Stock Market Today: Nifty Reclaims 24,300 as US-Iran Deal Hopes Spark Relief Rally

May 6, 2026

Indian Stock Market Today | The Indian equity markets witnessed a surge of optimism during a volatile session on May 6, 2026. Bullish sentiment was fueled by reports of a potential breakthrough in diplomatic relations between the US and Iran, providing a much-needed relief rally for domestic investors.

The Sensex and Nifty both closed near their daily highs following a final-hour buying spree. Supportive global cues and a significant drop in crude oil prices acted as primary catalysts for the market's upward trajectory.

At the closing bell:

• BSE Sensex: Surged 941 points to close at 77,959.
• Nifty 50: Gained 298 points to settle at 24,331, successfully reclaiming the crucial 24,300 level.
• Nifty Bank: Climbed 1,434 points to finish at 55,981.

The broader market outperformed the front-line indices, with the Nifty Midcap and Smallcap segments rising nearly 2% each. The market breadth remained strong, reflected in an NSE Advance-Decline ratio of 3:1.

Why is the Stock Market Going Up? Top 4 Factors

Several macroeconomic and geopolitical factors converged to drive the rally in the Indian stock market today:

1. US-Iran Peace Deal Prospects

Markets reacted positively as tensions around Iran showed signs of cooling. Trump said this morning that “great progress” has been made in talks with Iran, and Axios later reported that the White House is close to a possible deal.

Trump also announced a pause in “Project Freedom” in the Strait of Hormuz, reportedly at the request of Pakistan and other countries. This reduced fears of further escalation and helped trigger a relief rally across various asset classes.

2. Sharp Decline in Crude Oil Prices

Brent Crude prices crashed 6%, trading near $103 per barrel. The prospect of ending the Middle East conflict raised hopes for the reopening of the Strait of Hormuz—a vital maritime route responsible for nearly 20% of global energy supplies.

For an oil-importing nation like India, lower energy costs are a significant tailwind for the economy.

3. Rupee Recovery Against the US Dollar

The Indian Rupee (INR) staged a robust recovery from its previous lows. After hitting a record low of 95.43, the currency closed 68 paise higher at 94.61 against the dollar.

This stability in the currency market boosted investor confidence and reduced fears of imported inflation.

4. Broad-Based Buying

Except FMCG and Energy, almost all sectoral indices ended the day in the green. Leading the rally were Auto, PSU Banks, Financial Services, Private Banks, Pharma and Realty, which all saw gains of more than 2%.

Market Snapshot: Indices at a Glance

Key Nifty Indices

Sectoral Performance

Nifty Gainers & Losers

Technical Analysis: Nifty & Bank Nifty Levels

NIFTY 50: Opened 138.20 points higher at 24,171, reached a high of 24,356.50 and closed at 24,330.95.

• Immediate Support: 24,280
• Immediate Resistance: 24,400

BANK NIFTY: Opened 566.35 points higher at 55,113.40, reached a high of 56,078.80 and closed at 55,981.05.

• Immediate Support: 55,700
• Immediate Resistance: 56,300

Top Trending Stocks Today

• FSL: Stock jumped over 11% after Q4 net profit rose 28% YoY to ₹205.2 crore, while revenue climbed 21% YoY to ₹2,613 crore.
• COFORGE: Stock surged nearly 10% after Q4 net profit jumped 145% YoY to ₹612 crore, supported by a 5% YoY rise in revenue to ₹4,450 crore.
• SRF: Stock gained nearly 8% after Q4 net profit increased 11% YoY to ₹582 crore, while revenue grew 7% YoY to ₹4,615 crore.

Also Read: L&T Share Price Falls 3% Post Q4 Results: Should You Buy, Hold or Sell?

World Markets, Crude & Gold Prices

• Global Indices: Asian and European markets rallied after reports suggested the White House was nearing a memorandum to end the war with Iran. Sentiment was also supported by continued momentum in AI-led trades.
• Crude Oil Prices: Brent crude futures fell $6.70, or 6.1%, to $103.17 per barrel, while US WTI crude declined $6.77, or 6.6%, to $95.50 per barrel.
• Gold Prices: The yellow metal rose over 3% to a one-week high as US-Iran peace hopes weakened the dollar and cooled oil-led inflation concerns.

Turn Market Insights into Action

Discover stocks, analyze opportunities and trade securely in your own broker account with Liquide. Get expert trade setups from our research desk along with real-time market tracking and commentary.

You can also get instant stock insights and answers to your queries using LiMo, our AI-powered stock assistant.

Download the Liquide App now from the Google Play Store and Apple App Store.

This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as

i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or

ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or

iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.