The Indian stock market witnessed a volatile session on the last trading day of the week, with the BSE Sensex and NSE Nifty 50 ending higher, breaking a three-day losing streak. However, despite the gains, both indices closed the week in the red. The Sensex recorded a nearly 300-point increase from its previous close, while the Nifty 50 closed above the 18,200 mark.
The market saw a positive momentum primarily driven by gains in the IT and financial sectors. Adani stocks remained in Top Gainers during Friday's session, following the Supreme Court's release of the panel report. Investors eagerly awaited financial results from Indian companies for domestic cues, with JSW Steel and Power Grid among the Nifty 50 constituents scheduled to announce their earnings later in the day. Additionally, the shares of Nexus Select Trust made their debut on the bourses, listing at a premium of three percent.
At the close of the market, the Sensex stood at 61,730, up by 298 points, while the Nifty 50 gained 73 points to reach 18,203. The Nifty Bank outperformed, gaining 217 points to settle at 43,969, while the Midcap index ended in the red, slipping 20 points to 32,550.
Among individual stocks, most Adani Group stocks witnessed gains as the SC panel report was made public. On the other hand, FMCG stocks faced pressure, with Britannia and Tata Consumer being the top Nifty losers. Strides Pharma closed three percent higher after receiving clearance from the US FDA for its Puducherry facility. GR Infra, DB Corp, and Tata Elxsi ended the session in the green after announcing their quarterly results.
However, JSW Steel, Power Grid, and Bandhan Bank ended in the red ahead of their earnings announcements. Gland Pharma and RITES also witnessed declines after posting weak earnings. United Spirits rose by two percent on better-than-expected quarterly numbers, while Ramco Cements surged by seven percent as its March quarter earnings surpassed expectations. Siemens faced a three percent decline as it sold one of its arms to the parent company. Alkem Lab reported March quarter earnings below expectations, resulting in a three percent drop in its stock price.
The market breadth favored declines, with an advance-decline ratio of 3:4, indicating prevailing selling pressure. Overall, the week saw Sensex and Nifty 50 slipping nearly one percent each, while the Midcap Index and Nifty Bank posted gains. Realty and IT sectors were the top gainers, while Pharma and Media sectors experienced the highest losses. Among the Nifty stocks, 37 out of 50 recorded losses, with Divi's, Apollo Hospitals, and Power Grid being the top losers. Hero MotoCorp, IndusInd Bank, Tech Mahindra, Coal India, and Bharti Airtel emerged as the top Nifty gainers. In the Midcap segment, Metropolis, JSPL, Granules, IndiaMART, and GNFC faced declines, while Ramco Cements, Birlasoft, DLF, Exide, and AU SFB saw gains.
As the market remains volatile, it is crucial to stay informed and closely monitor the latest financial results and industry trends for making informed investment decisions.