Meanwhile, the volatility gauge India VIX ended at 16.68, down by 6.86% from the last closing.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty’s RSI is in a bearish crossover, indicating weak momentum. “However, a closer and more granular view of the Nifty chart suggests the possibility of a meaningful recovery from current levels. On the lower timeframe, the index has started forming higher lows, which is an early sign of a potential reversal. In the short term, the index may move higher with a potential upside towards 24,285–24,350. On the downside, support is placed at 23,880, below which weakness could intensify,” he added.
US markets
The S&P 500 and the Nasdaq hit record highs on Wednesday, extending their strong run powered by sustained enthusiasm around artificial intelligence and the prospect of a U.S.-Iran peace agreement.
The latest round of AI frenzy came after Advanced Micro Devices forecast second-quarter revenue above expectations, on robust demand for its data-center chips.
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The ADP National Employment Report on Wednesday showed U.S. private-sector employment jumped by 109,000 jobs in April, the biggest increase since January 2025.
Meanwhile, oil prices fell to a two-week low, with Brent crude futures slipping 6.6% and dragging the S&P 500 energy index 3% lower. Washington and Tehran were closing in on an agreement over a one-page memorandum to end the war, a Pakistani source said.In its current form, the memorandum would declare an end to the conflict and the start of a 30-day period of negotiations on a detailed agreement to open the Strait of Hormuz, limit Iran’s nuclear program and lift U.S. sanctions, Axios reported.
European Markets
urope’s STOXX 600 jumped over 2% on Wednesday in a broad-based rally as reports of a possible peace deal between Washington and Tehran boosted risk appetite and sent oil prices sharply lower, while upbeat company earnings added to the optimism.
The pan-European STOXX 600 closed up 2.2% at 623.25 points, to its strongest level since April 17.
Major regional bourses mirrored the rally. France’s CAC 40 led the pack with a 2.9% jump while Italy’s benchmark gained 2.4%, hovering near its highest level since 2000.
The main UK indexes jumped more than 2% on Wednesday, aided by hopes of a U.S.-Iran deal to end the war that has lifted energy prices and stoked concerns of inflation.
The blue-chip FTSE 100 index closed 2.2% higher at 10,438.7 points, while the midcap FTSE 250 climbed 1.7%, touching its highest level in two weeks.
Tech View
Decoding the charts, Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One said Nifty 50 has emerged from an eight-session consolidation phase, decisively surpassing its 50-day DEMA. The index has also successfully filled the prior bearish gap on the daily chart, signaling a constructive shift in price structure, he said.
“This development suggests strengthening momentum and indicates potential for a continued upward move in the near term. On the levels front, the 50 DEMA at 24,185 is now likely to cushion any shortcoming, followed by the sacrosanct support of 24,000 in the near period. On the flip side, 24570-24600, marked by confluence of recent swing high close and 100 DEMA is likely to be seen as next potential hurdle. A decisive breakout above this range could pave the way for a fresh leg of rally towards the 25,000 mark,” Krishan said.
He remains constructive on the momentum in the Nifty 50 and reiterated a buy-on-dips strategy. In his view, the broader market continues to offer ample trading opportunities, encouraging a focus on thematic outperformers.
Most active stocks in terms of turnover
HDFC Life Insurance (Rs 611 crore), Wockhardt (Rs 348 crore), Larsen & Toubro (L&T, Rs 300 crore), Coforge (Rs 169 crore), Mahindra & Mahindra (M&M, Rs 164 crore), Vedanta (Rs 162 crore) and HDFC Bank (Rs 145 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 6.65 crore), YES Bank (Traded shares: 3.88 crore), HDFC Life (Traded shares: 1.01 crore), Niva Bupa Life Insurance (Traded shares: 1 crore), Suzlon Energy (Traded shares: 90.19 lakh) Indraprastha Gas Limited (IGL, Traded shares: 62.41 lakh), Indraprastha Gas Limited (IGL, Traded shares: 62.41 lakh) and Ola Electric (Traded shares: 52.78 lakh) and were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Vodafone Idea, Valor Estate, Wockhardt, Mahindra & Mahindra (M&M), Shoppers Stop, BN Agrochem and Raymond Realty were among the stocks that witnessed strong buying interest from market participants.
52-week high
Today, 168 stocks hit their 52 week highs while 25 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aayush Art And Bullion, Aditya Birla Capital, Acutaas Chemicals, Bajaj Consumer Care, Clean Max Enviro Energy Solutions, Data Patterns (India) and Fractal Analytics.
Stocks seeing selling pressure
Among the largecap names were ONGC, Reliance Industries (RIL) and Power Grid Corporation. Other stocks which witnessed significant selling pressure were Shilchar Technologies, Quality Power Electrical Equipments, Vidya Wires, SPL Industries, Oil India, Schneider Electric Infrastructure and Abans Enterprises.
Sentiment meter favours bulls
Sensex settled higher led by HDFC Bank, ICICI Bank and State Bank of India (SBI), resulting in a positive market breadth. Out of the 4,394 stocks that traded on the BSE on May 6, Wednesday, 2,813 stocks witnessed advances, 1,427 saw declines while 154 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)