The stock market bounced back strongly on May 6, with both Sensex and Nifty posting sharp gains after a weak session a day earlier. The Sensex jumped nearly 900 points, while the Nifty moved above the 24,300 mark, reflecting improved investor confidence.
The recovery comes after markets had ended lower in the previous session, weighed down by global concerns. On Wednesday, sentiment turned positive as global cues improved and crude oil prices eased, reducing worries about inflation and rising costs.
Falling oil prices played a big role in lifting the mood on Dalal Street. Hopes of easing tensions in the Middle East helped bring prices down, which is good news for India as it imports a large share of its oil. Lower oil prices generally support the economy and help markets move higher.
From the opening bell, markets showed strength and continued to gain through the day. Banking, auto, and pharma stocks were among the main drivers of the rally, with broad-based buying seen across sectors.
Among the top performers, Dr Reddy’s Laboratories and Trent saw strong gains. Other stocks like Tata Motors and InterGlobe Aviation also moved higher. On the flip side, Larsen & Toubro and ONGC were among the few stocks that slipped during the session.
Global markets also supported the rally, adding to the positive mood. A stable rupee and steady corporate earnings further helped markets maintain their upward momentum.
Experts say the rebound shows that investors are still willing to buy on dips, especially when global conditions improve. However, they also caution that markets may remain volatile in the near term due to ongoing geopolitical uncertainties and changes in oil prices.
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