Here are the key reasons why the market gained today:1. HDFC Bank and auto stocks support benchmarks
The Nifty continued to hold above 24,000, with support from HDFC Bank and auto stocks. The Nifty Bank index gained 296 points, or about 0.5%, to 57,758.ALSO READ | Groww Q1 Results: Topline performance subdued but margins expand from previous quarter
2. Broader markets outperform
Broader markets outperformed the benchmark indices, with the Midcap Index rising 177 points to 62,943. Stocks including Hind Rectifiers, Filatex, MTAR Tech and HFCL were among the top midcap gainers.
3. Cement stocks rally after Nuvovo’s Q1 earnings
Cement stocks attracted buying after a strong first-quarter performance from Nuvovo, with UltraTech Cement ending about 3% higher.4. Earnings drive stock-specific moves
ICICI Prudential, Union Bank and Groww ended higher after reporting better-than-expected results. LTTS surged 7% on healthy Q1 earnings, while Tata Elxsi declined 5% following a margin miss.
ALSO READ | Tata Group stock falls 5% after Q1 results; Here’s what is pressuring the share price
5. Stock-specific action remains in focus
Ather Energy jumped 8% after a fund infusion from Hero Moto and an existing investor. ABB, Hitachi and GE T&D gained 4-5%, while Eternal and Swiggy rose 3% each. Patanjali Foods fell 15% despite the company saying business remained as usual. Kalyan Jewellers extended its winning streak and is now up 42.5% so far this month.
Despite the positive close, metal and IT stocks ended largely in the red, with Hindalco emerging as the top loser on the Nifty.
From the Sensex basket, Eternal Ltd, UltraTech Cement Ltd, Shriram Finance Ltd, Eicher Motors Ltd, Bajaj Auto Ltd, State Bank of India and SBI Life Insurance Company Ltd were the major gainers.
ALSO READ | LTTS shares up 9%: Motilal Oswal seeks consistent deal execution before turning positive
Hindalco Industries Ltd, Power Grid Corporation of India Ltd, JSW Steel Ltd, Infosys Ltd, Wipro Ltd and Dr Reddy’s Laboratories Ltd were the biggest laggards.
