In the final trading session before the Christmas weekend, the Indian stock market exhibited mixed trends, with the Nifty surpassing the 21,300 mark and the Sensex rising above 71,100.
Despite market volatility, midcap stocks performed exceptionally well, contributing to a positive market breadth.
The financial sector, however, faced challenges as Nifty Bank experienced a nearly 1% decline. Meanwhile, PSU stocks continued their bullish run, with GAIL, NALCO, and SAIL emerging as top gainers.
The top Nifty gainers included Wipro, HCL Technologies, Tata Motors, Hero MotoCorp and Hindalco Industries, while losers were Grasim Industries, SBI Life Insurance, Bajaj Finance, HDFC Bank and ICICI Bank.
Except banks, all other sectoral indices ended in the green with auto, capital goods, healthcare, oil & gas up 1% each, while Information Technology, metal and realty up 2% each.
IT stocks witnessed strong buying, with Wipro, HCL, and Tech Mahindra leading the gainers on the Nifty index. Tata Motors also saw a positive upswing, closing with a 2% gain.
On the flip side, banking heavyweights such as SBI, ICICI, HDFC Bank, and Axis Bank emerged as the top losers on the Nifty. Polycab faced a 5% dip in its stock value following reports of tax department searches at the company's premises.
Despite the release of new movies, the sentiment in the entertainment sector remained subdued, leading to further cuts for PVR.
Piramal Enterprises snapped its losing streak, rising over 3% as the stock came out of the F&O ban. The overall market witnessed an advance-decline ratio of 2:1.
Market this week
Looking at the broader picture for the week, the market concluded with a 0.5% decline for both the Sensex and Nifty, breaking a seven-week gaining streak.
The Nifty Bank and Nifty Midcap indices recorded declines of more than 1% each. In a volatile week, FMCG, Pharma, and Energy sectors emerged as the top gaining indices, while PSU banks faced the most significant setbacks, with Union Bank and Canara Bank topping the list of losers.
Among Nifty stocks, 31 recorded losses, with Adani Enterprises, M&M, and HDFC Life leading the decliners. On the positive side, Britannia, Nestle, Tata Consultancy Services, Coal India, and Wipro were the top gainers.
In the midcap segment, Hind Copper, IRCTC, Voltas, Laurus Labs, and HDFC AMC saw notable gains, while City Union Bank, Bandhan Bank, Dalmia Bharat, and M&M Financial Services were among the top midcap losers.
