On Wednesday, Nifty 50 rose 0.29% to 24,770.20. 37 stocks gained while 13 declined.

Divi’s Laboratories outshone its peers with a 3.76% increase to ₹4900.80. Divi’s gained after a U.S. court stayed the Food and Drug Administration’s (FDA) approval of the generic version of Entresto drug.

Titan also showed a strong performance, surging 2.46% to ₹3560.40. Other notable gainers included SBI Life Insurance, Cipla, and HDFC Life Insurance, all posting notable gains of 2.23%, 2.03% and 1.96%.

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On the other hand, Tech Mahindra experienced the largest drop with a 1.47% decline, with other significant decreases seen in stocks like UltraTech Cement, Tata Steel, Power Grid Corporation of India, and Oil and Natural Gas Corporation.

Vinod Nair, Head of Research, at Geojit Financial Services said, “The Indian market traded on a tight range with a positive bias supported by strong DII flows. While defensive sector outperformed due to a continued shift in portfolio towards FMCG, consumer, commodities, and pharma. Global markets exhibited a mildly cautious tone ahead of the release of the FOMC minutes later today. Currently, the expectation of a rate cut remains high, given the fall in US inflation and moderation in overall growth.”

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