Market Wrap: Nifty and Sensex Tumble Amid Sector-Specific Volatility
By ScanX News Team
Indian stock markets ended negative on Friday, with Nifty 50 down 0.81% at 25,149.85 and Sensex falling 0.83% to 82,500.47. Diamond, Gems and Jewellery sector was the top loser at -7.26%, while Cables sector led gains at 1.45%. Glenmark Pharmaceuticals surged 14.28% on a global licensing deal. Market breadth was negative with 2,601 declining stocks out of 4,360 total scrips traded.
*this image is generated using AI for illustrative purposes only.
Market Overview
The Indian stock markets concluded on a negative note on Friday, with both benchmark indices witnessing significant declines. The Nifty 50 closed at 25,149.85, down 205.40 points or 0.81% from its previous close. Similarly, the BSE Sensex ended the day at 82,500.47, shedding 689.81 points or 0.83%.
Sectoral Performance
The market witnessed a mixed bag of sector-specific movements, with some sectors facing steep declines while others managed to stay afloat.
Top Losing Sectors
| Sector | Avg. Per Change |
|---|---|
| Diamond, Gems and Jewellery | -7.26% |
| Education | -3.19% |
| Capital Goods - Electrical Equipment | -1.86% |
| Castings, Forgings & Fasteners | -1.63% |
| Aerospace & Defense | -1.59% |
Top Performing Sectors
| Sector | Avg. Per Change |
|---|---|
| Cables | 1.45% |
| Utilities | 0.72% |
| Aviation | 0.46% |
| Packaging | 0.38% |
Buzzing Stocks
Several stocks made headlines during the trading session:
Glenmark Pharmaceuticals Ltd: The stock surged 14.28% to close at ₹2,175.90. The company's subsidiary, Ichnos Glenmark Innovation, signed a global licensing agreement with AbbVie for a cancer drug, including a $700 million upfront payment.
Enviro Infra Engineers Ltd: Shares climbed 12.40% to ₹275.60 after securing a ₹400 crore contract for a Common Effluent Treatment Plant (CETP) project.
Oswal Pumps Ltd: Despite positive news about expected EBITDA margins, the stock fell 6.27% to ₹689.50.
IREDA Ltd: Shares declined 5.68% to ₹160.00 following reports of increased NPAs in Q1 results.
Market Breadth
The overall market breadth leaned negative:
| Category | Number of Scrips |
|---|---|
| Total | 4,360 |
| Positive | 1,759 |
| Negative | 2,601 |
Conclusion
Friday's trading session ended on a bearish note, with both Nifty and Sensex recording significant losses. While most sectors faced headwinds, select sectors like Cables and Utilities showed resilience. The market breadth favored decliners, reflecting the overall negative sentiment in the market.
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