Stock Market Update: Sensex, Nifty End Lower, Midcap Index Takes a Hit
Friday’s session saw the Indian stock market snap a two-day winning streak, with all major indices closing in the red. Most sectors ended lower for the day, barring FMCG. The Nifty settled below the 26,100 mark, shutting shop at 26,068 with 30 of its constituents ending lower. The Sensex fell 401 points to 85,232. The Midcap index tumbled 687 points to 60,276, while the Nifty Bank dropped 480 points to 58,867 as broader market underperformance persisted.
Metals led the losses, with Hindalco and Tata Steel falling 2–3%. Hindalco was particularly weak following reports of another fire incident at a Novelis facility. Financials also saw pressure, with Bajaj Finance and HCLTech among the top Nifty laggards. The broader market sentiment was negative, with midcaps and smallcaps bearing the brunt of the sell-off.
The domestic equity market ended the week on a mixed note, with headline indices posting gains even as broader markets came under pressure. The Sensex and Nifty rose for the second straight week, each adding around 1%, supported by strength in IT and select largecaps. In contrast, the Midcap index slipped 1% for the week, turning negative after recording sharp losses on Friday.
Throughout the week, midcaps were the biggest drag, with the index logging its worst weekly performance following Friday’s steep fall. Realty and metal counters were among the hardest hit, shedding 3–4%, while IT stocks emerged as standout performers with the sectoral index rising 2%. Among Nifty constituents, Max Health, Eicher Motors, Bharti Airtel, and Axis Bank topped the gainers’ list, while Tata Motors PV, Tata Steel, Jio Financial, and Adani Power were the major losers. In the midcap space, Vodafone Idea, Supreme Industries, Bharat Dynamics, and Tube Investments were the worst performers.
The week also saw the inclusion of Real Estate Investment Trusts (REITs) in the market indices, a move aimed at improving liquidity, visibility, and institutional participation in the segment. This development is expected to bring more stability and attract long-term investors to the real estate sector, which has been facing challenges in recent times.
In summary, while the broader market faced significant pressure, the IT sector and select largecaps provided some relief. The inclusion of REITs in the indices is a positive step that could potentially boost the real estate sector in the long run. Investors are advised to remain cautious and focus on fundamentally strong stocks in the current volatile market environment.
