The Indian market continued its winning streak on Wednesday, marking four consecutive sessions of gains for the first time in 2023. The Sensex and Nifty 50 closed at day's high, boosted by financial heavyweights and ITC.

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While select midcap banks slipped after Q4 updates, financial heavyweights such as HDFCs rose, with HDFC Bank lifting the Nifty by 43 points and Nifty Bank by 320 points, making it the top contributor. The Sensex rose 583 points to 59,689, and the Nifty gained 159 points to 17,557. Although the midcap index slipped 7 points to 30,160, the Nifty Bank gained 186 points to 40,999.

Amongst major companies that have reported quarterly updates, Bajaj Finance closed in the green but off opening highs after strong updates. FMCG stocks like Godrej Cons and Marico closed with minor gains on healthy Q4 updates. Godrej Consumer sees double double-digit growth in EBITDA and revenue in rupee terms on the back a strong India Business, which has exceeded expectations especially on the volume front.

The company sees India business to deliver double-digit volume & value growth. Marico on the other hand continued to witness gradual recovery with India volume growth is seen in mid-single digits for Q4.

L&T winning a mega order of more than Rs 7,000 Cr helped the stock rise more than 4 percent while ITC reversed Monday's losses and ended Wednesday's session with a gain of 2 percent.

Midcap IT names like L&T Tech and Coforge saw short covering, with both stocks up 6 percent. City gas companies surged as reports suggest the cabinet in its upcoming meet on Thursday or later this week, is expected to consider Kirit Parikh panel’s recommendations. However, Ashok Leyland, AB Fashion, Federal Bank, RBL Bank, BHEL, and MCX were the top midcap losers.

Market breadth favored advances with NSE advance-decline ratio at 3:1, implying a gain in 3 stocks against a fall in 1. BSE companies overall have gained a market cap of more than Rs 1.70 Lakh Cr on Wednesday.

Also read: Stock Market Highlights: Sensex, Nifty 50 close near the day's high led by L&T, HDFC twins, HUL

First Published:Apr 5, 2023 3:40 PM IST