Stock Market Updates: Sensex Up Over 150 pts, Nifty Above 18,150; Gland Pharma Down 18%

Sensex Today: Equity benchmark indices BSE Sensex and NSE Nifty started Friday on a positive note after three consecutive days of losses as Q4 earnings fail to lift Dalal Street amid fears of a US debt default.

The BSE Sensex gained 155 points to 61,587, and the NSE Nifty50 edged 42 points higher to 18,172.

SBI, Tech M, Infosys, HCL Tech, Nestle, ICICI Bank, Ultratech Cement and Pwer Grid led gains on the Sensex, rising 0.5-1.2 per cent.

On the flip side, Divi’s Lab, Eicher Motors, UPL, Titan, Maruti and Tata Steel were the top frontline laggards.

The broader markets opened tepid. The BSE MidCap was down 0.08 per cent and the SmallCap index rose 0.13 per cent.

Sectorally, Nifty Auto, Metal, Realty, FMCG and Pharma indices declined, while the IT and PSB pockets were the top gainers.

Besides, Gland Pharma sank 18 per cent after its Q4 profit dropped 72 per cent YoY on a 29 per cent decline in revenue. The net profit was also impacted by an impairment loss of Rs 56.46 crore.

Bata India rose 4 per cent on reporting a 4.5 per cent YoY profit growth in Q4 to Rs 65.55 crore.

Global Cues

Global markets staged gains overnight with the S&P 500 and Nasdaq Composite notching their highest closing levels since August 2022. The indices ended 0.9 per cent and 1.5 per cent higher. Dow gained 0.3 per cent.

In Asia this morning, Nikkei and Topix in Japan rose up to 0.7 per cent, maintaining their highest levels in 33 years. Japan’s core inflation rose 3.4 per cent YoY in April, in line with forecasts, while other key inflation gauge (ex food and fuel) rose 4.1 per cent YoY, highest in 40 years.

Kospi and Strait times also gained up to 0.7 per cent while Hang Seng index dipped nearly 2 per cent.