Stock market today: Indian stock market benchmarks- the Sensex and the Nifty 50- ended in the red on Thursday, 7 May, largely due to profit booking in select heavyweights, including HUL, TCS, ITC, and Reliance.
The Sensex fell 114 points, or 0.15%, to end at 77,844.52, while the Nifty 50 settled at 24,326.65, down 4 points, or 0.02%.
However, the mid and small-cap segments posted strong gains, defying the trend in benchmarks. The Nifty Midcap 150 and the Nifty Smallcap 250 indices rose more than 1% each.
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On May 7, Indian stock market benchmarks Sensex and Nifty 50 ended in the red, with Sensex falling 114 points and Nifty 50 down 4 points. However, mid and small-cap indices showed strong gains, rising over 1% each.
The Sensex and Nifty 50 experienced declines largely due to profit booking in heavyweights like HUL, TCS, ITC, and Reliance. This occurred despite positive global cues and a strengthening Indian rupee.
The mid and small-cap segments performed strongly on May 7, with the Nifty Midcap 150 and Nifty Smallcap 250 indices each rising over 1%. This trend defied the slight dip seen in the main benchmarks.
Easing crude oil prices, driven by hopes of a US-Iran deal, positively impacted the Indian market by strengthening the rupee and easing inflation concerns. This helped offset some of the profit-taking in the benchmarks.
On May 7, the Nifty Auto, Nifty Realty, and Nifty Chemicals sectors emerged as top gainers. Conversely, Nifty Consumer Durables, Nifty FMCG, and Nifty IT saw declines.
Thanks to gains in the broader markets, the overall market capitalisation of BSE-listed firms rose to over ₹475 lakh crore from ₹472.8 lakh crore in the previous session, making investors richer by over ₹2 lakh crore in a day.
The domestic market witnessed selective buying as hopes of a potential US-Iran deal grew stronger, driving Brent Crude prices below the $100 per barrel mark. The Indian rupee jumped after a slump in crude oil prices. According to PTI, the domestic currency rose by 25 paise to close at 94.24 against the US dollar.
“Domestic equities swung between gains and losses amid mixed global cues, even as the rupee strengthened. Selective risk appetite was evident in pockets of the market, with mid and small caps outperforming large caps,” Vinod Nair, Head of Research, Geojit Investments, noted.
“Reports of a potential US–Iran agreement to gradually reopen the Strait of Hormuz pushed crude below $100 per barrel, easing near-term inflation concerns. However, optimism faded quickly amid uncertainty around nuclear enrichment discussions, triggering profit booking. Going ahead, Q4 earnings and management guidance will remain key drivers of sentiment, though markets are likely to stay volatile until clearer signals emerge from West Asia,” said Nair.
In the Nifty 50 index, 24 stocks ended with gains, with HDFC Life, Bajaj Auto, and Mahindra and Mahindra at the top. On the flip side, HUL, TCS, and Titan ended as the top laggards in the index.
In terms of index contribution, HUL, TCS, ITC, Titan, and Bajaj Finance were among the top drags on the index.
(This is a developing story. Please check back for fresh updates.)
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