Market Ends With Minor Cuts, Nifty Clinches Fourth Consecutive Weekly Win

In a mixed closing session, the Nifty 50 index secured its fourth straight week of gains, albeit struggling to maintain momentum above the 19,800 mark. The market, characterized by flat movements, witnessed a tug-of-war between sectors. While tech stocks continued to be a drag, the broader market outperformed, with key contributors to Nifty's gains being HDFC Bank and ICICI Bank.

The benchmark Sensex slipped 48 points to settle at 65,970, and the Nifty ended the day down 7 points at 19,795. However, the Nifty Bank displayed resilience, gaining 192 points to close at 43,769. The midcap index also edged up, adding 23 points to reach 42,050.

Cipla emerged as the top gainer on the Nifty, surging over 2% on the back of positive brokerage reports. Meanwhile, in a courtroom drama, most Adani Group stocks closed in the green as the Adani-Hindenburg case hearing unfolded.

Public sector insurance stocks witnessed a rally, with New India Insurance soaring 20%, and LIC recording nearly a 10% uptick. On the flip side, Paytm faced a dip of more than 3% after a substantial block deal of 1.6 crore shares, constituting 2.56% equity.

Gland Pharma experienced a positive boost, rising almost 3% following the US FDA's clearance of its Pashamylaram facility. The pharmaceutical sector, represented by the Nifty Pharma index, resumed its upward trajectory, concluding in the green for the seventh time in the last eight sessions.

As the week drew to a close, the market reported a 0.3% gain for both the Sensex and Nifty. The Midcap Index marked its fourth consecutive week in positive territory, advancing by 0.6%, while the Nifty Bank closed 0.5% higher.

Among the top gainers on the Nifty were Hero MotoCorp, Bajaj Auto, BPCL, Divi's Lab, and Bharti Airtel. Conversely, Cipla, ONGC, Coal India, Bajaj Fin, and Ultratech Cement found themselves at the bottom of the list.

In sectoral performance, realty, metal, and pharma emerged as the top gainers, while PSU banks and IT struggled the most. Notable midcap gainers for the week included SPARC, AB Fashion, Castrol, Bharat Forge, and JSW Energy, showcasing the diversity of market movements amid a week of nuanced trading. The market breadth favoured advances, with the advance-decline ratio standing at 1:1.