Indian market eked out modest gains; Nifty Metal shines, Tata Consumer records significant decline

Benchmark indices managed to close the session in the green on Wednesday. The 30-share BSE SENSEX climbed 114 points or 0.16% to settle at 73,852, while the NSE NIFTY rose moderately by 34 points or 0.15%, to close at 22,402.

Out of the NIFTY50 space, 28 stocks advanced while 22 stocks declined. Hindalco, Cipla, JSW Steel, Tata Steel and Power Grid were the major gainers, while Tata Consumer Product, Grasim, Tech Mahindra, HDFC Life and TCS were the major losers.

Within the broader market indices, the NIFTY Midcap100 gained by 0.76%, and the NIFTY Smallcap100 index climbed 0.36%.

Among the sectoral indices, NIFTY Metal jumped over 2.5%, NIFTY Realty climbed by 0.89% and NIFTY Pharma rose by 0.66%. On the flip side NIFTY IT fell 0.81%, NIFTY Media declined by 0.29% and NIFTY PSU Bank dipped by 0.23%.

In Asian markets, Tokyo, Hong Kong, Seoul and Shanghai settled on a positive note. European markets were trading higher on Wednesday, building gains seen since the start of the week. Wall Street closed on a positive note on Tuesday.

Shares of Tata Consumer Products closed 5.39% lower, the highest single-day fall in the last two-years, a day after the company reported its results for the fourth quarter of FY24 on Tuesday. The company reported net profit of ₹217 crore, which declined by 19% on a year-on-year basis.

Shares of Chennai Petroleum Corporation soared substantially over 15% on Wednesday. The company reported a net profit of ₹627.89 crore, a 72% surge on a Quarter-on-Quarter basis. Additionally the company also announced the final dividend of ₹55.