Sensex, Nifty outlook for tomorrow: What's next after today's sharp upmove?
Commenting on the market outlook, veteran analyst Arun Kejriwal said he would remain cautious over the next couple of days.
- May 6, 2026,
- Updated May 6, 2026 7:06 PM IST
Indian equity benchmarks staged a strong upmove on Wednesday, driven by gains in banking, financials and realty stocks, even as energy and FMCG counters remained relatively subdued. The broader market continued to outperform the benchmarks, with midcap and smallcap indices rising around 2 per cent each, signalling improving risk appetite among investors.
The 30-share BSE Sensex pack jumped 940.73 points or 1.22 per cent to close at 77,958.52, while the NSE Nifty index climbed 298.15 points or 1.24 per cent to settle at 24,330.95.
Commenting on the market outlook, veteran analyst Arun Kejriwal said he would remain cautious over the next couple of days. He advised investors to focus on companies that have delivered decent results in both the December and March quarters, noting that March was a challenging period while December was not particularly strong either.
He further said that 24,600 is the next key resistance level for the benchmark Nifty50, and sustaining above this mark would be crucial for any further upside. On the downside, he pegged 23,800 as a strong support level.
Kranthi Bathini, Equity Strategist at WealthMills Securities, said that cooling crude oil prices, along with easing geopolitical tensions -- amid reports of a possible US-Iran agreement related to the conflict -- have lent support to the market. He noted that such positive developments on the geopolitical front typically lead to a softening in crude prices, which in turn acts as a trigger for Indian markets to move higher, a trend currently being witnessed.
Vinod Nair, Head of Research at Geojit Investments, said, "Domestic markets rallied on a risk-on sentiment, driven by easing US–Iran tensions and China’s diplomatic engagement, which helped contain crude prices, though the trend remains headline-sensitive. Global cues were further strengthened by strong AI-led tech earnings, while yen-led dollar weakness aided EM flows. Domestically, favourable political cues, improving infra executions, and ECLGS 5.0 approval remain supportive, especially for MSME sectors. However, gains across financials, pharma, auto, and realty were partly led by short covering and tactical moves. With input cost pressures and FX risks still present, a selective investment approach is advisable."
Indian equity benchmarks staged a strong upmove on Wednesday, driven by gains in banking, financials and realty stocks, even as energy and FMCG counters remained relatively subdued. The broader market continued to outperform the benchmarks, with midcap and smallcap indices rising around 2 per cent each, signalling improving risk appetite among investors.
The 30-share BSE Sensex pack jumped 940.73 points or 1.22 per cent to close at 77,958.52, while the NSE Nifty index climbed 298.15 points or 1.24 per cent to settle at 24,330.95.
Commenting on the market outlook, veteran analyst Arun Kejriwal said he would remain cautious over the next couple of days. He advised investors to focus on companies that have delivered decent results in both the December and March quarters, noting that March was a challenging period while December was not particularly strong either.
He further said that 24,600 is the next key resistance level for the benchmark Nifty50, and sustaining above this mark would be crucial for any further upside. On the downside, he pegged 23,800 as a strong support level.
Kranthi Bathini, Equity Strategist at WealthMills Securities, said that cooling crude oil prices, along with easing geopolitical tensions -- amid reports of a possible US-Iran agreement related to the conflict -- have lent support to the market. He noted that such positive developments on the geopolitical front typically lead to a softening in crude prices, which in turn acts as a trigger for Indian markets to move higher, a trend currently being witnessed.
Vinod Nair, Head of Research at Geojit Investments, said, "Domestic markets rallied on a risk-on sentiment, driven by easing US–Iran tensions and China’s diplomatic engagement, which helped contain crude prices, though the trend remains headline-sensitive. Global cues were further strengthened by strong AI-led tech earnings, while yen-led dollar weakness aided EM flows. Domestically, favourable political cues, improving infra executions, and ECLGS 5.0 approval remain supportive, especially for MSME sectors. However, gains across financials, pharma, auto, and realty were partly led by short covering and tactical moves. With input cost pressures and FX risks still present, a selective investment approach is advisable."