Top Gainers & Losers on May 6: Coforge, Vodafone Idea, HFCL, BPCL, Tata Motors, IndiGo among top gainers
On May 6, Indian markets closed higher with the Nifty 50 up 1.24% and the Sensex gaining 1.22%, driven by easing US-Iran tensions. Notable gains were seen in technology and auto stocks, although several shares faced declines amid profit booking.
Indian stocks closed Wednesday’s trade, May 6, with solid gains as buying emerged towards the fag end of the session after reports indicated that the US and Iran are nearing a deal to end the two-month-long conflict.
The Nifty 50 concluded the trade with a 1.24% surge at 24,330, while the S&P BSE Sensex wrapped up with a strong 1.22% gain at 77,958. The broader markets also posted stellar gains, with both the Nifty Midcap 100 and Nifty Smallcap indices rallying nearly 2%.
The tensions in the Middle East, which had escalated earlier this week, are now moving towards de-escalation, a development that could potentially bring an end to the over 60-day conflict between the US and Iran.
Axios reported, citing two US officials and two other sources briefed on the issue, that the White House believes it is nearing a one-page, 14-point memorandum of understanding to end the war and establish a framework for more detailed nuclear talks. Mint could not independently verify the report.
These developments came after US President Donald Trump announced in a Truth Social post that the US would temporarily halt “Project Freedom,” a military operation launched to escort vessels through the Strait of Hormuz, citing progress in negotiations. Iran said earlier on Wednesday that it would accept a peace deal only if it was “fair.”
Mid-cap tech stocks attract strong buying momentum
There was strong buying in mid- and small-cap technology stocks, with Firstsource Solutions, Coforge, eClerx Services, Netweb Technologies, and Persistent Systems rallying 11.7%, 9.3%, 8.8%, 4.5%, and 4.4%, respectively.
Maintaining its bull run for the ninth straight session, HFCL shares further built on gains, surging 10% to a 19-month high of ₹143 apiece.
Wockhardt extended its winning momentum, gaining another 10% to ₹1,692 apiece. Among auto stocks, Samvardhana Motherson, Tata Motors, Ashok Leyland, UNO Minda, Bajaj Auto, and Mahindra & Mahindra all closed with gains between 3% and 6.3%.
Ahead of Q4 results, CarTrade Tech shares moved up 10% to ₹1,810 apiece. Crude-sensitive stocks too regained strength, with Hindustan Petroleum Corporation surging 6.8% to ₹399.5 apiece, while InterGlobe Aviation posted a similar 6.8% rally to ₹4,527 apiece.
Other OMCs, including Bharat Petroleum Corporation and Indian Oil Corporation, advanced 5.5% and 4.6%, respectively. Meanwhile, Vodafone Idea shares jumped 4.5% after the reappointment of Kumar Mangalam Birla as non-executive chairman.
Capital market stocks such as Nuvama Wealth Management, Motilal Oswal Financial Services, and Choice International also surged over 4%.
Oil India, Schneider Electric, Groww lead losers
In terms of top laggards, Oil India shares slipped 5.5% to ₹450 apiece, while Schneider Electric and Groww also posted similar declines of over 5%.
Ather Energy, Vardhman Textiles, and Gallantt Ispat dropped 4.3%, 4.1%, and 3.7%, respectively.
Meesho shares continued to witness profit booking, falling another 3.7% to ₹196 apiece.
CreditAccess Grameen, Siemens Energy India, Aadhar Housing Finance, Apar Industries, Oil and Natural Gas Corporation, KPIT Technologies, and Transformers & Rectifiers all declined over 3%.
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