Friday rout drags Sensex, Nifty into weekly loss; benchmarks fall nearly 2%

The equity benchmark indices BSE Sensex and NSE Nifty ended at the day’s low on Friday (May 29) after a sharp selloff in the final hour of trade. The Sensex fell 1,092 points to close at 74,776, while the Nifty declined 359 points to settle at 23,548.

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.

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Only five Nifty stocks closed in the green, with Power Grid, Bajaj Auto and Max Healthcare among the gainers from the IT pack. Thirteen Nifty stocks fell more than 3% during the session.

IndiGo, Eicher Motors, ONGC, Asian Paints, MCX and Bharat Dynamics were among the top losers on the Nifty. PB Fintech managed to end higher after its Q4 earnings. GMR Airports dropped more than 7% after a brokerage downgrade, while Ola Electric fell over 4% following weak Q4 results. Tejas Networks declined 4% after 1% equity changed hands in the block deal window.

Hikal rose 3% on healthy Q4 earnings and a strong outlook. Ashok Leyland fell 5% after issuing a cautious outlook for FY27. Hikal gained 6% tracking retail data for May, while ONGC advanced more than 5% on expectations of a healthy outlook. ITC dropped over 11% after a weak Q4 performance.

Also Read: HDFC LifeWeekly 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. Tata Motors PV, Adani Enterprises, Tech Mahindra and Larsen & Toubro were among the top laggards on the Nifty. On the gaining side, Eternal, Exide Industries, Adani Power, Cummins India and LIC led advances among benchmark constituents.

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In the broader market space, RVNL, Jindal Stainless, Bharat Dynamics and RVNL were among the top midcap gainers, while Jindal Stainless, Bharat Dynamics, RVNL, CONCOR, Jindal Stainless and Bharat Dynamics featured among the biggest losers.