Nifty, Sensex snap six-week losing streak on pharma, IT boost

The stock market snapped a six-week losing streak on Friday, lifted by gains in pharmaceutical, information technology and select financial stocks, even as midcaps lagged.The NSE Nifty 50 index rose 1% for the week, recouping last week’s losses, while the S&P BSE Sensex also gained 1%. The Nifty Bank index advanced 0.6%. All sectoral indices except fast-moving consumer goods (FMCG) posted weekly gains, with pharma leading the pack. Nearly 40 Nifty constituents closed higher for the week, led by Apollo Hospitals, Eternal Heart Care, and Cipla.

In the midcap segment, Alkem Laboratories, Paytm, Jindal Stainless, Nykaa and Uno Minda were the top gainers.

At the close on Friday, the Sensex inched up 58.38 points to 80,597.91, while the Nifty gained 11.65 points to 24,630.65. The Nifty Bank index climbed 160.10 points to 55,342.15, but the Nifty Midcap 100 index fell 177.05 points to 56,504.30.Financial stocks provided the main support, with HDFC Life Insurance extending its recent gains to rise another 2% on positive sentiment. IT stocks also lent support, with Wipro and Infosys gaining 2% each after securing new order wins.

Among the notable movers, Muthoot Finance surged 10% to a record high following strong first-quarter earnings, triggering a 4% rise in peer Manappuram Finance. Info Edge advanced 4%, tracking gains in Eternal. Ashok Leyland added 2% after reporting robust Q1 results.

On the downside, Max Healthcare slumped 4% for a second straight session after a quarterly earnings miss. State-run miner NMDC fell more than 4% as the broader metals sector faced selling pressure. PI Industries extended Wednesday’s losses despite maintaining its growth outlook.

In the primary market, JSW Cement made a subdued debut, closing its first day of trade with a minor loss.