Market at Close | Nifty rises 1% for week despite Friday selloff triggered by SBI slump

The equity benchmark indices BSE Sensex and NSE Nifty ended lower on Friday (May 8), but still closed the week with gains amid volatile trade, with broader markets outperforming frontline indices.

The Nifty fell 151 points to close at 24,176, while the Sensex declined 516 points to end at 77,328. The Nifty Bank underperformed, slipping 739 points to 55,311, while the Midcap Index fell 92 points to 61,911.

From the Sensex basket, Apollo Hospitals Enterprise Ltd, Asian Paints Ltd, Tata Consumer Products Ltd, Adani Ports & Special Economic Zone Ltd

, Infosys Ltd and HCL Technologies Ltd were the major gainers.

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Coal India Ltd, HDFC Bank Ltd, Axis Bank Ltd, Bajaj Finance Ltd, Oil and Natural Gas Corporation Ltd and UltraTech Cement Ltd were the biggest laggards.

Financial heavyweights, along with Larsen & Toubro and Mahindra & Mahindra, dragged benchmarks lower during the session. SBI, Bank of Baroda and Axis Bank were among the top losers on the Nifty Bank Index.

State Bank of India declined 7% after missing fourth-quarter estimates. Coal India, HDFC Bank and Axis Bank were also among the top Nifty losers. Titan rose 5% after reporting a 29% year-on-year rise in net profit to ₹1,124 crore. Hyundai Motor India fell nearly 2% from the day’s highs after posting fourth-quarter results below estimates.

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Among midcaps, Lupin, Tata Chemicals, Voltas, HPCL and PB Fintech were among the top losers. Market breadth remained negative, with the NSE advance-decline ratio at 2:3 in favour of declines.

Market This Week

Despite Friday’s weakness, the market posted weekly gains. The Nifty rose 1% during the week, while the Nifty Bank advanced in line with benchmark indices, also gaining 1%. Broader markets outperformed sharply, with both the Midcap and Smallcap indices rising 4% each during the week.

Capital Market and Auto indices emerged as the top sectoral gainers, rising more than 5% each. PSU-linked indices underperformed, with both the CPSE and PSU Bank indices declining 1% each. Out of the Nifty constituents, 35 stocks delivered positive returns during the week, with auto stocks featuring among the top gainers.

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Mahindra & Mahindra, Shriram Finance, Bajaj Auto, Grasim Industries and Asian Paints were among the top Nifty gainers for the week. ONGC, Coal India, SBI, TCS and Bharti Airtel were among the top laggards.

In the broader market space, Nuvama Wealth Management, Yes Bank, BHEL, Coforge, CAMS and Polycab India were among the top midcap gainers for the week, while Oil India, Voltas, Blue Star, Sona BLW Precision Forgings and Dalmia Bharat were among the top losers.