Indices drift higher in early trade; breadth strong

The domestic equity benchmarks traded with significant gains in early trade, amid hopes of a peace deal between US and Iran. Easing geopolitical tensions weighed on crude oil prices, with Brent slipping below the $110-per-barrel mark. Reflecting the softer oil trend, the Indian rupee also strengthened, hovering near the 95-per-dollar level after recent weakness. However, investors will track Q4 results for further direction. The Nifty traded above the 24,150 mark.

Barring FMCG index all the sectoral indices on the NSE were traded in green with PSU Bank, IT and auto shares leading the rally.

At 09:25 IST, the barometer index, the S&P BSE Sensex added 457.86 points or 0.61% to 77,489.67. The Nifty 50 index jumped 152.95 points or 0.64% to 24,185.75.

In the broader market, the BSE 150 MidCap Index declined 0.98% and the BSE 250 SmallCap Index fell 0.65%.

The market breadth was strong. On the BSE, 2,197 shares rose and 821 shares fell. A total of 144 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,621.58 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,602.62 crore in the Indian equity market on 05 May 2026, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.13% to 7.027 compared with previous session close of 7.018.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.9750 compared with its close of 95.1800 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement rose 1.30% to Rs 151,703.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.18% to 98.31.

The United States 10-year bond yield declined 0.52% to 4.395.

In the commodities market, Brent crude for June 2026 settlement declined $1.90 or 1.73% to $107.97 a barrel.

Stocks in Spotlight:

Poonawalla Fincorp jumped 3.37% after the company reported net profit of Rs 254.8 crore in Q4 FY26 over Q4 FY25, compared to Rs 62.3 crore in the same period last year, while total income rose 80.7% to Rs 2,120 crore versus Rs 1,173 crore.

Hero MotoCorp added 2.02.% after the company reported a 29.6% rise in standalone net profit to Rs 1,401 crore on a 28.8% increase in revenue to Rs 12,797 crore in Q4 FY26 over Q4 FY25.

Dalmia Bharat Sugar & Industries declined 4.89% after the company reported a 47.4% decline in consolidated net profit to Rs 104.5 crore on a 2.5% decline in revenue to Rs 990.7 crore in Q4 FY26 over Q4 FY25.

Global Market:

Asia market traded higher on Wednesday, tracking Wall Street gains overnight, after oil prices dropped and strong earnings lifted investor sentiment.

Signaling diplomatic efforts for resolving the Middle East crisis were on track, President Donald Trump said the U.S. bid to guide ships out of Strait of Hormuz had been paused.

?We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,? Trump said in his Truth Social post.

The U.S. military on Monday began guiding commercial ships out of the Strait of Hormuz under Project Freedom. U.S. Defense Secretary Pete Hegseth on Tuesday said that ?two U.S. commercial ships, along with American destroyers, have already safely transited the strait, showing the lane is clear.?

Overnight on Wall Street, U.S. stocks ended higher on Tuesday, while oil prices slid as traders reacted to a number of solid earnings results.

The S&P 500 rose 0.81%, hitting a new all-time high and closing at a record of 7,259.22. The Nasdaq Composite gained 1.03%, touching a new high and notching a closing record of 25,326.13. The Dow Jones Industrial Average added 356.35 points, or 0.73%, to end at 49,298.25.

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