Nifty opens above 24000 as Sensex jumps 300 points on election cues

Stocks kick off May in the green, with Nifty above 24,000 and Sensex up about 300 points as investors digest state election signals.

A steady lift at the start of May set a confident tone for Indian equities, with Nifty opening above 24,000 and Sensex jumping as investors scanned state election results.

In early trade, the Nifty 50 climbed to 24,063.55, up 66 points (0.28%), while the BSE Sensex opened at 77,257.27, gaining 343.77 points (0.45%).. The move came as sentiment found support from global cues and a fresh domestic read-through of what election outcomes could mean for the near term, according to Misryoum.

With market participants still digesting the gap created by the holiday break, the first hour action looked like a blend of optimism and caution. Investors appeared to be positioning for what results from multiple states may trigger, while keeping an eye on how broader factors evolve.

A key theme on the street was that today’s data and headlines could steer trading psychology, even if the larger trend may depend on external variables. Misryoum reports that analysts pointed to macro pressures, including currency weakness and cost concerns from crude.

Meanwhile, sector movement at the open reflected that divide.. On the NSE, most indices started higher, with Nifty Auto up 1.87%, Nifty Realty up 1.82%, Nifty PSU Bank up 1.23%, and Nifty Metal gaining 0.84%.. Nifty IT edged up 0.16%, Nifty Pharma rose 0.32%, and Nifty Media added 0.10%, while the Nifty Private Bank index was the exception.

Interest also stayed on the geopolitical backdrop. Over the weekend, diplomatic exchanges between Washington and Tehran remained in focus, as Iran submitted a response seeking resolution within a set timeframe rather than the longer ceasefire window referenced in the proposal.

This matters because equity sentiment often reacts first to risk appetite, but oil and inflation expectations can quickly become the dominant driver. Even when election headlines move prices temporarily, trading frequently re-centers once commodity and currency pressures become clearer.

Analysts highlighted that state election outcomes may influence sentiment in the short run, particularly with attention on West Bengal.. They added that the market’s real direction is likely to be shaped more by crude oil prices, which remained elevated, with Brent quoted at USD 108.48 per barrel at the time of reporting.

For investors tracking rates and inflation hedges, gold was reported at Rs 1,51,001 per 10 grams for 24 carats, while silver stood at Rs 2,46,302 per kg. Across the broader calendar, several companies were also set to announce fourth-quarter results for FY26, keeping earnings expectations in play.

Globally, Asian markets extended momentum, reinforcing the positive open in India. Misryoum notes that with Nifty above 24,000 and Sensex up around 300 points, the early trend looks constructive, but today’s move will likely be tested as election-driven sentiment meets the next wave of macro cues.