The market opened the week on the back foot, with the Nifty and Sensex retreating as all major indices closed in the red. Barring metals, most sectoral indices declined, dragged by defence, PSU banks, and consumer names. InterGlobe Aviation, Asian Paints, Bharat Electronics and Hindustan Unilever were among the top Nifty laggards, falling between 3% and 10%.
Metals outperformed through the weakness, with Hindalco, Grasim, Tata Steel and Eternal emerging as the day’s key Nifty gainers. In the midcap universe, Bharat Dynamics, Coforge, Mazagon Dock and M&M Financial Services slipped, while Hindustan Zinc, Vodafone Idea, Bandhan Bank and SRF advanced.
Sentiment improved later in the week as domestic indices staged a recovery. The Nifty reclaimed the 26,000 level and logged its second straight session of gains, supported by strength in metals and realty stocks. The Sensex rose 450 points to 85,268, while the Nifty gained 148 points to 26,047. The Nifty Bank added 180 points to 59,390, and the midcap index outperformed, rising 705 points to 60,283, with market breadth firmly in favour of advances at 2:1.
Metals led the rally, with Hindalco, Tata Steel, Adani Power and Hindustan Copper climbing 3–7%. Hindustan Zinc extended its strong run, surging 14% over four sessions as silver prices hit record highs globally.
Stock-specific action remained active. JSW Energy rose 5% after its board approved a fundraise of up to ₹10,000 crore via QIP. NBCC gained more than 1% after securing two new orders worth ₹256 crore from NALCO and ₹33 crore from SAIL. Vodafone Idea extended its rebound with another near-4% rise, while Honasa Consumer advanced over 2% after approving the acquisition of men’s grooming brand Reginald Men. Larsen & Toubro and Thermax also firmed up on positive brokerage commentary.
Meanwhile, the rupee continued to weaken, hitting a fresh record low of 90.56 against the US dollar, adding to concerns about imported inflation and corporate FX exposures.
