Stock Market Weekly Recap: NIFTY, SENSEX eke out gains amid trade war concerns; rise for second week

• On a weekly basis NIFTY, SENSEX gained up to 0.47%.
• Swiggy shares tumbled below IPO price for the first time after Q3 results
• Kalyan Jewellers shares rallied 26% in four sessions

Hey readers! It’s that time of the week again. We are back with another roundup of all the actions in stock markets following the Union Budget 2025.

SENSEX and NIFTY eked out gains this week to extend the winning run for a second week after the Union Budget 2025. On a weekly basis, SENSEX gained 354 points, or 0.47%, while NIFTY edged up 77 points, or 0.35%.

The week also witnessed the first policy announcement by the new RBI Governor Sanjay Malhotra, with the apex bank reducing the repo rate by 25 basis points in nearly 5 years.

Stock markets, however, were not enthused by the first cut in policy rate since May 2020 as concerns over tariffs and weak Q3 results clouded investor sentiment.

US President Donald Trump’s carrot-and-stick strategy over the tariff policy on imports from Canada and Mexico made investors jittery. China imposed retaliatory tariffs, which sent down fears of a possible trade war and kept market bulls in check. A correction in crude oil prices and a pullback in the US dollar gave some relief to investors but the foreign investors continued their selling spree.

Foreign investors pulled out more than ₹9,700 crore until Thursday this month after the Budget proposals.

Stock markets started the week amid heightened worries as Donald Trump confirmed imposing tariffs on China, Mexico and Canada from February 3. SENSEX declined by 319 points and NIFTY by 121 points, snapping their five-day winning run. Larsen & Toubro, Tata Motors and Hindustan Unilever were major losers, while power and oil & gas stocks dropped.

Benchmark indices staged a dramatic rebound and settled at one-month highs on Tuesday as Trump delayed the tariff action against neighbouring countries. NIFTY ended 378 points higher at 23,739 and SENSEX by 1,397 points. Larsen & Toubro was the major mover with gains of nearly 5% after it bagged a ₹10,000-crore expansion project in the Middle East.

Key indices took a breather on Wednesday due to weak PMI services data and caution ahead of the RBI monetary policy action. Asian Paints was a major drag after its weak Q3 results. Realty and FMCG shares also declined. Broader indices however posted gains of 0.7% to 1.85%.

Stock markets fell for the second day on Thursday amid weak quarterly results by blue-chips such as Asian Paints and caution ahead of the RBI monetary policy review outcome on Friday. SENSEX dropped 213 points and NIFTY by nearly 93 points.

The RBI announced a 25 basis point rate cut on Friday on expected lines but markets found the policy statement lacking on the liquidity front. Metals and auto shares gained while FMCG and energy dropped. Banking shares also dropped dragging the key indices down by up to 0.25%. NIFTY closed at 23,559.95 and SENSEX settled at 77,860.19 on Friday.

Top NIFTY gainers & losers this week

Top sectoral gainers & losers

US markets

Commodities (MCX)

Currency gainers/losers (USD, GBP)

Swiggy shares trade lower than IPO price for the first time

Swiggy shares tanked more than 7% to hit a 52-week low of ₹385.25 apiece on the NSE on Thursday, plunging below its IPO price for the first time, after the food delivery platform reported widening of losses to ₹799 crore year-on-year in Q3FY25. The stock closed 7.02% lower at ₹388.7 apiece on the NSE. Shares of the newly listed company further plunged as much as 3.52% to hit an all-time low of ₹375 apiece on Friday. The stock was listed on the NSE at ₹420 per share against the issue price of ₹390 apiece.

Experts also raised concerns over intense competition and aggressive dark store expansion, which hit the margins and intensified losses from ₹574.4 crore a year ago. The stock closed lower by more than 12% on a weekly basis.

Kalyan Jewellers shares rally 26% in 4 days

Shares of Kalyan Jewellers surged up to 15% on Tuesday before settling higher by 11.75% on the NSE. After hitting a low of ₹420.65 apiece on the NSE on January 28, the stock recouped losses and climbed 35% in seven trading sessions. The stock had earlier tanked 45% from its recent peak of ₹795. Shares of the jewellery maker closed the week higher by over 6% at ₹537 apiece on the NSE.

MTNL hits 20% upper circuit on asset monetisation plan

Mahanagar Telephone Nigam Ltd shares rose 20% to hit the upper circuit on Wednesday as investors welcomed the asset monetization plans for FY26. MTNL shares had gained 7% on Tuesday after two days of losses. The government affirmed its commitment to help BSNL and MTNL, and monetise their assets to unlock value.

What lies ahead?

The Q3FY25 earnings season has been broadly in line with market expectations, according to experts. With the RBI repo rate cut by 25 bps the focus now shifts to address growth concerns. Factors like uncertainties on the US President's trade policies and retaliatory tariffs, a relatively hawkish stance from the Fed and continued capital outflows may make the investors cautious. Markets are also expected to react to inflation numbers and industrial production data scheduled to be released next week.