Four of the five top Nifty losers were IT stocks, with Tech Mahindra, Infosys, and HCLTech falling between 10% and 17%. HCLTech, Infosys and SBI Life declined more than 10% each during the week, while M&M, TCS and Tech Mahindra fell between 5% and 10%.
Despite the benchmark weakness, broader markets outperformed, with the midcap index and Nifty Bank declining less than 1%. Among gainers, Nestle India emerged as the top Nifty performer with a 10% rise. Dr Reddy’s Laboratories, Tata Consumer Products, Trent, Cipla and Coal India were also among the key gainers.
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In the midcap space, OFSS, Adani Energy, PNB Housing Finance, Hitachi and Piramal Pharma led gains, while Persistent Systems, Coforge, Mphasis, L&T Technology Services, IEX and Force Motors were among the top losers.
In Friday’s (April 24) session, markets extended losses for the third straight day, with a broad-based decline across sectors. The Sensex fell 983 points to close at 76,681, while the Nifty dropped 275 points to end at 23,898.
The Nifty Bank slipped 215 points to 56,090, and the midcap index declined 578 points to 59,375. All sectoral indices ended in the red, with IT stocks the biggest laggards.
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From the Sensex basket, Coal India Ltd, Shriram Finance Ltd, Nestle India Ltd, State Bank Of India, Eicher Motors Ltd and Bajaj Auto Ltd were the major gainers. Infosys Ltd, HCL Technologies Ltd, Tata Consultancy Services Ltd, Tech Mahindra Ltd, Sun Pharmaceutical Industries Ltd and Hindustan Aeronautics Ltd were the biggest laggards.
Infosys was the top Nifty loser, falling 7% after its Q4 results missed estimates, while HCLTech extended losses for a third consecutive session. TCS, Tech Mahindra and Sun Pharma were also among the major losers.
Among individual stocks, Shriram Finance rose nearly 3% from the day’s lows following its Q4 results, while Adani Green gained over 2% after reporting a 73% year-on-year rise in net profit. Hindustan Zinc recovered nearly 3% from intraday lows post its Q4 results. Alkem Laboratories fell over 5% after CEO Vipul Gupta resigned.
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Midcap stocks saw continued pressure, with Persistent Systems, Coforge, Alkem Laboratories, Mphasis and Tata Communications among the top losers. Market breadth remained weak, with the NSE advance-decline ratio at 1:3.
Foreign Institutional Investors (FIIs) were net sellers in the equity market today, offloading shares worth ₹8,827.87 crore on a provisional basis. Domestic Institutional Investors (DIIs), meanwhile, were net buyers, purchasing equities worth ₹4,700.71 crore on a provisional basis.
