Nifty Logs Second Weekly Loss as Crude Above $93 Dampens Sentiment; Smallcaps Outperform
Authored By HDFC SKY | Last Modified: Aug 22, 2026 06:51 PM IST
Mumbai, Aug 22: The Indian equity markets concluded the week ended 21 August 2026 on a subdued note, with benchmark indices registering their second consecutive weekly decline. The Nifty 50 ended the week 0.47% lower, while the Sensex shed approximately 468 points, or 0.60%, over the five sessions.
Despite a late recovery that saw the indices snap a seven-session losing streak on Thursday, elevated crude oil prices above $93 per barrel and rising global bond yields kept gains in check. The broader markets demonstrated resilience, with the Nifty Smallcap 100 outperforming the benchmarks by gaining 0.69% on the final trading day.
Nifty 50 Settles at 24,252 as Sensex Ends Flat at 77,540; Broader Markets Outperform
The benchmark indices exhibited range-bound movement throughout the week, with the Nifty 50 holding above the 24,200 level while the Sensex remained largely flat. On the final trading session, the BSE Sensex closed at 77,540.83, up a mere 3.11 points, while the NSE Nifty ended at 24,252, gaining 20.15 points or 0.08%. The indices opened higher but spent most of the session locked in a narrow 60-point band, reflecting a lack of directional conviction amid geopolitical tensions and inflationary concerns.
The broader market significantly outperformed the benchmarks. The Nifty Smallcap 50 gained 0.86%, while the Nifty Smallcap 100 rose 0.69% on Friday. The Nifty Smallcap 250 advanced 0.41%, and the Nifty Midcap 100 gained 0.10%. For the week, small-caps gained 1.2%, while mid-caps slipped 0.1%. Market breadth remained weak, with 272 of the Nifty 500 stocks ending in the red and the advance-decline ratio at 1.08. Twelve of 16 major sectors declined over the week.
Seven-Session Losing Streak Ends as Nifty Reclaims 24,200
The market’s most significant turning point came on 20 August, when the Nifty snapped a seven-session losing streak and gained about 0.64%, while the Sensex jumped approximately 628 points. Buying emerged across banks, financials and other rate-sensitive stocks as global bond yields eased.
However, the recovery was not sustained on Friday. The Nifty moved in a narrow range and finished just 20.15 points higher, while the Sensex ended almost flat. Elevated crude prices and continued concerns over global inflation limited follow-through buying
Private Banks Gain 1.3% as IT Stocks Tumble 2.6% on US Inflation Concerns
Sectoral performance remained mixed throughout the week. Private banks emerged as the standout performers, gaining 1.3% during the week, supported by positive earnings outlooks and expectations of healthy credit growth. Kotak Mahindra Bank rose 3% and Axis Bank advanced 2.3% over the week. On Friday, the Nifty Private Bank index gained 0.51% and the Nifty Bank rose 0.46%.
Conversely, IT stocks fell 2.6% over the week, as concerns over US inflation weighed on the sector. The Nifty IT index also remained under pressure during the week, including a decline from 31,357.75 on 14 August to 30,213.45 on 18 August. The index fell for three consecutive sessions from 14 August to 18 August, dropping 1,144.30 points, or 3.65%, during that period. The FMCG index also lost over 2% for the week. The Capital Market index was the top sectoral gainer, rallying 2.55%. The Nifty Metal gained 1%, supported by a rise in LME zinc and broader metal prices. On Friday, Nifty Metal rose 0.86%.
Weekly Gainers, Losers and Stocks Making Fresh Highs
The week’s market action also produced significant stock-specific moves. Welspun Corp was among the standout performers, gaining about 15.3% during the week after securing a record $1.8 billion pipe order from its US facility. The stock hit an all-time high after the announcement.
Netweb Technologies also hit a fresh 52-week high of around ₹5,642 on Friday after completing a ₹1,200 crore QIP involving institutional investors including Nomura and Goldman Sachs. The shares gained about 3.9% during the session.
Other stocks that attracted attention after reaching fresh highs during the week included Lenskart Solutions, which touched a new 52-week high following the incorporation of a step-down subsidiary.
On Friday, Power Grid was among the notable large-cap gainers, rising around 2.6%, while Kotak Mahindra Bank and HDFC Life also featured among the stronger performers. Maruti Suzuki was among the prominent laggards
Nifty 50 Profits Jump 18% to 10-Quarter High as Manipal Health Revenue Surges 38%
India Inc reported a strong June quarter, with Nifty 50 profits rising nearly 18% year-on-year, marking the fastest growth in 10 quarters and exceeding the Street’s roughly 9–10% expectation. According, Nifty 50 profit after tax grew 18% year-on-year in Q1 FY27, with ONGC, Hindalco Industries, Reliance Industries, JSW Steel and Bharti Airtel accounting for around 60% of incremental earnings. Separately, analysis put Nifty 50 earnings growth at 4% year-on-year, while revenue growth excluding oil and gas, metals and financials reached a 12-quarter high of 17%.
In the healthcare sector, Manipal Health Enterprises Ltd reported a 38.1% increase in Q1 FY27 revenue to ₹3,090.6 crore, driven by higher patient volumes and expanded capacity. However, consolidated profit declined 7.5% to ₹231.65 crore from ₹250.37 crore, as higher operating costs and investments in new facilities weighed on profitability. The contrasting revenue and profit trends kept the company in focus alongside broader earnings momentum.
₹322 Crore Pharma and Chemical Deals Put Piramal Pharma and Kronox Lab in Focus
Major acquisitions in the pharma and specialty chemicals sectors put Piramal Pharma Ltd and Kronox Lab Sciences Ltd in focus this week, with both stocks seeing positive reactions to the announcements.
Piramal Pharma completed the acquisition of an additional 40.67% stake in Yapan Bio Private Ltd for ₹76 crore, taking its total holding to 74% and making Yapan Bio a subsidiary. Yapan Bio is a Hyderabad-based contract development and manufacturing organisation (CDMO) specialising in vaccines and biologics. The acquisition strengthens Piramal Pharma’s capabilities in biologics and vaccine CDMO services and expands its presence in the large-molecule segment.
The market responded positively to the announcement. Piramal Pharma shares gained more than 3% intraday on 18 August, touching ₹210.77, before trading around ₹210.15, up about 2.65%, according to market reports. The stock outperformed the broader market during the session.
Meanwhile, Indo Borax & Chemicals Ltd and its acting-in-concert partner Zenrock Chemicals agreed to acquire a controlling 64.26% stake in Kronox Lab Sciences Ltd for ₹246.12 crore. The transaction involves about 2.38 crore shares at ₹103.22 per share. Following the acquisition, the buyers are also required to make a mandatory open offer for an additional 25.79% stake in Kronox Lab at ₹157.27 per share, potentially taking their combined holding to nearly 90%.
The announcement triggered a sharp market reaction. Kronox Lab shares hit a 20% upper circuit, while Indo Borax shares rose 7.44% initially. Indo Borax shares were subsequently reported to have gained as much as 13% as investors reacted to the proposed acquisition. The combined transaction value of the two announced deals is approximately ₹322.12 crore, highlighting increased M&A activity across India’s pharma, CDMO and specialty chemicals segments.
₹4,859 Crore CESC Solar Acquisition and ₹6,000 Crore Inox Deal Expand Renewable Energy Footprint
Large acquisitions across renewable energy, digital infrastructure and electronics manufacturing put CESC Ltd, Inox Clean Energy, Larsen & Toubro Ltd and Jubilant Ingrevia Ltd in focus this week.
CESC’s renewable energy arm, Purvah Green Power, agreed to acquire six operating solar project companies from ReNew Solar Power for an enterprise value of ₹4,859 crore ($510.1 million). The portfolio has approximately 1.4 GWp capacity, with over 90% contracted under long-term agreements. The acquisition is expected to raise Purvah’s contracted renewable capacity to 4.8 GWp, including more than 1.8 GWp operational capacity. The transaction also includes a contingent payment estimated at around ₹230 crore. CESC shares, however, remained under pressure, falling from ₹164.34 on 10 August to ₹155.09 on 21 August, a decline of about 5.6%.
Meanwhile, Inox Clean Energy agreed to acquire Vena Energy India’s renewable-energy platform, which has a portfolio of approximately 6 GW across operational, near-commissioning and development projects. The transaction was reported to be valued at around ₹6,000 crore, although the financial terms were not officially disclosed in the available reports. The portfolio was reported to comprise approximately 1.2 GW of operational capacity, 1.8 GW nearing commissioning and around 3 GW in the development pipeline. As Inox Clean Energy is unlisted, there is no direct share-price reaction to the transaction.
In the digital infrastructure segment, Larsen & Toubro agreed to transfer its Data Center and Cloud Services Business to wholly owned subsidiary Vyoma.AI for ₹1,400 crore. L&T shares initially weakened following the announcement but recovered during the week. The stock rose from around ₹4,040 on 11 August to ₹4,093 on 21 August, gaining about 1.3% over the period. Any attribution of the subsequent share-price recovery to the AI data-centre order should be avoided unless directly supported by a company announcement or market report.
Separately, Jubilant Ingrevia agreed to acquire a 40% stake in Zettaone Technologies India for ₹189.2 crore. Zettaone operates in electronics design and manufacturing. Following the announcement, Jubilant Ingrevia shares fell 2.52% on 19 August to ₹708.40, from ₹727.35 on 18 August, before recovering to ₹718.35 on 21 August. The stock therefore remained below its 18 August closing level at the end of the week.
Shiprocket Gains 42% and Behari Lal Jumps 77% as IPO Debuts Drive ₹10,000 Crore Market Value
Strong stock market debuts by Shiprocket Ltd and Behari Lal Engineering Ltd, alongside heavy subscription for upcoming issues, kept the IPO market in focus during the week. Shiprocket listed at ₹131 on the NSE, a 35% premium to its ₹97 IPO price, while shares touched an intraday high of ₹144, representing a gain of approximately 48.5% over the IPO price. By 10:21 AM, the stock traded at ₹137.42, with more than 817 lakh shares changing hands and traded value crossing ₹1,100 crore. Its market capitalisation reached nearly ₹10,000 crore. The ₹1,617 crore issue had received 99.38 times subscription, led by QIB demand at 122.80 times. Shiprocket reported FY26 operating revenue of ₹2,024 crore, up 24% YoY, although its net loss widened 6.8% to ₹79 crore.
Behari Lal Engineering delivered an even stronger debut, listing at ₹465 on the NSE, a 63.1% premium to its ₹285 issue price, before touching ₹529. At its intraday high of ₹529, the stock was up approximately 85.6% from the issue price. Its market capitalisation reached around ₹2,137 crore. Its ₹302 crore IPO was subscribed 108.44 times. The company reported FY26 revenue of ₹534 crore and PAT of ₹65 crore.
On the SME platform, Credent Connect N Care Ltd listed at ₹359.10, a 90% premium, before hitting the 5% upper circuit at ₹377.05. The primary market also remained active. Sunshine Pictures’ ₹282.14 crore IPO closed with 105.81 times subscription. Lalithaa Jewellery Mart’s ₹1,700 crore issue and Shankesh Jewellers’ ₹367.18 crore IPO also concluded during the week, while Symbiotec Pharmalab is set to launch its ₹1,757 crore IPO on 24 August.
Meanwhile, Augmont Enterprises launched its IPO on 21 August, with a price band of ₹750–₹788 per share and an issue size of ₹825 crore. The company reported FY26 profit of ₹348.3 crore, adding another large issue to an increasingly active primary market.
₹1,400 Crore KFin Stake Sale and ₹2,949 Crore Paytm Deal Put Fintech Stocks in Focus
Major stake sales and funding developments put KFin Technologies, Paytm, Amagi Media Labs and Navi in focus this week.
General Atlantic Singapore Fund sold an 8.75% stake in KFin Technologies for about ₹1,400 crore, comprising 1.51 crore shares at ₹925 apiece. Its holding declined to 13.14% from 21.89%. KFin shares closed at ₹961 on 20 August, down from ₹973 on 17 August, before recovering to around ₹989 during 21 August trading. The block deal was executed at a discount to the prevailing market price.
In One97 Communications, the parent of Paytm, Resilient Asset Management sold around 3% for ₹2,948.94 crore, reducing its holding from 10.2% to 7.2%. Paytm shares rose 2.02% to ₹1,577.60 on 19 August despite the stake sale.
Amagi Media Labs saw 1.05 crore shares, or 4.85% of equity, change hands at an average reported price of around ₹560 each, implying a transaction value of approximately ₹588 crore. Its shares gained about 5% on 21 August, reaching an intraday high of ₹584.70. Navi, meanwhile, is set to receive a $100 million investment from Prosus, subject to approvals. As Navi is unlisted, there is no direct share-price reaction.
$1.8 Billion Welspun Order and ₹18,268 Crore Jio Credit Deal Put Stocks in Focus
Jio Financial Services and Welspun Corp saw strong market reactions to major developments this week. Bank of America agreed to acquire up to 49.9% of Jio Credit for ₹18,268 crore ($1.92 billion). Jio Financial shares gained more than 3% in early trade on 13 August, touching ₹263, after opening at ₹262.
RailTel received a ₹164.78 crore order from Western Coalfields for an MPLS VPN network. Its shares rose as much as 3.92% to ₹291.75 on 21 August.
Welspun Corp won a record $1.8 billion order for pipes from its US facility, taking its global order book to about $4.4 billion. Its shares surged 12.1% on 21 August to an all-time high, making it one of the strongest stock reactions of the week.
₹1,131 Crore in New Orders Put RVNL, Data Patterns and Power Stocks in Focus
RVNL secured a ₹161.02 crore East Coast Railway order for digital axle-counter systems. Its shares rose more than 3% intraday on 20 August, although the stock subsequently closed lower during 21 August at around ₹228.64. Data Patterns won a ₹585.76 crore radar-electronics order from BEL. Shares surged 6.3% to a record ₹5,000 intraday on 21 August.
Saatvik Green Energy’s subsidiary Saatvik Solar Industries secured a ₹190 crore solar-module order, with execution scheduled by March 2027. Saatvik Green Energy shares rose more than 4% in early trade and touched ₹433.55 intraday.
Atlanta Electricals received a ₹193.92 crore APTRANSCO order for 12 auto-transformers. Despite the contract, its shares fell almost 3% on 19 August, showing a negative immediate market response. The four orders together total approximately ₹1,130.70 crore, which rounds to ₹1,131 crore.
₹200 Crore Exide Investment and 70% Renewable Target Put Power Stocks in Focus
Exide Industries invested another ₹200 crore in Exide Energy Solutions, taking cumulative investment to ₹5,102.23 crore. Exide shares were largely flat around the announcement, closing at ₹464.65 on 19 August, down 0.13%, indicating a muted immediate reaction.
Hindustan Zinc increased renewable power’s share of consumption to 22% from 18% in FY26 and is targeting 70% by FY28. Its shares closed at ₹551.30 on 19 August, down 1.20%, so the renewable-energy update did not trigger an immediate positive reaction.
Torrent Power appointed Vikas Poddar as CFO effective 21 August, following Saurabh Mashruwala’s planned retirement. Torrent Power closed at ₹1,247.70 on 21 August, down 0.08%, indicating a largely neutral market response to the management change.
Separately, L&T secured a large ₹2,500–5,000 crore consortium order with Mitsubishi Heavy Industries for an Automated People Mover system at Dubai’s Al Maktoum International Airport. L&T shares rose nearly 2% after the order announcement, adding to the week’s positive order-flow narrative.
Tata Power Renewable Energy also launched its Har Ghar Solar initiative in Bihar, targeting rooftop solar installations for five lakh homes over three years. Tata Power shares closed at ₹374.30 on 21 August; the available reports do not show a distinct announcement-specific spike, so the move should not be attributed solely to the initiative.
The week saw private banks and metals outperform, while IT and FMCG lagged. Small-caps remained resilient despite benchmark weakness. Crude prices and global bond yields remained key market drivers. The Nifty closed at 24,252, while active IPOs and 18% Nifty 50 profit growth highlighted continued market and earnings momentum.
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