Hindustan Unilever, Tech Mahindra, Britannia, Nestle India, and TCS were the top gainers in the Nifty 50. While Bajaj Auto, Power Grid, ONGC, IndusInd Bank, and Hindalco were the major losers in the Nifty 50 on May 07.

Courtesy: NSE

Courtesy: BSE

“The BankNifty index underwent a sideways trading session, with bulls successfully defending the support zone around 49000-48900. Immediate resistance is noted at 49300, and a decisive breakthrough could trigger short-covering moves towards 49500. Conversely, a significant breach of the 48900 mark may induce further selling pressure towards 48400, where the 20DMA is positioned,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

In the early trading session on Tuesday, Godrej Consumer Products’ stock surged by up to 8%, propelled by the company’s fourth-quarter performance surpassing analysts’ expectations. The shares of Godrej Consumer Products witnessed a substantial rise of 7.16%, reaching a 52-week high of Rs 1,346.70 apiece on the National Stock Exchange.

Lupin, a leading pharmaceutical company, witnessed a sharp decline in its share price, dropping more than 6% during morning trades on Tuesday, subsequent to the release of its Q4 earnings performance reported on Monday post-market hours. The shares of Lupin dipped by 6.11%, reaching an intra-day low of Rs 1,581.10 per share on the NSE.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty mostly traded sideways throughout the day, fluctuating between 22400 and 22550. Although the index ended above the short-term moving average, the 21EMA, on the daily chart, the sentiment appears somewhat bearish due to consecutive red candles, suggesting a prevalence of sellers over buyers. In the near term, sentiment could stay subdued as long as it stays below 22500. On the downside, there’s a possibility of the index sliding towards 22300.

Hindustan Unilever rose 5.2% to an intraday high of Rs 2,373. The stock was the top gainer in the Nifty 50 on May 07. It has hit a 52-week high of Rs 2,769.65, while it has touched its 52-week low of Rs 2,172.05.

JP Morgan has maintained an overweight rating on Godrej Consumer Products with a target price of Rs 1300. According to the JP Morgan report, the Q4 India volume growth continues to stand out, remaining best in-class.

Additionally, overseas margins have performed better than expected, with Indonesia demonstrating solid revenue margin delivery partly due to a shift in seasons.

The report highlights that comments on demand and margin outlook, along with updates on key strategic initiatives such as new product launches, will be crucial to watch out for.

Courtesy: NSE

Voting for the third phase of the Lok Sabha elections commenced at 7 am, covering 12 states and Union territories, with a total of 93 constituencies participating. This phase includes 2 seats in Goa, 25 seats in Gujarat, 7 seats in Chhattisgarh, and 14 seats in Karnataka. Following this phase, elections in these states will conclude.

The NSE Nifty 50 opens up by 0.21% at 22,489.75, while the BSE Sensex gains just 0.11% to 73,973.30 in the opening trade.

The NSE has added Aditya Birla Fashion, Balrampur Chini Mills, Biocon, GMR Infra, Vodafone Idea, and SAIL in F&O on May 7, 2024.

Dr. Reddy’s Laboratories, JSW Energy, Pidilite Industries, SRF, PB Fintech, United Breweries, Voltas, IRB Infrastructure developer, Max Financial Services, Indraprastha Gas, CreditAccess Grameen, Sonata Software, Kajaria Ceramics, KEC International, Jupiter Wagons, Navin Fluorine International, Chambal Fertilizers, Graphite India, Century Textiles, and Industries, IDFC, Jindal Saw, Latent View Analytics.

Foreign institutional investors (FII) offloaded shares worth net Rs 2,168.75 crore, while domestic institutional investors (DII) mopped shares worth net Rs 781.39 crore on May 6, 2024, according to the provisional data available on the NSE.

WTI crude prices are currently trading at $78.97, marking a 0.33% increase, while Brent crude prices stand at $83.81, up by 0.34%, as of Tuesday morning.

The US Dollar Index (DXY), gauging the dollar’s worth against a basket of six foreign currencies, experienced a slight decline of 0.05%, reaching 105.10 in trading.

According to Bloomberg, US stocks are on track for their most impressive three-day rally of 2024, propelled by anticipations of interest rate cuts by the Federal Reserve. The tech-focused Nasdaq Composite surged by 192.92 points, or 1.19%, closing at 16,349.24. Similarly, the S&P 500 climbed by 52.95 points, or 1.03%, to reach 5,180.74, while the Dow Jones Industrial Average saw a gain of 176.59 points, or 0.46%, finishing at 38,852.27.