Nifty and Sensex Close in Green: Aerospace & Defense Soars, SPARC Tumbles
By ScanX News Team
Indian markets ended positively with Nifty 50 at 24,620.20 (+0.32%) and Sensex at 80,998.25 (+0.32%). Aerospace & Defense and Power sectors led gains, while Diamond, Gems and Jewellery sector underperformed. SPARC plunged 19.65% on failed drug trials, and ABFRL dropped 10.73% following Flipkart's stake sale. Market breadth remained positive with 2,242 advances against 2,098 declines out of 4,340 traded scrips.
*this image is generated using AI for illustrative purposes only.
Market Wrap: Bulls Take Charge as Indices End Higher
The Indian stock market concluded on a positive note on Wednesday, with both benchmark indices, Nifty 50 and BSE Sensex, posting gains. Investors showed renewed confidence despite mixed sectoral performances and some notable stock-specific movements.
Market Overview
The Nifty 50 index closed at 24,620.20, up 77.70 points or 0.32% from the previous close. Similarly, the BSE Sensex ended the day at 80,998.25, registering a gain of 260.74 points or 0.32%. The market's resilience was evident as it shrugged off negative cues from certain sectors.
Sectoral Performance
Top Performing Sectors
- Aerospace & Defense (Avg. Per Change: +1.90%)
- Power (Avg. Per Change: +1.24%)
Underperforming Sectors
- Diamond, Gems and Jewellery (Avg. Per Change: -2.37%)
- Engineering Services (Avg. Per Change: -1.10%)
- Trading (Avg. Per Change: -0.56%)
- Aviation (Avg. Per Change: -0.46%)
Buzzing Stocks
SPARC (Sun Pharma Advanced Research Company)
SPARC witnessed a dramatic decline of 19.65%, closing at ₹156.83. The sharp fall came after the company announced that its psoriasis drug failed to meet objectives in Phase 2 clinical trials. The company has decided to discontinue the development of the investigational drug SCD-044 (Vibozilimod) for psoriasis and atopic dermatitis.
Aditya Birla Fashion & Retail Ltd (ABFRL)
ABFRL shares plummeted by 10.73%, ending at ₹76.77. The decline followed news of Flipkart Investments Pvt. selling its 6% stake (7.3 crore shares) in the company through a block deal. The floor price was set at ₹79.5 per share, representing a 7.6% discount to the previous closing price.
Bartronics India Ltd
Bartronics shares fell by 10.05%, closing at ₹13.42. The company announced the cancellation of its planned cross-border merger with PTW Group, citing regulatory complexities and structural challenges associated with the merger.
Market Breadth
The overall market breadth remained positive, indicating a bullish sentiment:
| Category | Number of Scrips |
|---|---|
| Total Traded | 4,340 |
| Advances | 2,242 |
| Declines | 2,098 |
Conclusion
Despite sectoral headwinds in Diamond, Gems and Jewellery, and Engineering Services, the Indian stock market demonstrated resilience. The Aerospace & Defense and Power sectors led the gains, while individual stocks like SPARC and ABFRL faced significant selling pressure due to company-specific news. The positive market breadth suggests that investor confidence remains intact, even as the market navigates through stock-specific volatility.
