Sensex Prediction Today: Indian equity benchmarks ended lower on Tuesday, under selling pressure as fresh tensions flared in the Strait of Hormuz region and the ceasefire between the US and Iran came under strain.
As investors look ahead to Wednesday, May 6, the near-term outlook for the Sensex remains cautious, with technical indicators pointing to a continued consolidation phase unless a decisive breakout occurs.
In a volatile session, the 30-share BSE Sensex dropped 251.61 points, or 0.33 per cent, to settle at 77,017.79. The 50-share NSE Nifty edged lower by 86.50 points, or 0.36 per cent, to end at 24,032.80.
The rupee hitting a record low against the US dollar amid elevated crude prices also made investors cautious.
From the Sensex firms, ICICI Bank, Eternal, Tech Mahindra, Axis Bank, Bharti Airtel and Larsen & Toubro were among the major laggards. On the other hand, Mahindra & Mahindra, UltraTech Cement, Bajaj Finserv and Bajaj Finance were top gainers.
Hitesh Tailor, Technical Research Analyst at Choice Broking, said, "On 5th May 2026, the BSE Sensex closed at 77,017.79, declining by -251.60 points (-0.33%), as the market traded in a sideways range with mild early weakness. The index opened marginally lower by around 165 points and witnessed initial selling pressure, slipping to an intraday low of 76,515.03. However, buying interest emerged at lower levels, leading to a steady recovery during the latter half, with the index touching an intraday high of 77,151.33 and eventually closing near the day's high, indicating some strength at lower levels."
He further stated the sectoral performance remained mixed, with Auto, IT, Power, and FMCG showing relative outperformance, while Banking (especially Private Banks), Realty, Consumer Durables, and Financial Services lagged, reflecting selective participation and lack of broad-based strength in the market.
Sensex Prediction for Wednesday, May 6 by experts
Despite the subdued close, technical analysts highlight that the key index showed buying interest at lower levels, indicating the presence of demand near key support zones.
Sensex Prediction for Wednesday, May 6 by Vipin Dixena
According to SEBI-registered analyst, Vipin Dixena, the Sensex on the intraday timeframe continues to exhibit a range-bound structure, oscillating between 77,150 as immediate resistance and 76,400 as key support.
"RSI is stabilizing around the mid-zone, indicating neither overbought nor oversold conditions, reinforcing the consolidation phase," he said.
"As long as the index remains capped below 77,150, expect continued sideways to slightly weak movement with potential dips back toward 76,400; a breakdown below this level can extend the decline further. A clean breakout and hold above 77,150 is required to trigger fresh momentum on the upside," he concluded.
Sensex Prediction for Wednesday, May 6
Echoing a similar view, Tailor observed that the index is currently in a consolidation phase following recent volatility.
"From a technical standpoint, the index continues to consolidate within a defined range, suggesting a pause in momentum after recent volatility," he said.
Immediate support is placed in the 76,400-76,500 zone, which is likely to act as a demand area on dips. On the upside, resistance is seen around 77,500-77,650, where the index may face selling pressure, Tailor said.
"The near-term outlook remains neutral with a cautious undertone, as the index is sustaining within a consolidation phase. While recovery from lower levels indicates underlying support, the absence of strong follow-through buying suggests that markets may continue to remain range-bound, with volatility driven by global cues and sector-specific movements," Tailor concluded.
Broad market on Tuesday, May 5
In the broader market, the BSE MidCap Select index dipped 0.12 per cent, while the SmallCap Select index went up marginally by 0.14 per cent.
Sectorally, Realty dropped 1.38 per cent, Top 10 Banks (0.79 per cent), Services (0.63 per cent), Consumer Durables (0.62 per cent), Private Banks (0.60 per cent) and Bankex (0.58 per cent).
In contrast, Power, FMCG, Commodities, Healthcare, IT, Telecommunication, Utilities, Auto, Capital Goods, Focused IT and MidSmall Private Banks Quality Tilt were the gainers.
Drone strikes caused a fire at a major oil industry zone in the United Arab Emirates' port city of Fujairah on Monday. The UAE had accused Iran of carrying out the strike.
Foreign Institutional Investors (FIIs) turned buyers on Monday, buying equities worth Rs 2,835.62 crore, according to exchange data.
In a mandate as sweeping as it is symbolic, the BJP on Monday scripted history by winning 206 seats to secure more than a two-thirds majority in the West Bengal assembly polls, ending the TMC's 15-year rule, and decisively shifting the state's ideological and political centre of gravity.
On Monday, the Sensex climbed 355.90 points, or 0.46 per cent, to settle at 77,269.40. The Nifty rallied 121.75 points, or 0.51 per cent, to end at 24,119.30.
Report by EconomicTimes
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice.)
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