Sensex rises 356 points to 77,269 amid election result volatility
Synopsis
Indian markets closed in the green on 4 May but couldn't hold early highs, caught between a favourable West Bengal election outcome and persistent IT and banking drag. With Nifty boxed between 23,800 support and 24,300 resistance, and crude oil jolted by Trump's 'Operation Freedom', the session captured India's market mood in miniature — cautiously optimistic but range-bound.
Key Takeaways
Sensex rose 356 points to close at 77,269.40 on 4 May , while Nifty50 gained 121.75 points to end at 24,119.30 .
Adani Ports , Hindustan Unilever , and Maruti Suzuki led Sensex gainers; TCS , Infosys , and Bharti Airtel were top losers.
Nifty MidCap and Nifty SmallCap outperformed, rising 0.63% and 0.70% respectively.
Brent crude dropped as much as 2.45% after US President Trump announced 'Operation Freedom' in the Strait of Hormuz .
Favourable West Bengal election outcome and strong Q4 earnings reportedly supported investor sentiment.
Analysts see Nifty range-bound between 23,800 support and 24,200–24,300 resistance in the near term.
Indian equity benchmarks closed higher on Monday, 4 May, but surrendered early gains to finish well off the day's peaks, as weakness in IT and PSU banking stocks weighed on sentiment amid volatility linked to ongoing election results. The BSE Sensex advanced 356 points, or 0.46%, to settle at 77,269.40, while the Nifty50 gained 121.75 points, or 0.51%, to close at 24,119.30.
Key Market Movements
Adani Ports led the gainers on the Sensex, followed by Hindustan Unilever, Eternal, and Maruti Suzuki India. On the losing side, Bharti Airtel, Kotak Mahindra Bank, TCS, IndiGo, ITC, and Infosys were among the top drags on the benchmark index.
Broader markets outperformed frontline indices, with the Nifty MidCap index rising 0.63% and the Nifty SmallCap index climbing 0.70%. On the sectoral front, realty and metal stocks led the advance, while IT and PSU banking stocks lagged, capping upside in the benchmarks.
Nifty Technical Outlook
Analysts noted that the Nifty's derivatives structure remains clearly defined.
Point of View
But IT and PSU banking — two of the heaviest index weights — refused to participate, keeping the rally shallow. More telling is the derivatives picture: with put writers defending 24,000 and call writers capping 24,300, institutional money is effectively pricing in stagnation, not a breakout. The crude slide from Trump's Strait of Hormuz intervention is a wildcard — a sustained drop would ease India's current account pressure, but it also signals escalating geopolitical unpredictability that markets have not fully priced in.
NationPress
8 Jul 2026
Frequently Asked Questions
Why did the Sensex rise on 4 May 2025?
The Sensex rose 356 points to 77,269.40 on 4 May, supported by a favourable election outcome in West Bengal and better-than-expected Q4 corporate earnings. Gains in realty, metal, and select large-cap stocks drove the advance, though IT and banking weakness limited the upside.
What is the near-term support and resistance for Nifty?
According to analysts, strong put writing at the 24,000 and 23,800 levels indicates firm near-term support for the Nifty. Heavy call writing at 24,200–24,300 is capping the upside, keeping the index range-bound in the short term.
Why did Brent crude fall sharply on 4 May?
Brent crude dropped as much as 2.45% after US President Donald Trump announced 'Operation Freedom', aimed at ensuring safe passage for ships in the Strait of Hormuz. The May contract was last seen trading 0.39% lower at $107.75 per barrel on the Intercontinental Exchange.
Which stocks were the top gainers and losers on the Sensex?
Adani Ports led the gainers, followed by Hindustan Unilever, Eternal, and Maruti Suzuki India. Bharti Airtel, Kotak Mahindra Bank, TCS, IndiGo, ITC, and Infosys were among the top losers on the Sensex.
How did broader markets perform compared to benchmark indices?
Broader markets outperformed frontline indices on 4 May, with the Nifty MidCap index rising 0.63% and the Nifty SmallCap index climbing 0.70%, both beating the Sensex and Nifty50 gains.
