Weekly Market Wrap: NIFTY50, SENSEX fall nearly 1%, broader market outperforms; ONGC, Max Healthcare top losers

The Indian stock market ended the week lower on Friday, May 29, with most of the decline coming in the last day.

During the week, the NIFTY50 declined 171.55 points, or 0.7%, while the BSE SENSEX fell 639.61 points, also down 0.8%.

The indices lost the previous week’s momentum following heavy last-minute selling on Friday, triggered by MSCI index rebalancing, which dragged both the SENSEX and NIFTY50 lower. Throughout the week, rising geopolitical tensions, uncertainty around US-Iran talks, a weakening rupee, and firm brent crude prices kept investors cautious.

The corporate earnings were also one of the factors adding to the investors’ sentiment during the week.

Globally, the United States and Iran have reached a tentative memorandum of understanding (MoU) that would extend the current ceasefire by 60 days and pave the way for fresh negotiations on Tehran's nuclear program, senior US officials said Thursday. However, the proposed agreement still awaits final approval from US President Donald Trump, who has not yet decided whether to endorse the deal.

Weekly top gainers & losers

On the NIFTY50 index, ONGC emerged as the top laggard of the week, declining 8.5%. Max Healthcare and ITC followed with losses, tanking 5.7% and 4.9%, respectively. HDFC Life Insurance slipped 3.5%, while HDFC Bank tumbled 2.9%.

On the other hand, Tata Motors Passenger Vehicles led the gainers’ pack with a rise of 8.4%, followed by Adani Enterprises (8.1%), Tech Mahindra (4.3%), Larsen & Toubro (3.8%) and Eternal (3.6%).

Sectoral watch this week

Among sectors, the Nifty FMCG index emerged as one of the biggest losers, declining 1.7%, followed by the Nifty Oil & Gas index, which fell 1.5%. The Nifty Pharma and Nifty Consumer Durables indices also slipped 0.9% each. Meanwhile, the Nifty India Railways PSU index tumbled 4.3%, making it the worst-performing segment.

Within the railway PSU index, Rail Vikas Nigam Limited (-9.5%), ONGC (-8.5%), Container Corporation of India (-8.4%), BEML (-5.9%) and IRCTC (-3.8%) emerged as the top weekly losers.

The Nifty Media (2.5%), Nifty PSU Bank (1.9%), Nifty Metal (1.3%), Nifty Auto (1.2%) and Nifty Realty (1.1%) were the top gainers by the end of the week.

India VIX, the volatility gauge, stood at 16.19 levels, tanking 9.6% during the week.

How the broader market performed

During the week, the broader market outperformed the main equity benchmark indices, with the Nifty Smallcap 100 gaining 1% while the Nifty Midcap 100 rose 0.5%.

On the Nifty Smallcap 100, Wockhardt (28.9%), Netweb Technologies India (21.3%), Ola Electric Mobility (15.2%), Afcons Infrastructure (12.9%) and IFCI (12.8%) emerged as the top contributors.

In contrast, The Great Eastern Shipping Company (-14.8%), Natco Pharma (-13.1%), Jyoti CNC Automation (-10.8%), Sarda Energy & Minerals (-9.9%), and Meesho (-7.9%) were the main losers on the index.

On the Nifty Midcap 100, Adani Total Gas (18.5%), Exide Industries (13.8%), ICICI Prudential AMC (9.6%), Hitachi Energy India (8.1%) and JSW Energy (7.9%) lead the gainers' pack.

Meanwhile, MCX (-9.6%), RVNL (-9.5%), Container Corporation of India (-8.4%), Bharat Dynamics (-8.2%), and Nykaa (-5.4%) were among the top losers’ list.