Indian equity benchmarks gave up most of their intraday gains on Wednesday due to profit booking at higher levels, but still managed to close in the green. The BSE Sensex ended 112 points higher at 62,453, while the NSE Nifty rose 34 points to 18,502. The broader markets also performed well, with the BSE midcap index gaining 0.6% and the smallcap index adding 0.4%.
IndiGo Shares Surge 4.82%
InterGlobe Aviation, the parent company of IndiGo, was the top gainer among Nifty stocks, jumping 4.82% to close at ₹2,456. The rally came after the airline reported a strong set of quarterly numbers for the January-March period. IndiGo posted a net profit of ₹919 crore, compared to a loss of ₹1,681 crore in the same quarter last year. Revenue from operations rose 27% to ₹12,856 crore, driven by higher passenger traffic and improved yields.
According to analysts, the company's focus on cost control and capacity addition helped it post better-than-expected results. “IndiGo’s operational performance has been impressive, and the management’s outlook remains positive. We maintain a ‘buy’ rating on the stock with a target price of ₹2,700,” said a brokerage analyst.
Sectoral Performance: IT, Auto Lead
On the sectoral front, the Nifty IT index gained 0.8%, led by Infosys and HCL Technologies. The Nifty Auto index also rose 0.6%, with Maruti Suzuki and Tata Motors contributing to the gains. However, the Nifty Bank index ended flat due to profit booking in HDFC Bank and ICICI Bank.
Other notable gainers included Coal India, which rose 2.3%, and BPCL, which added 1.8%. On the losing side, Hindalco fell 1.5%, followed by JSW Steel and Tata Steel, which dropped around 1% each.
Market Outlook
Market participants are now awaiting the release of US Federal Reserve minutes and domestic inflation data for further cues. Analysts expect the market to remain volatile in the near term due to global uncertainties and domestic earnings season.
“The market is witnessing profit booking at higher levels, but the overall trend remains positive. Investors should focus on quality stocks and avoid chasing momentum,” said a fund manager.
The overall market breadth was positive, with 1,724 stocks advancing on the BSE, while 1,498 declined. A total of 368 stocks hit their 52-week highs, indicating strong investor interest in select counters.
