Stock Market Today, May 6: Indian stock markets staged a strong late-session rally on Wednesday, May 6, with both the equity benchmarks Nifty and the Sensex closing sharply higher as global cues turned favourable following a steep drop in crude oil prices.

The benchmark Sensex rallied by 940 points after a sharp decline in crude oil prices, following US President Donald Trump's claim of progress in negotiations with Iran towards an agreement to end the war.

Helped by fag-end heavy buying, the 30-share BSE Sensex jumped 940.73 points, or 1.22 per cent, to settle at 77,958.52. During the day, it surged 1,004.99 points, or 1.30 per cent, to a day's high of 78,022.78.

The NSE Nifty50 gained 298.15 points or 1.24 per cent to end at 24,330.95, respectively.

A positive trend in global markets aided the rally in domestic stocks.

Sensex top gainers and losers today

From the 30-Sensex firms, InterGlobe Aviation, Trent, Asian Paints, State Bank of India, HDFC Bank and Eternal were among the major winners. Reliance Industries, Larsen & Toubro, Power Grid and NTPC were among the laggards.

US President Donald Trump has suspended "Project Freedom," to escort ships through the Strait of Hormuz, claiming progress in negotiations with Iran towards an agreement to end the war.

In a post on Truth Social on Tuesday, Trump said, "Great progress has been made toward a complete and final agreement with representatives of Iran.

"Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," Trump said.

Project Freedom was launched on Monday to escort ships, stranded due to the closure of the Strait of Hormuz, to safety.
Trump's statement on Truth Social came hours after US Secretary of State Marco Rubio announced that Operation Epic Fury, launched on February 28, had concluded as its objectives had been achieved.

"Operation Epic Fury is concluded. We achieved the objectives of that operation. We're not cheering for an additional situation to occur. We would prefer the path of peace. What @POTUS would prefer is a deal... that is, so far, not the route that Iran has chosen," Rubio told a press conference at the White House on Tuesday.

Rupee logged the best single-day gain since April 2, ending at 94.61 against USD. Dilip Parmar - Senior Research Analyst, HDFC Securities, said, "The Indian rupee registered its largest single-day gain since April 2, bolstered by a retreat in crude oil prices and a weakening US dollar against major currencies. Central bank intervention and risk-averse sentiment provided additional support to the local unit. Markets continue to factor in a potential de-escalation of tensions and easing supply constraints, both of which have pulled crude and the greenback lower. Technically, spot USD INR has support at 94.35 and resistance at 95.10."

Stock Market Today, Highlights

• Broader indices outperform Nifty 50 index
• Except for Nifty FMCG and Energy, all sectoral Indices close in green
• Nifty PSU Bank, Realty, Auto and Pharma advances over 2%
• Nifty PSU bank top sectoral gainer. All constituent close in green, snapping 5 session losing streak and advances over 2.8%, SBI and Union Bank led the gains
• Nifty Realty advances over 2.6%; Anant Raj and Lodha are the top gainers
• Nifty Auto advances for the 3rd consecutive session gains, over 2.4%; Samvardhana Motherson International and Tata Motors
• Nifty Pharma advances for the 3rd straight session, advances over 2.3%, mainly led by Wockhardt and Ajanta Pharma
• Nifty Metal closes in green for 3rd consecutive session, advances close to 1%; Vedanta and Hindustan Zinc led the gains
• Nifty IT advances for the 2nd consecutive sesseion, around 0.6%; Coforge and Persistent are the top performers
• Nifty FMCG top sectoral loser, snaps the 2-session winning streak, loses over 0.3%, mainly dragged by United Breweries and United Spirits Limited
• Nifty Energy snaps 2-sesion gaining streak to become top sectoral loser, declines over 0.4%; Oil India and Siemens Energy lead losses

Stock Market sharply recovered from day's low

• Nifty 50 closed in green around 24300 marks mainly led by Interglobe and Tata Motors PV
• Nifty 50 Index register biggest intraday gains since April 15, 2026
• More than 35 stocks closed in green out of the 50 constituents of Nifty index
• Nifty recovers over 300 points and ~1.4% from day low
• Nifty Bank advances over 2.5% mainly led by Yes Bank and IndusInd Bank
• All the constituents of the Bank index closed in green
• Nifty Midcap and Nifty smallcap advances for the 3rd consecutive session
• More than 80% of the constituents of the SMIDs closed in green
• Sensex too closed with the gains of around 950 points
• BSE Listed companies added Mcap of Rs 6 lkh cr

Sachin Gupta, VP- Research at Choice Broking, said, "Indian equity benchmarks witnessed a positive close on 06th May 2026. The index opened with a strong gap-up of 138.20 points at 24,171.00, indicating positive sentiment at the start of the session. However, in the first half, the index witnessed selling pressure, which led to a gap fill and dragged it down to an intraday low of 23,997.90. The trend reversed in the latter half as buying interest emerged near the 24,000 mark, pushing the index higher to an intraday high of 24,356.50. The index eventually settled near its day's high at 24,330.95, registering a gain of 298.15 points or 1.24%. On the daily timeframe, the index formed a positive hammer-like candlestick pattern, indicating strong buying interest at lower levels and the presence of demand near key support zones. This pattern suggests the possibility of continued upward momentum, provided follow-up buying sustains."

From a technical perspective, immediate support is placed in the 24,000-24,050 zone, while resistance is observed in the 24,550-24,650 range. The Relative Strength Index (RSI) stands at 55.41, indicating strengthening momentum and a move above the midpoint level. The volatility index, India VIX, declined by 6.87% to close at 16.67, reflecting easing volatility and improved market sentiment. In the derivatives segment, notable call writing was observed at the 24,500 and 24,600 strikes, while put writing was concentrated at the 24,200 and 24,100 levels, indicating a positive bias with strong support at lower levels, Gupta stated.

• 20 Day EMA - 24,028.07
• 50 Day EMA - 24,185.10
• 100 Day EMA - 24,569.31
• 200 Day EMA - 24,746.34

"The Bank Nifty index opened with a sharp gap-up of 566.35 points at 55,113.40, reflecting strength in the banking segment. Similar to the broader market, it faced selling pressure in the first half, filling the gap and marking an intraday low of 54,587.20. However, strong buying interest emerged at lower levels, leading to a sharp recovery in the second half. The index rallied to an intraday high of 56,078.80 and eventually closed near its high at 55,981.05, registering a gain of 1,434 points or 2.63%. On the daily timeframe, the index formed a strong bullish candlestick, indicating sustained buying interest and a positive shift in momentum. This structure suggests the potential for continuation of the upward move, subject to further buying support," the analyst said.

"From a technical perspective, immediate support is placed in the 55,300-55,400 zone, while resistance is observed in the 56,600-56,700 range. The Relative Strength Index (RSI) stands at 50.02, hovering around the midpoint, indicating improving but still neutral momentum. Markets witnessed a strong recovery session after initial weakness, with both indices filling their opening gaps and rebounding sharply in the latter half. The formation of bullish candlestick patterns and a decline in volatility indicate improving sentiment and renewed buying interest at lower levels. Going forward, sustaining above key support zones and a decisive move beyond resistance levels will be crucial for continuation of the upward trend," he added.

On the equities front, gains were led by heavyweight stocks such as InterGlobe Aviation, Tata Motors Passenger Vehicles, and Shriram Finance, which emerged as the top performers on the Nifty index.

Broader markets mirrored the upbeat sentiment, with the Nifty MidCap index advancing 1.76 per cent and the Nifty SmallCap index rising 1.93 per cent.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "After showing choppy movement in the last 4-5 sessions, Nifty witnessed an excellent upmove from the intraday lows on Wednesday and closed the day higher by 298 points. After opening on a positive note, the market showed weakness from the highs in the first half of the session. Sharp buying has emerged from the day's low of 24000 after 1pm and the market surged higher towards the end and closed at the highs. A long bull candle was formed on the daily chart that has broken above the triangle type pattern and closed higher. Nifty is currently placed at the edge of moving above the hurdle of 24300 levels. A sustainable move above this resistance could open further upside towards the next upside of 24600-24800 levels in the near term. Immediate support is placed at 24200."