Stock Market Today, May 7, Highlights: Indian benchmark indices ended nearly flat amid a choppy trade on Thursday, with the Sensex declining 114 points, as investors turned cautious amid unabated foreign fund outflows and rising geopolitical uncertainties.
After facing heavy fluctuations during the day, the 30-share BSE Sensex dropped 114 points or 0.15 per cent to end at 77,844.52. During the day, the benchmark hit a high of 78,384.70 and a low of 77,713.21, gyrating 671.49 points.
The 50-share NSE Nifty dipped 4.30 points, or 0.02 per cent, to end at 24,326.65.
Stock Market Today: Sensex Heatmap - Top gainers and losers
From the 30-share Sensex constituents, Hindustan Unilever (HUL), Tata Consultancy Services (TCS), Tech Mahindra, Titan, Sun Pharma and ITC were among the major laggards.
On the other hand, Mahindra & Mahindra, NTPC, Kotak Mahindra Bank and Tata Steel were among the gainers in the index.
Brent crude, the global oil benchmark, traded 2.23 per cent lower at USD 99 per barrel.
Sachin Gupta, VP- Research at Choice Broking, said, "Indian equity benchmarks witnessed a flat close with minimal movement on 07th May 2026. The index opened with a gap-up of 67.55 points at 24,398.50, indicating a positive start to the session. However, the market remained highly volatile throughout the day. In the first half, the index slipped to an intraday low of 24,284.00 amid selling pressure. Buying interest emerged in the early part of the second half, pushing the index higher to an intraday high of 24,482.10. Towards the final hour, profit booking was witnessed, leading the index to settle at 24,326.65, registering a marginal decline of 4.30 points or 0.02%. On the daily timeframe, the index formed a bearish candlestick pattern, indicating resistance near higher levels and some loss of momentum after the recent up move. However, the ability to hold above key support zones suggests that downside remains limited unless fresh selling pressure emerges."
"From a technical perspective, immediate support is placed in the 24,100-24,150 zone, while resistance is observed in the 24,500-24,550 range. The Relative Strength Index (RSI) stands at 55.33, indicating positive but slightly moderating momentum. The volatility index, India VIX, declined by 0.34% to close at 16.62, indicating relatively stable market sentiment with limited rise in fear despite intraday volatility. In the derivatives segment, notable call writing was observed at the 24,400 and 24,500 strikes, while put writing was concentrated at the 24,300 and 24,200 levels, indicating a broadly range-bound setup with immediate support at lower levels," Gupta said.
"Sectorally, the market witnessed mixed participation. Strength was seen in Auto, Realty, and select Healthcare counters, while weakness persisted in FMCG, IT, PSU Banks, and Consumer Durable stocks. Market breadth remained positive, with advancing stocks comfortably outnumbering declining stocks, reflecting selective buying interest in the broader market," the analyst added.
- 20 Day EMA - 24,056.51
- 50 Day EMA - 24,190.65
- 100 Day EMA - 24,564.51
- 200 Day EMA - 24,742.17
"The Bank Nifty index opened with a gap-up of 132.95 points at 56,114.00, reflecting positive sentiment in the banking space. In the first half, the index came under pressure and marked an intraday low of 55,783.20. However, strong recovery was witnessed in the second half, which pushed the index to an intraday high of 56,334.15. Profit booking during the final hour trimmed gains, and the index eventually settled near its opening level at 56,047.40, registering a gain of 66.35 points or 0.12%," Gupta stated.
"On the daily timeframe, the index formed a Doji-like candlestick pattern, indicating indecisiveness and lack of strong directional conviction. This suggests that traders may await a decisive breakout on either side before establishing fresh positions. From a technical perspective, immediate support is placed in the 55,450-55,550 zone, while resistance is observed in the 56,550-56,650 range. The Relative Strength Index (RSI) stands at 53.16, indicating stable momentum with a slight positive bias," he added.
"Markets witnessed a volatile yet range-bound session, with both key indices opening positively but facing intermittent profit booking through the day. While buying interest at lower levels helped markets recover from intraday lows, lack of sustained momentum near higher levels led to mixed candle formations. Stable volatility and positive market breadth indicate underlying resilience; however, a decisive breakout beyond immediate resistance levels will be crucial for continuation of the ongoing uptrend," Gupta concluded.
Stock Market Today Highlights
- Nifty 50 closes flat near 24300 mark
- Top performer - HDFC Life and Bajaj Auto
- Worst Performer - HUL and TCS
- Nifty Bank closes flat near 56000 mark
- Nifty Midcap hits all time high advances over 1%
- Nifty Smallcap advances over 0.8%
- Except Nifty IT,FMCG and PSU Bank all sectoral indices close in green
- Nifty Auto top sectoral gainer closes in green for 4th consecutive session advances ~2% Most of the constituent close in green
- Mainly led by gains in Bharat Forge and Exide Industries
- Nifty Energy gains over 0.8% BHEL and GE Vernova T&D were the lead gainers
- Nifty Realty closes in green for 2nd consecutive session advances ~0.7% ABREL and Lodha lead gains
- Nifty Metal advances for 4th consecutive session gains ~0.3% Hindustan Copper and Apl Apollo Tubes were the top performers
- Nifty Pharma advances for the 6th consecutive session closes in slight green up over 0.1% Led by gains in Piramal Pharma
- Nifty PSU Bank declines by ~0.5% Canara bank and Bank of India lead losses
- Nifty FMCG and IT top sectoral losers decline over ~0.6%
Sectoral performance today
The BSE MidCap Select index jumped 1.40 per cent, and the SmallCap Select index climbed 1.09 per cent.
Sectorally, Focused IT fell 0.76 per cent, PSU Bank (0.54 per cent), Consumer Durables (0.52 per cent), FMCG (0.45 per cnet), Energy (0.11 per cent), Capital Goods jumped 2.05 per cent, Power (1.23 per cent), Auto (1.81 per cent), Industrials (1.69 per cent), Power (1.23 per cent) and Realty (0.88 per cent).
Indian rupee ended up 0.4 per cent at 94.25 per US dollar against the previous close of 94.61.
Dilip Parmar - Senior Research Analyst, HDFC Securities, said,"Bolstered by a rally in Asian peers, the Indian rupee strengthened for the second day. The greenback's safe-haven appeal took a hit as softening crude prices-driven by expectations of a diplomatic breakthrough between Washington and Tehran-eased inflationary concerns. Additionally, the local currency found support through active short covering and healthy dollar inflows via domestic banks. In the near term, spot USDINR faces immediate support at 93.87 and resistance at 94.60."
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,834.90 crore on Wednesday, according to exchange data.
In Asian markets, South Korea's benchmark Kospi, Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading higher. Markets in Europe were trading lower while the US markets ended sharply higher on Wednesday.
On Wednesday, the Sensex jumped 940.73 points, or 1.22 per cent, to settle at 77,958.52. The Nifty rallied 298.15 points, or 1.24 per cent, to end at 24,330.95.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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