000/77,000 level and the 20-day SMA (Simple Moving Average) will act as key support zones. Above these levels, the market could continue its positive momentum towards 24,300–24,400/77,700–78,000. On the flip side, below the 20-day SMA or 23,950/76,800, the market could retest the levels of 23,800–23,750/76,500–76,300."
Previous Week's Performance
The positive close on Monday followed a strong finish to the previous holiday-shortened week. On Thursday, the BSE Sensex edged up 0.32% to 76,913.50, and the NSE Nifty gained 0.41% to settle at 23,997.55.