Sensex, Nifty end flat for the week as IT rally offsets midcap weakness

Indian equities ended the week largely unchanged as gains in information technology stocks offset weakness in midcaps, while financials showed mixed trends. The benchmark Sensex and Nifty were flat for the week, with the broader midcap index falling 1%, reflecting cautious sentiment ahead of key macroeconomic cues.

IT stocks were the standout performers. The Nifty IT index posted its biggest weekly gain in two months, with five of the top six Nifty gainers — Wipro, HCLTech, Infosys, Tech Mahindra and TCS — coming from the sector. Midcap outliers such as Mphasis, PB Fintech, Indus Towers and Balkrishna Industries also posted strong gains through the week, while Indian Bank, Bandhan Bank, IREDA, HUDCO and Dixon Technologies were the biggest midcap laggards.

The market closed higher on Friday after the Reserve Bank of India cut the repo rate by 25 basis points, helping banks outperform. The Sensex rose 447 points to 85,712 and the Nifty gained 153 points to 26,186. Nearly 40 Nifty constituents ended in the green, led by Shriram Finance, SBI and Bajaj Finance. The Nifty Bank climbed 489 points to 59,777, with SBI, PNB and Bank of Baroda among the top gainers.

The midcap index added 295 points to 60,595, even as market breadth remained in favour of declines. Nifty IT rose for a third straight session, with HCLTech and Mphasis up around 2% each.

Among individual movers, Kaynes Technology slumped nearly 13% amid concerns over inconsistent disclosures. ITC Hotels slipped nearly 1% after shares worth ₹3,856 crore changed hands in a block deal. IndiGo ended in the red but off the day’s lows as the aviation regulator eased FDTL norms for pilots. Diamond Power rose 2% after securing an order worth ₹747 crore from Adani Green, while Delta Corp gained over 2% as promoters bought 14 lakh shares via block deals. Shyam Metalics advanced more than 2% from intraday lows following its November business update.

The NSE advance-decline ratio stood at 2:3, signalling broader weakness despite headline indices ending higher.