At 11:30 IST, the barometer index, the S&P BSE Sensex jumped 761.21 points or 1% to 77,674.51. The Nifty 50 index rallied 241.40 points or 1% to 24,238.95.

In the broader market, the BSE 150 MidCap Index surged 1.17% and the BSE 250 SmallCap Index soared 1.32%.

The market breadth was weak. On the BSE, 2,802 shares rose and 1,254 shares fell. A total of 243 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.81% to 17.94.

2026 Assembly Polls: Vote Counts Underway in 5 States

Vote counting for assembly elections in Assam, Tamil Nadu, West Bengal, Kerala, and Puducherry continues. Current trends show BJP edging ahead of TMC in West Bengal with a saffron surge noted in multiple reports, DMK maintaining advantage in Tamil Nadu alongside TVK's notable gains, NDA crossing halfway in Assam, UDF leading in Kerala, and NDA ahead in Puducherry. These reflect round-wise progress from postal and EVM ballots; official Form-20 results remain pending on the ECI portal.

IPO Update:

The initial public offer (IPO) of Onemi Technology Solutions received bids for 1,15,18,452 shares as against 3,97,62,250 shares on offer, according to stock exchange data at 11:30 IST on Monday (04 May 2026). The issue was subscribed 0.29 times.

The issue opened for bidding on 30 April 2026 and will now close on 05 May 2026. The price band of the IPO is fixed between Rs 162 and 171 per share.

Buzzing Index:

The Nifty Auto index surged 1.54% to 26,317.85. The index fell 0.64% in the past trading session.

Exide Industries (up 3.88%), Bajaj Auto (up 3.10%), Maruti Suzuki India (up 2.91%), Eicher Motors (up 1.45%), Mahindra & Mahindra (up 1.21%), Uno Minda (up 1.03%), Bharat Forge (up 0.87%), TVS Motor Company (up 0.86%), Samvardhana Motherson International (up 0.61%) and Tata Motors Passenger Vehicles (up 0.60%) advanced.

On the other hand, Sona BLW Precision Forgings (down 3.61%) and Tube Investments of India (down 0.02%), edged lower.

Stocks in Spotlight:

Ashok Leyland added 0.46%. The company reported a 9% jump in total sales (domestic & exports) to 14,646 units in April 2026, compared with 13,421 units sold in April 2025.

Indus Towers slipped 3.24%. The company reported a marginal increase in its consolidated net profit for the fourth quarter of FY26, with profit after tax (PAT) rising to Rs 1,792.9 crore from Rs 1,779.1 crore in the corresponding quarter last year. The company's revenue from operations grew 4.83% year-on-year to Rs 8,101 crore for the quarter ended 31 March 2026.

VST Tillers Tractors added 1.95% after the company reported a strong 50.12% year-on-year growth in total sales for April 2026, with volumes rising to 3,483 units compared to 2,320 units in April 2025.

TVS Motor Company rose 1.23% after the company reported a 7% year-on-year increase in total sales for April 2026, with overall volumes rising to 473,970 units compared to 443,716 units in April 2025.

NMDC shed 0.45%. The company reported a 16% year-on-year (YoY) increase in iron ore production to 4.64 MT in April 2026, compared with 4.00 MT in April 2025.

Equitas Small Finance Bank surged 10.94% after the lender reported a sharp jump in quarterly earnings, supported by improving asset quality. The bank posted a net profit of Rs 213 crore in Q4 FY26, soaring 406% YoY and 136% QoQ. Net Interest Income (NII) came in at Rs 981 crore, rising 18% YoY and 15% QoQ.

Eicher Motors rose 1.67% after the company's unlisted subsidiary, VE Commercial Vehicles (VECV), reported a 6.9% year-on-year rise in commercial vehicle (CV) sales to 7,318 units in April 2026.

Meanwhile Eicher Motors has reported 31% jump in total motorcycle sales to 1,13,164 units in April 2026 from 86,559 units in April 2025.

Maruti Suzuki India rose 3.16% after the carmaker reported a 33.29% jump in total sales volume to 2,39,646 units in April 2026 compared with 1,79,791 units in April 2025.

Epigral climbed 13.36% after the company reported a sharp sequential improvement in performance for the March quarter. The company's standalone net profit soared 109.27% to Rs 81.93 crore in Q4 FY26, compared with Rs 39.15 crore in Q3 FY26. Revenue from operations jumped 23.29% QoQ to Rs 736.16 crore in Q4 FY26, on account of volume growth and improved realization.

Atul Auto added 1.77% after the company reported a 73.97% rise in total sales to 3,001 units in April 2026, compared with 1,725 units sold in April 2025.

Global Markets:

Asian markets traded mixed on Monday as investors weighed tensions between Iran and the U.S. and a U.S. plan to reopen shipping in the Strait of Hormuz. Markets in Japan and China are closed for a public holiday.

The U.S. would attempt to 'free' stranded ships affected by the Strait of Hormuz closure since the start of the Iran war, U.S. President Trump reportedly said in his social media post on Sunday.

Dubbed Project Freedom,' the effort is set to begin on Monday, Middle East time and will focus mainly on getting civilian ships flagged in countries not affiliated with the conflict out of the contested waterway so they can 'freely and ably get on with their business.'

'U.S. military support to Project Freedom will include guided-missile destroyers, over 100 land and sea-based aircraft, multi-domain unmanned platforms, and 15,000 service members,' the U.S. Central Command said shortly after Trump's announcement.

Oil prices fell following the announcement of 'Project Freedom'. West Texas Intermediate futures for July delivery fell 0.26% to $101.68 per barrel as of 10:08 p.m. ET. International benchmark Brent crude futures were 0.13% lower at $108.03 per barrel.

Last week, the S&P 500 rose to a fresh all-time intraday high on Friday, while oil prices fell as a new month of trading got underway.

The broad market index advanced 0.29% to end at 7,230.12. The Nasdaq Composite added 0.89%, reaching an all-time high and closing at 25,114.44. Both indexes posted closing records. The Dow Jones Industrial Average slipped 152.87 points, or 0.31%, to settle at 49,499.27.

Oil prices fell on Friday after Iran reportedly sent its response through Pakistani mediators to the latest U.S. amendments to a draft agreement to end the Middle East conflict.

President Donald Trump revealed later Friday he is displeased with a new peace offer from Iran, saying that the country 'wants to make a deal, but I'm not satisfied with it.

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