Market at Close | Sensex, Nifty gain for fourth straight session, metal stocks surge
Summary
The benchmark indices, Sensex and Nifty, notched up modest gains, with Nifty firmly holding above the 22,400 mark.
Equity benchmark indices Sensex and Nifty continued their upward trajectory for the fourth consecutive session on Wednesday (April 24), bolstered by a surge in metal stocks and positive sentiments across sectors. The benchmark indices, Sensex and Nifty, notched up modest gains, with Nifty firmly holding above the 22,400 mark.
From the Sensex basket, JSW Steel, Tata Steel, Power Grid, Kotak Mahindra Bank, UltraTech Cement, NTPC and Bajaj Finance were the major gainers. Tata Consultancy Services, Tech Mahindra, Maruti, Reliance Industries and Titan were among the laggards.
Leading the charge were banking names Kotak Mahindra Bank and ICICI Bank, alongside robust performances from metal sector heavyweights like SAIL, NMDC, JSW, and Tata Steel. The metal stocks rode on the back of a global upswing in prices, propelling the sectoral index to a record high.
However, the market saw a mixed bag of performances from individual stocks. Cipla emerged as the top gainer on the Nifty, buoyed by a positive brokerage note, witnessing a surge of 4%. Conversely, Tata Consumer Products faced a setback, slipping over 5% following a mixed set of earnings announcements.
While insurance stocks grappled with pressure in the wake of ICICI Prudential Life Insurance Company’s mixed Q4 results, defence names like HAL saw continued buying interest, registering a gain of more than 4%.
In the telecom sector, Vodafone Idea retraced its gains from the previous session, sliding 9%, while Indus Towers also experienced a dip. On the flip side, UBL saw a surge of 10%, fueled by the upbeat outlook stemming from Heineken’s volume growth in India.
Dixon Technologies continued its upward trajectory, with a rise of more than 4% to hit a record high. The market breadth favoured advances, with the advance-decline ratio standing at 2:1.
As the market closed, attention turned to anticipation ahead of the earnings reports from key players like Axis Bank, Indian Hotels, and AU Small Finance Bank, while HUL ended the day flat in anticipation of its upcoming results.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. European markets were trading mostly with gains. Wall Street ended with gains on Tuesday. Global oil benchmark Brent crude declined 0.35% to $88.11 a barrel.
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