Market wrap: NIFTY50 and SENSEX close in the green for the second straight day, led by IT and cement stocks

Indian benchmark indices closed in the green for the second consecutive day after IT and pharma companies led the gains on Thursday. The NIFTY50 closed above 23,200, up by 50 points (+0.22%), and the SENSEX closed at 76,520, up by 115 points (+0.15%). The NIFTY Bank index closed 135 points lower (-0.28%) on Thursday, owing to losses in ICICI Bank, Axis Bank, and more.

Meanwhile, the broader indices outperformed the benchmark index as NIFTY midcap 100 and small-cap 100 closed 1.8% and 1.1% higher, respectively. The gains in the midcap index were largely driven by a strong rally in mid-sized IT companies, which posted strong results and announced dividends as well.

Index movers

UltraTech Cement (+6.6%), M&M (+2.23%), Sun Pharma (+2.2%), ITC (+0.8%) and Infosys (+0.45%) were the top index gainers. On the other hand, Reliance (+0.96%), Kotak Bank (-1.2%), and SBI (-0.96%) were the top losers on the index.

Top sectoral gainers and losers

NIFTY Midsmall IT & Telecom was the top sectoral gainer with a 5% jump on Thursday, followed by Consumer Durables with 1.97% gains. On the flip side, the NIFTY Oil & Gas (-0.5%) and NIFTY Private Bank (-0.4%) were the top sectoral losers on the NIFTY.

Top gainers and losers

Ultratech Cement

In stock-specific development, UltraTech Cement closed as the top gainer as the Q3FY25 results beat analyst estimates. The company reported a 17.3% decline in its consolidated net profit to ₹1,469.5 crore for Q3FY25. The total revenue for the quarter dipped 2% YoY to ₹17,193.33 crore Q3FY25 as against ₹16,739.97 crore in Q3FY24. Domestic sales volume grew 10% YoY. Energy costs were lower by 13% YoY and 4% QoQ, mainly due to decreased fuel costs.

Coforge and Persistent Systems

The shares of two mid-sized IT companies, Coforge and Persistent Systems, rose more than 10% as both reported strong earnings in Q3FY25. In addition, the companies announced dividends of ₹19 and ₹20 per share, respectively.

Global markets

The Asian markets closed mixed on Thursday. Korean indices closed 1.2% lower on disappointing macroeconomic numbers, while Japanese and Chinese indices closed in the green. China’s financial regulators announced measures to urge large state-owned mutual funds and insurers to purchase more shares as Beijing seeks to bolster the faltering stock market.

European benchmarks like Euro Stoxx, CAC40, and DAX traded largely in the green with marginal gains. On the other hand, US futures traded in red, as NASDAQ futures traded 100 points lower at 4:00 p.m.