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 Tech Mahindra, HCLTech and Wipro among the gainers from the IT pack. Thirteen Nifty stocks fell more than 3% during the session.

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

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

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Weekly Market Wrap

Indian equities 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. ONGC, Max Healthcare, ITC and HDFC Life were among the top laggards on the Nifty. On the gaining side, Tata Motors PV, Adani Enterprises, Tech Mahindra, Larsen & Toubro and Eternal led advances among benchmark constituents.

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In the broader market space, Exide Industries, Adani Power, Adani Energy and Cummins India were among the top midcap gainers, while LIC, MCX, RVNL, CONCOR, Jindal Stainless and Bharat Dynamics featured among the biggest losers.