Indian equity markets closed higher on Wednesday, with the Nifty holding at 17,800 amid a rangebound session. Financial stocks were the top performers, with HDFC Bank being the biggest contributor. The Sensex rose by 170 points to reach 60,301, while the Nifty gained 44 points, closing at 17,814. The Nifty Bank gained 151 points to reach 42,830, while the Midcap index rose 48 points to end at 31,229.
FMCG names like Tata Consumer and Nestle ended the session with gains on strong March quarter results, while Maruti announced a one million capacity increase and reported in-line earnings, causing its stock to rise by 0.3 percent.
However, Bajaj Auto saw profit booking following better-than-expected Q4 earnings. Gujarat PSU companies surged on a new payout proposal, with stocks rising up to 20 percent. Meanwhile, Bajaj Finance and Bajaj Finserv slipped, while HUL, Voltas, LTTS, and OFSS surged ahead of earnings.
ABB extended Tuesday's gains as India Order Og Global Co rose 46 percent YoY, while IPCA slipped to its lowest levels in three years, down 20 percent in two days on the Unichem acquisition. Crompton Cons fell further, slipping 14 percent in two sessions on management realignment, and MCX saw a sharp fall, down over six percent as its Chief Technology Officer resigned.
Despite the mixed trading in specific sectors, the market breadth slightly favored advances, with an advance-decline ratio of 5:4. BSE companies added a market capitalization of more than Rs 80,000 crore on Wednesday, while the rupee rose to a one-month high against the US dollar.
Investors remain eager for more financial results from India Inc, with Bajaj Finance, HDFC Life, and SBI Life due to post their earnings later in the day. Overall, the day's trading showed a positive sentiment, with financial and FMCG shares advancing and oil and gas shares under pressure.