Nifty 50 retreats from 26,200 as financials weigh on broader markets.
The Nifty 50 index experienced a slight decline on Friday, closing at 26,179 despite recent gains, as the financial sector struggled.
On Friday, the Nifty 50 index relinquished its record gains, closing at 26,179—down 37 points—despite reaching an intraday high of 26,277.3. This marked its third consecutive week of increases, yet broader market indices struggled due to weakness in the financial sector. Nevertheless, the index is on track for its best calendar year in three years, with a 21% gain in the first nine months of 2024.
Similarly, the Sensex fell 264 points to finish at 85,572, having earlier peaked at 85,978.3. The Nifty Bank and financial services sub-indices each declined by 1% after several sessions of gains, following a larger-than-expected 50 basis point interest rate cut by the US Federal Reserve.
In contrast, IT stocks rose by 0.4%, benefiting from gains made by US counterparts on Wall Street, especially following Accenture's strong quarterly results. Pharmaceutical and metal stocks were among the top gainers, increasing by 0.8% and 1.2%, respectively, with 13 out of 15 constituents in the metals sub-index showing gains during the session.
Among notable individual stocks, Tata Power's shares soared to an all-time high after Morgan Stanley upgraded the stock from "Underweight" to "Overweight."
SJVN, a hydroelectric power company, saw its shares rise over 4% after announcing two agreements with the Maharashtra government, hitting an intraday high of ₹131.5.
Pharma firm Sequent Scientific jumped as much as 14% following its announcement of an ₹8,000 crore merger with Viyash Lifesciences.
McDonald's in Western and Southern India climbed nearly 8% after Goldman Sachs upgraded its rating and recommended a buy.
Conversely, Suzlon Energy's shares fell 0.8% after Morgan Stanley downgraded its rating from "Overweight" to "Equal Weight."
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