Benchmark index Nifty slipped below 22,800 for the first time since June 2024, as foreign outflows persisted amid US tariff concerns.
The broader market saw a pullback, with midcaps ending their two-day relief rally. All sectoral indices, except Nifty Metal, closed in the red, with Nifty Auto leading losses, dragged down by M&M. The Nifty Auto index has now closed in the red 11 times in the last 13 sessions.
The Sensex fell 424.90 points to 75,311.06, while the Nifty dropped 117.25 points to 22,795.90. The Nifty Bank index lost 353.35 points to close at 48,981.20, and the Nifty Midcap 100 index declined 677.60 points, settling at 50,486.20.
Religare surged over 18% as the Burman family took control, while metal stocks like Tata Steel gained on positive management commentary.
PSU banks faced profit booking, with PNB and IDBI Bank falling nearly 2% each. M&M plunged 7%, marking its steepest drop in seven months. REC and PFC ended in the red after reports of a possible government bailout.
Market breadth was weak, with declines outpacing advances at a 1:2 ratio.
Benchmark indices posted their second consecutive weekly loss, though midcaps outperformed. Auto and pharma stocks struggled due to concerns over potential US tariff hikes, while Nifty FMCG fell nearly 2% on worries about a consumption slowdown.
This week, nifty Metal gained over 5%, driven by optimism about a possible new US-China trade deal. M&M posted its worst weekly decline in nearly three years, falling over 9%, while Bharti Airtel and TCS were among the top Nifty losers.
In the midcap segment, Bharat Dynamics, Coforge, and Biocon led the losers, while Shriram Finance, NTPC, and Hindalco were the top Nifty gainers. APL Apollo, JSW Infra, and NMDC emerged as the biggest midcap winners.
Got Stock Related Questions? The Analyst is Ready.
Tired of missing hot stocks? Unicorn Signals provides powerful tools like stock scans and more help you make informed trading decisions. Download now and take control of your portfolio!
