Weekly Market Wrap: SENSEX, NIFTY50 end flat for the week, broader markets shine; ONGC and Tech Mahindra lead gains

Meanwhile, the broader market outperformed with both Nifty Midcap 100 and Nifty Smallcap 100 ending with modest gains.

During the week, key factors influencing the Indian market included beginning of the December quarter corporate earnings, global cues, a rally in IT stocks, persistent foreign fund outflows, and movements in crude oil prices.

IT stocks were in focus this week as key IT companies like Infosys, TCS, and HCL Technologies, Wipro and Tech Mahindra reported their Q3 FY26 earnings.

Infosys was on the biggest gainers after the Indian IT firm reported 9% YoY jump in revenue at ₹45,479 crore from ₹41,764 crore in the same period last year. The constant currency revenue jumped 1.7% YoY and 0.6% sequentially. At the operating level, the company’s adjusted operating margins remained largely unchanged at 21.2% vs 21.3% in the Q3FY25.

On Friday, the Indian stock market closed in the green but off its day’s high, led by a rally in IT stocks. The strong up move in the benchmarks came on the back of stronger-than-expected December quarter earnings reported by IT heavyweight Infosys.

At close, the S&P BSE SENSEX stood at the 83,570.35 level, rising 187.64 points, or 0.23%, while the NSE's NIFTY50 index advanced 28.75 points, or 0.11%, to end at the 25,694.35 level.

The Indian equity markets remained closed on Thursday, January 15, on account of elections in Maharashtra.

Weekly top gainers & losers

On the NIFTY50 index, ONGC and Tech Mahindra emerged as the top gainers of the week, with both rising 5.6%. Tata Steel and Infosys followed with gains of 5.5% and 4.7%, respectively. State Bank of India advanced 4.2%, while Hindalco Industries added 3.7%.

On the downside, Cipla topped the list of losers, falling 4.7%, followed by Larsen & Toubro, which declined 4.2%, and Maruti Suzuki, down 3.9%. Sun Pharmaceutical Industries and Jio Financial Services also ended the week in the red, slipping 3.5% and 2.9%, respectively.

Sectoral watch this week

On the sectoral front, the Nifty PSU Bank index emerged as the top performer of the week, surging 4.8%. It was followed by Nifty Metal, which rose 4.6%, while Nifty IT, Nifty Bank and Nifty Oil & Gas gained 2.8%, 1.4% and 1%, respectively.

Within the Nifty PSU Bank pack, Union Bank of India led the rally over the week with an 8.6% jump, followed by Bank of India (7.8%) and Punjab National Bank (7.7%).

Nifty Consumer Durables and Nifty Realty emerged as the worst-performing sectoral indices during the week, falling 2.8% and 2.4%, respectively. They were followed by declines in Nifty Pharma (-2.4%), Nifty Auto (-1.7%) and Nifty Media (-1%).

How the broader market performed this week

During the week, the Nifty Midcap 100 outperformed the benchmark equity indices, gaining marginally by 0.2%, while the Nifty Smallcap 100 advanced 0.5%.

On the Nifty Midcap 100, Union Bank of India emerged as the winner with an 8.6% rise, followed by IndusInd Bank (10.7%), Godfrey Phillips India (8%), Bank of India (7.8%) and Oil India (6.8%). On the downside, Dixon Technologies saw a sharp decline of 9.8%, while Hitachi Energy India and Bharti Hexacom slipped 9.3% and 8.4%, respectively.

Meanwhile, the Nifty Smallcap 100 was led by IFCI, which surged 23.8%, along with Angel One (18%), MCX (11.6%), Manappuram Finance (9.8%) and Jupiter Wagons (9.8%). In contrast, Tejas Networks (-12.5%), HBL Engineering (-9.4%) and Signatureglobal India (-9%) were among the top laggards.