The Nifty Bank slipped 615 points to 54,239, and the Midcap Index dropped 835 points to 61,724. Benchmark indices fell nearly 2% each during the session, while the Nifty Bank and Midcap indices declined more than 1%. Market breadth remained weak with the advance-decline ratio at 1:2.
From the Sensex basket, Tech Mahindra Ltd, HCL Technologies Ltd, Wipro Ltd, Larsen & Toubro Ltd, Nestle India Ltd and Infosys Ltd were the major gainers. InterGlobe Aviation Ltd, Max Healthcare Institute Ltd, Oil And Natural Gas Corporation Ltd, Tata Steel Ltd, Eicher Motors Ltd and Bajaj Auto Ltd were the biggest laggards.
Only five Nifty stocks closed in the green, with Max Healthcare, IndiGo and Eicher Motors among the gainers from the IT pack. Thirteen Nifty stocks fell more than 3% during the session.
ONGC, Asian Paints, MCX, Bharat Dynamics, PB Fintech and GMR Airports were among the top losers on the Nifty. Ola Electric managed to end higher after its Q4 earnings. Tejas Networks dropped more than 7% after a brokerage downgrade, while Hikal fell over 4% following weak Q4 results. Hikal declined 4% after 1% equity changed hands in the block deal window.
ONGC rose 3% on healthy Q4 earnings and a strong outlook. Ashok Leyland fell 5% after issuing a cautious outlook for FY27. ITC gained 6% tracking retail data for May, while Tata Motors PV advanced more than 5% on expectations of a healthy outlook. Adani Enterprises dropped over 11% after a weak Q4 performance.
Weekly Market Wrap
The equity benchmark indices ended the week in the red after Friday’s sharp selloff dragged benchmark indices lower. The Sensex and Nifty declined nearly 1% each for the week, even as broader markets outperformed with the Nifty Bank and Midcap indices posting gains of 0.3-0.4%.
Among sectoral indices, the PSU index recorded the steepest weekly decline, followed by the capital market and healthcare stocks. Industrials and PSU Bank indices emerged as the top gainers, rising nearly 2% each during the week.
More than 30 stocks ended the week with losses. Tech Mahindra, Larsen & Toubro, Eternal and Exide Industries were among the top laggards on the Nifty. On the gaining side, Adani Power, Cummins India, LIC, RVNL and Bharat Dynamics led advances among benchmark constituents.
In the broader market space, Jindal Stainless, Bharat Dynamics, RVNL and Jindal Stainless were among the top midcap gainers, while Bharat Dynamics, Jindal Stainless, Bharat Dynamics, CONCOR, Jindal Stainless and Bharat Dynamics featured among the biggest losers.
