Indian Indices Rise on Q4 Earnings Optimism; Pharma and Auto Dip

10 Apr 2024 , 01:37 PM

Indian benchmark indices showed gains on Wednesday, driven by optimistic expectations for a strong performance in the Q4 earnings season. The Sensex rose by 190.88 points or 0.26% to reach 74,874.58, while the Nifty climbed 53.90 points or 0.24% to hit 22,696.70.

Market dynamics showcased 1623 shares advancing, 1584 shares declining, and 86 shares remaining unchanged.

Despite Pharma and Auto indices dipping by 0.32% and 0.22% respectively, indices for Oil & Gas, Metal, Media, and Realty witnessed notable gains, rising by 1.71%, 1.19%, 0.85%, and 0.73% respectively.

Other heavyweight indices such as Auto, IT, Bank, Financial Services, and FMCG also displayed positive trends.

Among the Nifty 50 stocks, 20 were in the red, with Divi’s Laboratories, Cipla, HDFC Life, SBI Life, and Maruti Suzuki India exerting downward pressure on the benchmark index.

BPCL, Coal India, Kotak Mahindra Bank, Hindalco, and Bharti Airtel were the top losers among Nifty 50 stocks.

Among the 30 stocks on the Sensex, 11 were in decline, with Maruti Suzuki India, Sun Pharma, Mahindra & Mahindra, Bajaj Finserv, and Larsen & Toubro witnessing significant declines.

Meanwhile, Kotak Mahindra Bank, Bharti Airtel, Tech Mahindra, NTPC, and Power Grid Corp. emerged as the top gainers on the Sensex.

Data from the NSE revealed that Foreign institutional investors (FIIs) net sold shares worth ₹593.20 Crore, while domestic institutional investors (DIIs) bought ₹2,257.18 Crore worth of stocks on April 9.

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