MarketSmith Analyst Raja Venkatraman Identifies Top Five Stocks for May 6

Indian Stock Market Outlook: Stocks to Buy on 6 May

The key indices, Sensex and Nifty 50, finished in negative territory on Tuesday, 5 May, primarily due to profit-taking in certain leading banking and financial stocks. The 30-share index Sensex concluded the day at 77,017.79, down by 252 points, or 0.33%, while the NSE benchmark Nifty 50 closed at 24,032.80, falling by 87 points, or 0.36%.

Market Capitalization Remains Steady

Despite the decline in the main indices, the mid- and small-cap indices posted gains, surpassing the main indices' performance. The BSE 150 Midcap rose by 0.15%, while the BSE 250 Smallcap index increased by 0.20%. The total market capitalization of companies listed on the BSE remained steady at ₹467 lakh crore.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Gift Nifty Live Chart Signals Positive Movement

The Gift Nifty Live Chart is showing a muted start for the Indian stock market today. By 7:29 AM, the Gift Nifty was trading around the 24,299.5 level, a premium of 193.2 points from the Nifty futures' previous close of 24,106.30.

Global Sentiment and Earnings Season

Decoding the impact of Gift Nifty live chart and other triggers on Dalal Street, Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth, said that the Nifty 50 is set to open on a positive note, supported by firm global cues and early signals from Gift Nifty, which is trading around the 24,200 mark. The constructive setup follows a strong close on Wall Street, where the S&P 500 scaled fresh record highs, aided by easing crude oil prices and encouraging corporate earnings.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Global sentiment has also improved on signs of de-escalation in the Middle East, which has helped cool oil prices and lifted risk appetite across Asian markets. Notably, South Korea's benchmark index has surged to record levels, reflecting a broader risk-on environment that could spill over into domestic equities.

Back home, attention will increasingly shift toward the ongoing earnings season. Key results from capital goods major Larsen & Toubro, auto leaders Mahindra & Mahindra and Hero MotoCorp, along with banking major Punjab National Bank, are expected to drive sector-specific momentum and influence broader market direction.

Stocks to Buy Today

Raja Venkatraman, Co-founder of NeoTrader, and stock research platform MarketSmith India, recommended buying these five shares:

Stock Recommendations by NeoTrader

Aditya Birla Capital Ltd

Aditya Birla Capital Limited (ABCL) is the financial services flagship of the US$ 67 billion Aditya Birla Group operating as a holding company for various financial services businesses. After spending nearly 3 months in a declining phase the stock lost all its sheen. In the recent revival a sharp thrust above the value area the all through the year 2026 and in last few days in April 2026 the prices revived. The steady support at the TS & KS bands and the reversal gathered steam on Wednesday post the results.

Aurobindo Pharma Ltd

Auropharma is a prominent, integrated global pharmaceutical company specializing in generic formulations, Active Pharmaceutical Ingredients (APIs), and specialty drugs. After the recent reaction we can note that the strong thrust with support from the TS & KS bands has led to a strong breakout above the cloud region forming a nice rounding pattern revival.

Finolex Cables Ltd

Finolex Cables Limited, is a premier manufacturer of electrical and telecommunication cables, widely recognized for its market leadership in the Indian wire and cable industry. The steady rise since April 2026 reaction that took support at the cloud region has seen steady increase in volumes combined with the rising RSI indicating that there is no sign of let up in momentum.

Stock Recommendations by MarketSmith India

Netweb Technologies India Ltd

Strong positioning in HPC, AI & data centre solutions, beneficiary of rising demand for AI/cloud infrastructure, healthy revenue & profit growth track record, high-margin business model vs typical IT hardware firms, strong order book and client base (govt + enterprises), Make-in-India & PLI scheme tailwinds, increasing focus on indigenous supercomputing, and asset-light, design-led business approach.

Lloyds Engineering Works Ltd

Strong presence in heavy engineering & EPC segments, diversified sectors (oil & gas, steel, power, nuclear, and marine), beneficiary of infra & capex cycle in India, turnkey project execution capability, healthy revenue growth trend, expansion into defence & new segments, long operating history & established client base, certifications & technical capabilities (entry barriers).