Sensex jumps 750 points, Nifty crosses 24,200 on strong opening after long weekend
Gains driven by election optimism, global cues and easing crude concerns
FII selling persists, while oil, rupee and geopolitical developments remain key market drivers
Indian equity markets opened on a strong note on Monday after a long weekend, with benchmark indices gaining sharply amid positive global cues and optimism around domestic political developments.
The BSE Sensex rose over 750 points or 0.98% to 77,670 at 9:30 am, while the NSE Nifty50 gained more than 200 points or 0.86% to trade at 24,204, crossing the 24,200 mark.
1 May 2026
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The positive start comes as investors track the outcome of assembly elections in Assam, Kerala, Tamil Nadu, West Bengal and Puducherry, along with developments in the ongoing West Asia conflict.
Election Results, Global Cues Drive Early Gains
Market sentiment was supported by expectations of political stability and positive cues from GIFT Nifty, which had indicated a strong opening.
VK Vijayakumar, Head of Research at Geojit Investments, said that while election results, particularly in West Bengal, may influence short-term sentiment, the broader market direction will be driven by crude oil prices and developments in West Asia.
He noted that Brent crude has eased slightly to around $108 following statements from US President Donald Trump on ensuring safe passage through the Strait of Hormuz, along with fresh proposals from Iran routed via Pakistan.
Sectoral Movers and Market Trends
Among Nifty stocks, Maruti Suzuki, Adani Ports, Bajaj Auto, Hindustan Unilever and Tata Consumer Products were among the major gainers, while Kotak Mahindra Bank, Dr Reddy’s Laboratories, ONGC, Eternal and Adani Enterprises were among the laggards.
The rally also comes after sustained selling by foreign investors. FIIs were net sellers of equities worth ₹8,047.86 crore in the previous session, while domestic institutional investors provided support with net buying of ₹3,487.10 crore.
Vijayakumar highlighted that the ongoing global AI-driven rally is likely to continue attracting capital towards developed markets, which may keep pressure on Indian large-cap stocks.
Macro Factors in Focus
Crude oil prices, although slightly lower, remained elevated above $100 per barrel, keeping inflation and macro concerns in focus.
The Indian rupee opened marginally weaker at ₹94.95 against the dollar, reflecting pressure from global factors and foreign outflows.
Bond markets also remain in focus, with the 10-year benchmark yield expected to trade in the 6.96% to 7.10% range after a sharp rise last week.
Meanwhile, gold prices remained elevated near ₹1.51 lakh per 10 grams domestically, while international prices saw mild pressure amid inflation concerns and expectations around US monetary policy.
