Top Gainers: Tejas Networks, Wockhardt, Coforge Lead Rally; CPPLUS, Meesho, Ather Energy Drag

Indian equity markets traded higher on Wednesday, supported by banking stocks after the government approved a credit guarantee scheme aimed at cushioning businesses impacted by the Iran conflict. Additional optimism came from easing crude oil prices and hopes of a potential U.S.–Iran peace deal, which lifted overall sentiment. The Nifty 50 rose 0.4% to 24,127.90, while the Sensex gained 0.31% to 77,260.52 in early trade.

Top Gainers

Among the top gainers were Tejas Networks, which saw its stock price climb by 13%, supported by robust volume trading. Tejas Networks is a subsidiary of the Tata Group and works in the field of telecom equipment manufacturing and offering networking and broadband solutions. The surge in prices was attributed to positive performance during the quarter under review. In Q4 FY26, the firm witnessed a growth in revenues of 8% sequentially, recording a figure of ₹333 crore. While the company continued to incur losses, the losses recorded on the earnings before interest, tax, depreciation, and amortization (EBITDA) line item were reduced, pointing to operational improvements. The outstanding order book increased to ₹1,514 crore.

Wockhardt also featured prominently among the gainers, with its stock rising 12% on strong volumes. Wockhardt is a pharmaceutical company engaged in manufacturing and research of medicines and vaccines. The rally was fundamentally driven by robust Q4FY26 earnings. Revenue grew 30% year-on-year to ₹965 crore, while EBITDA surged 147% with margins improving to 20.3%. Most importantly, the company reported a net profit of ₹164 crore compared to a loss in the previous year. This turnaround in profitability, along with consistent full-year performance improvement, triggered strong buying interest in the stock.

Shares of Coforge jumped by nearly 10%, adding another winner to the list of Nifty 500 companies. Coforge is an IT services company that provides solutions in digital transformation, cloud, and artificial intelligence. Its sharp rise was fueled by a great set of Q4FY26 earnings. Specifically, the company posted a 30% rise in revenue YoY to ₹4,450 crore while increasing its EBITDA by 56%. In addition, the net income for the quarter was up by 100% qoq to ₹612.3 crore. A solid order book and efficient use of AI have played a key role in raising investor interest in Coforge.

Top Losers

CPPLUS was one of the well-known laggards, witnessing a fall of 6.12%. CPPLUS is a security and surveillance solutions company providing CCTV cameras along with other technologies. There was no particular news announcement triggering the fall, suggesting that the reason for this might be market forces like booking profits on gains in the previous session.

The Meesho share price fell 4.92%, and its trading volume witnessed high activity. Meesho is an online business entity linking the seller and the buyer, especially in value shopping and social commerce categories. Several reasons are responsible for the downward trajectory in the stock price. One of the reasons could be that the company received a large tax demand notice of ₹1,499 crore, and there were also issues regarding the surge in supplies post lock-in period expiry.

However, despite the company making strides towards improved performance in terms of finance, the value of its stocks decreased by 4.28%. Ather Energy is known to be an auto-maker dealing specifically in the manufacture of electric scooters and electric vehicles. The company has managed to record significant drops in its losses while recording substantial revenues; however, volatility has since been recorded in its stocks immediately after it gained momentum.

Conclusion

There was a definite divergence seen on May 06, with the stock market showing strong earnings-based momentum in companies like Wockhardt, Coforge, and Tejas Networks on the back of significant volumes and better fundamentals. However, stocks like CPPLUS, Meesho, and Ather Energy saw selling pressures owing to a combination of technical factors, prior negatives, and profits booking. Earnings visibility and future growth guidance were the critical determinants for individual stock movement in a generally positive market environment.