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Indian stocks gave up their early gains to close Thursday's trade, on 7 May, with both the Nifty 50 and Sensex ending largely unchanged from the previous close.
The headline indices opened higher and continued to gain during the first half of trade, buoyed by expectations of reduced tensions between the United States and Iran. However, profit booking later weighed on market sentiment.
Nevertheless, the strong momentum in the broader markets continued, with the Nifty Midcap 100 index rallying 1% and the Nifty Smallcap 100 index closing 0.8% higher, indicating that market breadth remained firmly in favour of the bulls.
On May 7, Godrej Industries, Tejas Networks, Paytm, Polycab, BHEL, and HFCL were among the top gainers. Godrej Industries saw a 20% upper circuit, while Tejas Networks jumped 14.7%.
The Indian stock market on May 7 was influenced by expectations of reduced tensions between the US and Iran, leading to an initial rally. However, profit booking later weighed on the market sentiment, resulting in mixed sectoral performance.
On May 7, Wockhardt, Vedanta, and KPIT were among the major laggards. Godrej Consumer Products also declined significantly, along with Brigade Enterprises and Firstsource Solutions.
HFCL stock climbed to a fresh record high on May 7, extending its rally. This rise followed the company reporting its highest-ever consolidated profit of ₹184.45 crore for Q4FY26.
Godrej Industries and Paytm were among the top gainers on May 7 primarily due to result-driven rallies. Investors rewarded these companies for posting better-than-expected Q4 numbers.
Sectoral performance remained mixed, with Nifty Auto, Nifty Realty, and Nifty Chemicals emerging as the top gainers, rising 2%,0.63% and 0.40%, respectively. On the downside, Nifty Consumer Durables slipped 0.94%, while Nifty FMCG and Nifty IT declined 0.76% and 0.70%, respectively.
Tensions in the Middle East appeared to ease further after reports suggested that Iran was reviewing the latest American proposals aimed at ending the conflict. Recent media reports indicated that the US has sent a one-page memorandum of understanding through Pakistani intermediaries to formally end the conflict and pave the way for the gradual reopening of the Strait of Hormuz.
On Wednesday, US President Donald Trump warned Iran of a fresh wave of bombings unless a deal was reached that included reopening the crucial Strait of Hormuz to international shipping.
A majority of the top gainers in Thursday’s trade were driven by result-related moves, as investors rewarded companies that posted better-than-expected Q4 numbers. Godrej Industries locked in at the 20% upper circuit limit at ₹204.45 after its March-quarter earnings beat estimates.
Other earnings-driven gainers included Craftsman Automation, Paytm, Polycab India, CarTrade Tech, and Hero MotoCorp, all of which surged between 11.6% and 3.35%.
Keeping its bull run intact, Tejas Networks shares jumped another 14.7% to ₹531.5 apiece, while Piramal Pharma extended its winning streak to the second straight session, gaining another 11.2% to ₹183.
Nuvoco Vistas Corporation, Jain Resource Recycling, and Aditya Birla Lifestyle Brands also ended the session with gains of over 9%.
Meanwhile, BEML shares settled at ₹2,015, marking their highest level since mid-November, while the continued rally in Bharat Heavy Electricals pushed the stock to a fresh all-time high of ₹408 apiece.
Other capital goods majors such as GE Vernova T&D India, Hitachi Energy India, Apar Industries, and Thermax also advanced between 2.6% and 4.5%.
Defence stocks too witnessed strong buying momentum, with Bharat Dynamics surging 4.7%, while Cochin Shipyard and Hindustan Aeronautics gained 3.5% and 3.4%, respectively.
It was another strong session for HFCL as the stock climbed another 3.4% to hit a fresh record high of ₹147 apiece. The latest rally has taken the stock’s gains to 116% in under two months.
Among the top laggards in Thursday’s trade were Godrej Consumer Products, Wockhardt, and Brigade Enterprises, which declined 5.3%, 4.6%, and 4.4%, respectively.
Vedanta shares also shed 3.5% to ₹305 apiece, while losses in KPIT Technologies deepened further, with the stock falling another 3.5% to ₹722.7 apiece.
Firstsource Solutions came under profit booking after the sharp rally in the previous session, dropping 3.4% to ₹235 apiece. Blue Star remained under pressure as the stock lost another 3.2% to fall to ₹1,748 apiece.
Other stocks, including Himadri Speciality Chemical, DCM Shriram, Lenskart Solutions, Birlasoft, Coromandel International, and NHPC, also declined over 2.5%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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