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Indices trade near neutral lines with positive bias in early deals
May-07-2026

Indian equity markets have made positive start and are trading near neutral lines with positive bias in early deals on Thursday amid firm cues from the global market and falling crude oil prices. Crude oil prices fell overnight in intranational market on optimism that the U.S. and Iran were close to an agreement to end the conflict that has caused the largest energy supply disruption in history. However, gains remain capped as S&P Global said that India's GDP growth is projected to moderate to 6.6 per cent in the current fiscal from the earlier estimated 7.1 per cent, and energy and food security reforms would be essential to achieve the Viksit Bharat goal by 2047. Further, cautiousness also prevailed in the markets as Foreign Institutional Investors (FIIs) remained net sellers, pulling out Rs 5,834.90 crore from equities on May 6, 2026. 

On the global front, Asian markets were trading higher following positive cues from the US markets overnight. Back home, on the BSE sectoral front, traders were seen piling up positions in Auto, Consumer Disc, Capital Goods, Telecom and Industrials, while selling was witnessed in IT, TECK, Oil & Gas, FMCG and Bankex. 

The BSE Sensex is currently trading at 77991.08, up by 32.56 points or 0.04% after trading in a range of 77798.28 and 78339.24. There were 13 stocks advancing against 17 stocks declining on the index.

The top gaining sectoral indices on the BSE were Auto up by 1.46%, Consumer Disc up by 0.93%, Capital Goods up by 0.91%, Telecom up by 0.69% and Industrials up by 0.68%, while IT down by 0.25%, TECK down by 0.23%, Oil & Gas down by 0.20%, FMCG down by 0.19% and Bankex down by 0.12% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 1.95%, Eternal up by 1.45%, Maruti Suzuki up by 0.92%, Ultratech Cement up by 0.78% and Tata Steel up by 0.60%. On the flip side, TCS down by 0.90%, Adani Ports down by 0.88%, Hindustan Unilever down by 0.81%, Sun Pharma down by 0.67% and Power Grid down by 0.51% were the top losers.

Meanwhile, S&P Global in its latest ‘India Forward’ report, jointly done with Crisil, has lowered India's Gross Domestic Product (GDP) growth estimates for the current financial year (FY27) to 6.6 per cent from 7.1 per cent projected earlier. It noted that structural reforms in energy and food security would be essential to achieve the vision of Viksit Bharat by 2047. It said India is facing significant economic pressure due to West Asia conflicts, disrupting energy supplies, elevating oil and gas prices and currency volatility. It added that India must develop comprehensive energy storage policy to create strategic buffers. 

Crisil Chief Economist Dharmakirti Joshi said ‘as the duration of the West Asia crisis rises, we see newer stress points emerge. The rupee weakening and oil prices rising are a double whammy of sorts. It all creates pressure on growth.’ He said amid ongoing conflict in West Asia, India should focus on energy and food security, and the fertiliser sector. Calling for more reforms to deal with the crisis, he said India needs to become more competitive to take advantage of the recently signed free trade agreements (FTAs), which provide lower tariffs and increased market access. 

Talking about the impact of higher crude oil prices on wholesale (WPI) and retail (CPI) price inflation, Joshi said that since the pass-through of global crude oil prices has not happened to households, the WPI inflation numbers, which also account for imported items, will come in higher than the CPI. He also said higher global crude prices will show a larger impact on WPI in the form of imported goods and raw materials, and less on CPI as the government has been holding pump prices stable. The April print of inflation data will see the number rising, but WPI will be higher than the CPI in April.

The CNX Nifty is currently trading at 24334.15, up by 3.20 points or 0.01% after trading in a range of 24300.70 and 24423.35. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were Bajaj Auto up by 3.01%, Mahindra & Mahindra up by 2.01%, Eicher Motors up by 1.59%, HDFC Life up by 1.45% and Grasim Industries up by 1.26%. On the flip side, TCS down by 1.14%, Adani Ports down by 0.88%, Power Grid down by 0.87%, Tata Consumer down by 0.85% and Hindustan Unilever down by 0.82% were the top losers.

All Asian markets were trading higher; Nikkei 225 surged 3361.88 points or 5.65% to 62,875.00, Taiwan Weighted added 882.32 points or 2.1% to 42,021.17, Jakarta Composite gained 56.58 points or 0.8% to 7,149.05, Shanghai Composite strengthened 10.58 points or 0.25% to 4,170.75, KOSPI increased 9.12 points or 0.12% to 7,393.68, Hang Seng advanced 422.22 points or 1.61% to 26,636.00 and Straits Times rose 9.4 points or 0.19% to 4,936.78.
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