The Nifty Bank declined 317 points to 57,746, while the Nifty Midcap index gained 137 points to close at 63,464. Market breadth was mildly tilted towards declines despite the positive close in the midcap index.
What dragged the market lower?
Financial stocks were among the biggest drags. Bajaj Finance fell 6% after the Reserve Bank of India’s draft proposed a ban on revolving credit facilities by non-banking financial companies (NBFCs). Bajaj Finserv also declined in line with Bajaj Finance, while other NBFC stocks traded lower.
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Trent extended Thursday’s losses, while ICICI Bank, Jio Financial Services and Axis Bank were among the other top losers.
Which stocks supported the market?
Reliance Industries, along with information technology heavyweights Tata Consultancy Services (TCS) and HCLTech, provided support to the broader market.
Hindalco Industries and State Bank of India (SBI) ended higher after reporting a beat in the first quarter. Samvardhana Motherson International gained 9% after the company’s comment on a new growth opportunity.
PG Electroplast closed 3% higher after the company raised its margin guidance. Hero MotoCorp gained another 3% after the company gave a healthy outlook for FY27.
What happened to other stocks?
Crompton Greaves Consumer Electricals declined 7% despite an in-line first-quarter performance, while Blue Star extended its losses following a weak first-quarter performance. Godrej Consumer Products fell 3% despite reporting better-than-expected results.
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What were the post-CAS adjustments?
Friday’s adjustments after the closing auction session were the lowest of the week. The Nifty was adjusted by 14 points, the Sensex by 7 points and the Nifty Bank by 57 points. The Nifty ended 65 points lower at 24,571, while the Sensex fell 456 points to 78,499. The Nifty Bank slipped 317 points to 57,746.
From the Sensex basket, Grasim Industries Ltd, Tata Consultancy Services Ltd, Mahindra & Mahindra Ltd, Nestle India Ltd, Apollo Hospitals Enterprise Ltd and Infosys Ltd were the major gainers. Bajaj Finance Ltd, Bajaj Finserv Ltd, Trent Ltd, ICICI Bank Ltd, Shriram Finance Ltd and Jio Financial Services Ltd were the biggest laggards.
Market This Week (August 3 to 7)
The equity market gained for the second straight week, with the Nifty and Sensex rising around 1% each. The Nifty Bank and midcap index also moved in line with the benchmark indices, gaining around 1% each during the week. Sector-wise, PSU banks, defence and metal stocks were the top gainers, while the capital markets index was the biggest loser.
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As many as 25 Nifty stocks ended the week higher, with gains of up to 5%. Hindalco was the top Nifty gainer, while Grasim, State Bank of India (SBI), Shriram Finance and Eternal were among the other top performers. Bajaj Finance, Power Grid, Max Healthcare, Sun Pharma and ONGC were also among the top Nifty gainers during the week.
In the midcap space, Ather Energy, Samvardhana Motherson, KEI Industries, Hindustan Zinc, Jubilant FoodWorks and Exide Industries were among the top gainers. Blue Star, Nuvama Wealth Management, Muthoot Finance, Life Insurance Corporation of India (LIC), UPL and BSE were among the top midcap losers.
