After opening on a higher note, Indian benchmark indices gained momentum throughout the session, ended the day in positive territory, fuelled by gains.

The BSE and the NSE benchmark indices extended the winning run to seven straight trading sessions on Wednesday, backed by solid gains in IT stocks, while banking shares took a breather.

At the closing bell, the BSE Sensex closed higher by 520 points (up 0.7%)

Meanwhile, the NSE Nifty closed points 115 higher (up 0.5%)

Tech Mahindra, Tata Motors, M&M among the top gainers today

Kotak Mahindra Bank, HDFC Bank, and SBI, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,315, higher by 138 points at the time of writing.

The BSE MidCap index ended 0.9% higher, and the BSE SmallCap index ended 0.3% higher.

Baring Financial Services sector and Consumer Durable sector all other Sectoral indices were trading positively, with stocks in the IT sector and the auto sector witnessing buying.

The rupee is trading at Rs 85.3 against the US$.

Gold prices for the latest contract on MCX are trading 1.6% lower at Rs 95,700 per 10 grams.

Meanwhile, silver prices were trading 0.3% lower at Rs 96,218 per 1 kg.

Here are the four key factors driving the market's momentum:

#1 Tech stocks rally

Tech stocks rallied after HCL Tech's strong guidance and reassurance on US tariffs boosted sentiment. The rally was further fuelled by a surge in US tech stocks.

#2 Overnight rally in US markets

US markets saw a big surge, which is now influencing Asian markets. The Dow Jones rose 2.66%, closing at 39,186.98. The S&P 500 and Nasdaq also gained 2.51% and 2.71% respectively.

#3 US Treasury Secretary Bessent

US Treasury Secretary expects a "de-escalation" in the US-China trade war soon. He believes the ongoing tariff fight is unsustainable. This statement was made during a private meeting with investors.

#4 Gold Rate today

Gold prices hit a record high, crossing Rs 1 lakh per 10 grams. Strong demand from jewellers and the wedding season drove the surge. The price jumped to Rs 1,01,600 per 10 grams from Rs 99,800.
 

M&M Financial Slips on Q4 losses

In the news from the financial services sector, shares of M&M Financial Slips 4% to Rs 265.2 on 23 April 2025. This happened after the company's Q4FY25 results were below expectations.

The company reported a mixed Q4 FY25 performance in which the total income rose 15% to Rs 42.5 bn and net interest income grew 9% to Rs 21.5 bn. However, the interest margin declined to 6.5% from 7.1%.

The company reported a weak quarter, marked by low loan disbursements that lead to show asset growth. Net interest also declines due to lower yields and asset quality remained a concern with elevated write-off and loan losses.

M&M Financial Service's expects a slowdown to continue due to weak demand but plans to drive growth through tractors and non-vehicle loan, aiming to increase non-vehicle loan contribution from 7% to 25%

M&M Financial Services in a non-banking financial company (NBFC) that provide financing for vehicle, construction equipment and small business.

Defence Stock Rallies to Record

Moving on to the news from defence sector, shares of Solar Industries India saw a rise 2.4% to a 9-month high of Rs 13,140.5.

The company's share price has surged 21% in past two weeks and a striking 50% in last two months, climbing from Rs 8,756 to nearly Rs 13,141.

Solar industries net revenue rose 21% to Rs 53.7 bn during the same period.

Despite short term domestic challenges due to election and heavy monsoon, Solar Industries long-term growth remains strong.

The company has a strong order book of nearly Rs 100 bn. As of December 2024, it stood over Rs 71 bn. Recently Solar Defence and Aerospace its subsidiary secured Rs 2.4 bn contract with the Ministry of defence to supply hand grenades.

The company received exports order worth Rs 21.5 bn for defence products. The Ministry of defence awarded Solar Industries a major Pinaka Rocket contract, boosting revenue and established its leadership in defence manufacturing.
 

Waaree Energies shares jump on profits.

Moving on to the news from energy sector, shares of Waaree Energies jumped over 8% after the company reported 34% surge, net profit rosed to Rs 6.19 bn.

The company were trading high in last three months.

The company reported strong Q4FY25 results, with revenue from operating surging 36% year-on-year (YoY) to Rs 40 bn showing significant growth.

FY25 is a key milestone for Waaree, with strong EBIDTA performances of Rs 31.2 bn, driven by strategic execution and quality order book. The company sees promising demand trends and expansion including solar cell, battery storage and power infrastructure.

Waaree Energies expects strong EBITDA growth this financial year, targeting Rs 55-60 bn, driven by high demand and operational efficiency.
 

IT Company surges on trade hopes

Moving on to the news from IT sector, shares of IT company surged on 23 April 2025, after US President Donald Trump said tariffs on Chinese imports will come down from the current rate of 145% but would not be eliminated entirely.

The Easing of US-China trade tension reduces the fear and boosted Indian IT shares that rely on US markets heavily.

HCL shares have jumped 8% to Rs 1595 after the company reported Q4 FY25 results with revenue rising 6% and net profit increasing 8%.

Other shares like Coforge rose 6% to Rs 7,397 while Persistent Systems shares jumped 5% to Rs 5218.5.

Further LTI Mindtree shares jumped nearly 5% to Rs 42527.5 per share ahead of its Q4 results.

Wipro and Tech Mahindra shares rose over 4%, Infosys gained nearly 4% and Mphasis and TCS share price were up over 3%.

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