Midday Market Update: Nifty Hits 24,250 as Cigarette and FMCG Stocks Surge

On April 17, 2026, the Indian equity markets showed a positive bias by midday. The Nifty 50 rose 0.37% to cross the 24,250 mark, while the Sensex gained 0.39%. The day was defined by a massive rally in cigarette and FMCG stocks, contrasting with continued weakness in the IT sector.

Sector Spotlight: Cigarettes & FMCG

The primary catalyst for the market’s upward move was a stellar earnings report from VST Industries, which triggered a sector-wide rally.

• VST Industries (+Rally): Reported a massive 120% jump in net profit for Q4FY26 (₹116.7 crore). Revenue grew 30.9% year-on-year.

• ITC (+1.5%): Gained on the back of sector sentiment and progress regarding its hotel segment demerger. It currently offers a steady 4% dividend yield.

• FMCG Index (+3%): Heavyweights like Hindustan Unilever (HUL), Colgate-Palmolive, and Dabur saw gains between 3% and 6% due to value buying.

Corporate Movers: Infrastructure, Defence, and Renewables

Several companies across different sectors made significant moves based on order wins and earnings performance.

• Waaree Renewable Technologies (+13%): The star performer of the day following a 131% increase in revenue (₹1,102.40 crore) for Q4FY26.

• Rail Vikas Nigam (RVNL) (+5.35%): Surged after emerging as the L1 bidder for a significant bridge construction project from East Coast Railway.

• Bharat Electronics (BEL) (+1.3%): Secured a new ₹2,500 crore order from the Ministry of Defence, boosting its massive ₹75,000 crore order backlog.

• Asian Paints (+2.9%): Recovered early losses as falling raw material costs (specifically titanium dioxide) improved gross margin expectations.

Underperformers: IT and Insurance

Despite broader market strength, high-volume selling was seen in specific large-cap stocks.

• Wipro (-2.75%): Slid to ₹202.60 despite a ₹15,000 crore buyback plan at ₹250 per share. The market remains concerned about senior management exits and organizational restructuring.

• HDFC Life Insurance (-2.87%): Continued its downward trend, trading below its 50-day and 200-day moving averages.

• HDFC AMC (+4%): Bucked the trend in financial services, rising on a stable FY26 performance and a ₹54 per share dividend recommendation.

Summary of Midday Stock Moves

The Verdict: While the IT sector is grappling with structural shifts and AI disruptions, the “old guard” of FMCG and Cigarettes, alongside high-growth Renewable and Defence PSUs, are currently providing the floor for the Nifty’s record levels.