Market Outlook for 4 May 2026 - NIFTY, BANK NIFTY, SENSEX and FINNIFTY

The NIFTY 50 closed lower by 180.10 points (-0.74%) at 23,997.55, reflecting broad-based weakness across the index, primarily dragged by losses in banking, metal, and FMCG stocks. The decline was led by HINDALCO (-2.83%), followed by HINDUNILVR (-2.61%), TATASTEEL (-2.08%), ULTRACEMCO (-1.99%), and SHRIRAMFIN (-1.92%), weighing significantly on sentiment. Additional pressure came from LT (-1.83%) and M&M (-1.84%), further capping the index. On the positive side, gains were limited with BAJAJ-AUTO (+5.19%) leading, followed by SUNPHARMA (+1.76%), INFY (+1.29%), BAJFINANCE (+1.04%), and TECHM (+0.96%), offering partial support. Market breadth remained weak with 15 stocks advancing, 34 declining, and 1 remaining unchanged. 

The NIFTY 50 opened at 23,996.95, touched a low of 23,796.85, hit a high of 24,087.45, and closed at 23,997.55, down 180.10 points (-0.74%). The index reversed from the previous session’s gains, falling on weak global cues, elevated crude prices, FII outflows, and a weaker rupee, with holiday caution adding pressure. Despite this, selective IT and pharma support limited the downside, while the RSI hovered near 50, indicating neutral momentum with a slight bearish bias. Near-term support levels are at 23,751/23,598, and resistance levels are at 24,244/24,397. 

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Nifty Slips as Crude Spikes

Bank Nifty Commentary for 4 May 2026

The NIFTY BANK ended lower by 540.25 points (-0.98%) at 54,863.35, indicating broad-based selling across the banking pack, with weakness visible in both private and PSU lenders. Losses were primarily driven by CANBK (-1.72%), followed by AXISBANK (-1.61%), BANKBARODA (-1.55%), PNB (-1.51%), and SBIN (-1.38%), exerting significant pressure on the index. Further drag was seen from ICICIBANK (-1.19%) and HDFCBANK (-0.55%), adding to the downside. Meanwhile, a few stocks managed to stay in the green, with FEDERALBNK (+1.00%), INDUSINDBK (+0.68%), and KOTAKBANK (+0.46%) providing limited support, while overall market breadth remained negative with 3 advances against 11 declines. 

The NIFTY BANK opened at 54,880.65, touched a low of 54,440.25, hit a high of 55,111.60, and closed at 54,863.35, down 540.25 points (-0.98%). The index opened weak, declined in early trade, and moved sideways before a mild late recovery, but eased near the close, weighed down by selling in key banking stocks. The RSI slipped below 50, signalling weakening momentum. Near-term support levels are at 54,132/53,679, and resistance levels are at 55,595/56,048. 

Quick Comment on FINNIFTY And SENSEX

The NIFTY FINANCIAL SERVICES slipped by 256.60 points (-0.99%) to close at 25,657.35, indicating broad-based selling across the financial space, with weakness visible in NBFCs, banks, and power financiers. The downside was driven by PFC (-3.39%), followed by RECLTD (-2.30%), SHRIRAMFIN (-1.92%), AXISBANK (-1.61%), and JIOFIN (-1.41%), exerting pressure on the index. Further drag came from SBIN (-1.38%) and BAJAJFINSV (-1.28%), adding to the negative bias. Meanwhile, a few counters witnessed buying interest, with CHOLAFIN (+1.11%), BAJFINANCE (+1.04%), KOTAKBANK (+0.46%), and SBILIFE (+0.21%) providing some cushion. Market breadth remained weak with 4 advances against 16 declines. Near-term support levels are at 27,358/26,986, and resistance levels are at 28,559/28,931. 

The BSE SENSEX retreated by 582.86 points (-0.75%) to close at 76,913.50, indicating a negative market tone as selling pressure persisted across key sectors, including banking, metals, and FMCG. Weakness was largely driven by HINDUNILVR (-2.70%), ETERNAL (-2.85%), TATASTEEL (-2.13%), LT (-2.03%), and TRENT (-1.97%), which pulled the index lower. The decline was further deepened by losses in ULTRACEMCO (-1.92%), M&M (-1.83%), and SBIN (-1.69%). In contrast, a handful of stocks showed resilience, with SUNPHARMA (+1.64%), INFY (+1.20%), ADANIPORTS (+0.98%), TECHM (+0.95%), and BAJFINANCE (+0.72%) limiting the downside to some extent, while overall participation remained weak with 9 advances against 21 declines. Near-term support levels are at 76,088/75,577, and resistance levels are at 77,739/78,250. 

Intraday levels for NIFTY, BANK NIFTY, SENSEX and FINNIFTY Levels: