Stock market today: Gift Nifty signals gap-up start; election results, India VIX to Q4 results — 7 stocks to buy or sell

Stock market today, 4 May 2026: Following the adverse global market sentiments, the Indian stock market witnessed sharp selling on Thursday. The Nifty 50 index crashed 180 points and closed at 23,997. The BSE Sensex nosedived 582 points and closed at 76,913, while the Bank Nifty index finished 540 points lower at 54,863.

The sell-off was broad-based, with several sectors ending in the red—led by metals, realty, and FMCG— while IT showed relative strength. Broader markets also mirrored the weakness, with midcap and smallcap indices declining around 0.4–0.8%, indicating widespread risk aversion.

What Gift Nifty signals?

The Gift Nifty is trading green, up by a sizeable margin from its previous session's close. Gift Nifty today opened upside at 24,251 and touched an intraday high of 24,293 within a few minutes of the Opening Bell. By 7:45 AM, the index was trading around 120 points higher at 24,265.

Expecting a gap-up opening for the Indian stock market today, Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth, said, “The Indian markets are poised to begin the week on a firm footing, with Gift Nifty signalling a gap-up opening near the 24,270 mark, well above the previous close of 23,997. The positive carryover reflects improving global sentiment, with Asian markets also trading in the green, setting the stage for a supportive start to domestic equities.”

Q4 results today

Earnings-driven action will be a critical factor to watch in today’s session. Heavyweights such as Ambuja Cements, Bharat Heavy Electricals Limited, and Tata Technologies are expected to play a pivotal role in shaping sectoral sentiment. Strong performance from Ambuja could reinforce confidence in the cement and infrastructure theme, particularly around execution and synergy benefits. BHEL’s numbers will be closely tracked as a proxy for capital goods and PSU momentum, where expectations remain elevated. Tata Technologies, meanwhile, will be key for sentiment in the ER&D and IT space, especially following recent underperformance.

In addition, stocks such as Godrej Properties and Aditya Birla Capital are likely to influence sentiment in the real estate and NBFC segments, respectively, with management commentary expected to carry as much weight as the headline numbers in guiding near-term direction.

Five state election results 2026

The vote-counting day has finally arrived, as assembly election results for West Bengal, Assam, Tamil Nadu, Kerala, and Puducherry will be declared today, 4 May. Early trends would emerge by afternoon, but the final results will be known by this evening. Counting of votes will begin at 8:00 AM. One can check election results online by logging in at the Election Commission of India's official website: results.eci.gov.in.

India VIX today

From a volatility perspective, India VIX remains elevated at around 18.4. While not at extreme levels, it continues to signal underlying caution. A sustained upside move could help compress volatility, easing option premiums and supporting a more stable trading environment. Conversely, any failure to build on the positive opening may keep volatility elevated, limiting aggressive positioning.

Stock market today

Speaking on the outlook of the Nifty 50 and Sensex today, Amol Athawale, VP — Technical Research at Kotak Securities, said, “We are of the view that as long as the market is trading within this range, non-directional activity is likely to continue. On the higher side, if the index trades above 24,200/78300, the chances of reaching 24,500/79200 would increase. However, while below 23,800/76700, selling pressure is likely to accelerate. Below this level, the market could slip to 23,600–23,500/76100-75800.”

“For Bank Nifty, 54,500 would act as an immediate support zone for traders. Above this, the pullback could continue till 55,700–56,000. Further upside may also continue, which could lift the index up to 56,500. On the flip side, sentiment could turn negative below 54,500. Below this level, traders might prefer to exit their long positions,” Amol Athawale said.

Stocks to buy today

Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher, recommended these seven buy-or-sell stocks for intraday trading: Sona Blw Precision Forgings, Sai Life Sciences, Reliance, SAIL, GPPL, Thermax, and Tata Capital.

Sumeet Bagadia's stock recommendations today

1] Sona Blw Precision Forgings: Buy at ₹607, Target ₹651, Stop Loss ₹585; and

2] Sai Life Sciences: Buy at ₹1069, Target ₹1145, Stop Loss ₹1031.

Ganesh Dongre's buy or sell stocks

3] Reliance: Buy at ₹1436, Target ₹1560, Stop Loss ₹1410;

4] SAIL: Buy at ₹184, Target ₹189, Stop Loss ₹178; and

5] GPPL: Buy at ₹186, Target ₹194, Stop Loss ₹182.

Shiju Koothupalakkal's intraday stocks for today

6] Thermax: Buy at ₹4077, Target ₹4240, Stop Loss ₹3990; and

7] Tata Capital: Buy at ₹333, Target ₹354, Stop Loss ₹325.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.