Stock Market Highlights: Markets are attempting to recover after the sharp sell-off in the previous session. The Nifty is trading cautiously higher, moving towards the 23,100 mark, while the Nifty Bank is up around 100 points and trading above 55,500. Axis Bank, Power Grid and Shriram Finance are among the top gainers.
Market breadth was mildly in favour of advances, with the advance-decline ratio at 5:4. Select financials saw buying, with Axis Bank and Bajaj Finance among the top Nifty gainers. HDFC Bank ended 1% higher amid expectations of a CEO announcement, while most auto stocks recovered, with M&M gaining 2%.
However, hospital stocks remained under pressure, with Max Health and Fortis falling 3-5%. PB Fintech and TurtleMint extended Thursday’s losses, ending 4% and 20% lower, respectively. IDBI Bank rose 2% after reports that the government is evaluating revised bids, while Federal Bank slipped and Jana SFB gained amid expectations of a deal announcement.
MCX fell 3% on profit booking after SEBI allowed FPIs to participate in non-agricultural commodity derivatives. Among midcaps, Kaynes, Supreme, IREDA, Blue Star and Manappuram were among the top gainers.
Despite Friday’s recovery, the market ended the week lower for the seventh consecutive week, marking the first such streak since the COVID period. The Nifty declined 1% this week and nearly 6% over the past seven weeks, while the Sensex fell 0.6%. The Nifty Bank and Midcap indices slipped 2% each, while IT was the worst-performing sectoral index, down 2%. FMCG was the top gainer, rising 1%.
Among Nifty stocks, 33 ended the week lower, with 15 falling 2% or more. Tata Motors PV, Bajaj Finance, Bajaj Finserv, HDFC Life and Adani Enterprises were among the top losers, while Coal India, ITC, Eternal, Titan and Dr Reddy’s Laboratories were among the top gainers.
That’s all from the live market coverage. Stay tuned to CNBC-TV18 for more updates.