We use H4 candles in MT4 because Forex trading is ON 24x5
An H4 candle helps you divide a daily candle-D1 to six H4 candles. This is just another option in addition to M1, M5, M15, H1 D1, W1 etc. You chose TF based on your trading strategy.
Because day on NSE is of ~6 hours, and if you need time-frames greater than H1, you can consider candles of 2 hours, 3hours etc.