Sensex rises 234 points, Nifty nears 24,400 amid positive global cues
Auto stocks lead rally as broader markets and earnings optimism strengthen sentiment
Oil above $102, weak rupee and FII flows remain key market monitorables
Indian equity benchmark indices opened higher on Thursday, extending the previous session's gains amid supportive global cues and continued buying in broader markets.
The BSE Sensex rose 234.34 points or 0.30% to 78,192.86, while the NSE Nifty50 gained 69.60 points or 0.29% to trade at 24,400.55 in early trade.
1 May 2026
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Market breadth remained positive, with 406 stocks advancing against 139 declining on the NSE.
Auto Stocks Lead
Sectorally, most indices traded in the green except FMCG and IT, with the Nifty Auto index emerging as the top performer, rising 1.77%.
Among Nifty stocks, Trent, HDFC Life, Bajaj Auto, Eternal and Max Healthcare were among the top gainers, while Kotak Mahindra Bank, Titan Company, Power Grid Corporation, Hindalco and InterGlobe Aviation were among the laggards.
Momentum continued in select broader market counters, with HFCL rising over 3% to hit a fresh 52-week high of ₹146.40, while Vedanta also touched a new high of ₹322.75.
Rajesh Palviya, Head of Research at Axis Direct, said Wednesday's rally marked a decisive breakout from recent consolidation, supported by softening crude prices and improving global risk appetite. He added that bulls now need a sustained close above the 24,500 level to extend the rally towards 24,700, while support remains around 24,250.
Global Markets Support Sentiment
Global cues remained supportive after Wall Street indices ended at record highs overnight on optimism surrounding a possible US-Iran framework agreement.
Asian markets also traded firm, supported by easing geopolitical concerns and continued strength in technology-related stocks globally.
However, crude oil prices edged higher on Thursday amid lingering uncertainty in West Asia. Brent crude futures rose around 0.9% to trade above $102 per barrel, while US WTI crude climbed near $96.
The Indian rupee opened weaker at ₹94.75 against the dollar compared to the previous close of ₹94.61.
AI Trade, FII Flows Remain Key Monitorables
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said global markets continue to be driven by the AI trade despite geopolitical tensions in West Asia.
He noted that sustained foreign portfolio outflows from India are linked to heavy concentration of global capital into AI-focused stocks in markets such as South Korea and Taiwan. According to him, a reversal in FPI flows into India may happen only if valuations in the AI segment globally become excessive or the trade weakens.
Vijayakumar added that markets are currently swinging between hope and fear amid evolving developments in West Asia, while the ongoing earnings season continues to reward companies delivering strong quarterly results.
