Nifty, Sensex Snap 4-Week Winning Streak With 0.3% Weekly Loss Despite Friday’s 828-Point Rally
Authored By HDFC SKY | Last Modified: Jul 17, 2026 01:28 PM IST
Mumbai, July 11: The Indian equity benchmarks concluded the trading week on a volatile note, snapping their longest weekly winning streak of the year. Despite a sharp rebound on the final trading day, both the Sensex and the Nifty 50 ended the week with marginal losses, retreating from the 10-week highs touched on Monday.
The market witnessed its steepest single-day fall in over three months mid-week, triggered by an escalation in US-Iran tensions and a consequent spike in crude oil prices. However, Friday’s broad-based recovery, led by information technology and energy heavyweights, helped trim the weekly losses, with investors gaining nearly ₹6 lakh crore in market capitalisation in a single session.
The benchmark BSE Sensex ended Friday’s session at 77,569.39, surging 827.57 points, or 1.08%. The Nifty 50 closed at 24,206.90, rising 244.10 points, or 1.02%. For the entire week, however, both indices declined by 0.3% each, effectively snapping a four-week winning streak. The broader markets significantly outperformed the frontline indices, with the Nifty Midcap 100 rising 1.38% and the Nifty Smallcap 100 advancing 1.58% on Friday. The Nifty Bank index climbed 1.39% to settle at 58,045.90.
Monday’s 521-Point Sensex Rally Led by HDFC Bank and Auto Stocks as Nifty Hits 24,430
The week commenced on a strong note, with the Sensex rising 521 points to close at 78,285, while the Nifty gained 160 points to settle at 24,430, ending near the day’s high. The Nifty Bank advanced 353 points to 58,292, while the Midcap Index added 281 points to close at 62,472. HDFC Bank emerged as the top contributor to the Nifty’s gains, with the stock rising 4% after its healthy first-quarter business update. Reliance Industries ended higher for the second straight session and closed above its 20-day moving average.
Mahindra & Mahindra was also among the top contributors to the Nifty’s gains. Realty and auto stocks were the top-performing sectoral indices during the session. Kotak Mahindra Bank was the top Nifty loser, falling 4% as CASA declined sequentially. Premier Explosives fell over 4% after announcing a board meeting scheduled for July 9. Vedanta Oil & Gas declined 9% as production fell across all units.
Stock-specific action supported the broader market: Dixon Technologies shares jumped 7% after Investec raised its target price to ₹16,200 per share. Diamond Power hit the 10% upper circuit after securing an order worth ₹436 crore. CreditAccess Grameen gained over 2% as asset quality improved and disbursements rose 12% year-on-year. Bandhan Bank advanced 4% after reporting 7% year-on-year growth in total deposits for the first quarter. From the Sensex basket, HDFC Bank, Hindalco Industries, Bajaj Auto, Oil and Natural Gas Corporation, TVS Motor Company and Mahindra & Mahindra were the major gainers.
Wednesday’s Steepest Single-Day Fall in 3 Months: Nifty Drops 200 Points as US-Iran Tensions Spike
Indian equity markets came under severe pressure on Wednesday, with the Sensex and Nifty 50 declining close to 1% each, extending their losses for the second straight session. The Nifty 50 was trading with losses of over 200 points, while the Sensex was down close to 700 points at one point.
The Nifty Midcap 100 and Nifty Smallcap 100 indices declined more than 0.2% each. The benchmark BSE Sensex fell more than 600 points, while the Nifty 50 declined nearly 0.8% to slip below the 24,200 level. The sharp selloff was triggered by an escalation in US-Iran tensions and a consequent spike in crude oil prices.
ONGC emerged as the top performer on the Nifty index on Wednesday, gaining 1.15% to close at ₹247.00. It was followed by Bajaj Auto, which rose 0.65%, while Hindalco Industries and Coal India also ended the session with modest gains.
On the losing side, InterGlobe Aviation (IndiGo) was the biggest drag, falling 5.10%. Jio Financial Services declined 5.02%, while Shriram Finance, Maruti Suzuki, Hindustan Unilever, Tata Consumer Products, Max Healthcare, Bajaj Finance, Kotak Mahindra Bank and TVS Motor Company also finished substantially lower.
Thursday’s 238-Point Recovery Led by Sun Pharma and Bharti Airtel After Sharp Selloff
Indian equity benchmarks staged a recovery on Thursday after suffering their steepest single-day decline in more than three months in the previous session. However, both indices surrendered a large part of their intraday gains before the close.
The NSE Nifty 50 settled 80.75 points, or 0.34%, higher at 23,962.80, while the BSE Sensex advanced 238.22 points, or 0.31%, to close at 76,741.82. Bharti Airtel emerged as the biggest contributor to the Nifty’s gains, followed by HDFC Bank, Sun Pharmaceutical Industries, Eternal and Reliance Industries. On the downside, Infosys exerted the biggest drag on the benchmark index, followed by Dr Reddy’s Laboratories, Axis Bank, Maruti Suzuki and NTPC.
Among the Nifty 50 constituents, Sun Pharmaceutical Industries was the top performer, rising 2.67%. Bharti Airtel gained 2.28%, Bajaj Finserv advanced 2.16%, InterGlobe Aviation climbed 2.06%, while Eternal added 2.01%. On the losing side, Dr Reddy’s Laboratories tumbled 5.89% to emerge as the biggest laggard.
Infosys declined 1.73%, Maruti Suzuki slipped 1.60%, NTPC lost 1.40% and Oil & Natural Gas Corporation (ONGC) fell 1.36%. The Nifty IT index ended almost unchanged, edging up 0.03% to 27,564.45.
Friday’s 828-Point Rally: IT and Realty Stocks Lead as Nifty IT Index Gains 1.96%
Friday’s market rally was underpinned by a robust performance from the information technology sector, following better-than-expected quarterly results from Tata Consultancy Services (TCS). The Nifty IT index surged 1.96% on the day. The rally in IT stocks came on the heels of a strong overnight surge in US semiconductor shares, which lifted global risk sentiment.
The Nifty Realty index emerged as the top sectoral performer, jumping 3.40% to 938.60, as softer US economic data eased concerns over immediate interest rate hikes by the US Federal Reserve. The Nifty PSU Bank index rallied 3.03%, while the Nifty Metal and Oil & Gas indices gained 1.48% and 1.31%, respectively.
The primary trigger for the IT sector rally was the June quarter results of India’s largest IT services company, Tata Consultancy Services. In what had been expected to be a slow-growth quarter, TCS reported a net profit of ₹13,349 crore for the first quarter of financial year 2026-27 (Q1FY27), marking a 4.6% increase from ₹12,760 crore in the year-ago period. The company’s performance beat analysts’ growth estimates, providing a constructive backdrop for the upcoming earnings season and boosting sentiment for the entire IT pack.
Reliance Industries played a pivotal role in Friday’s market recovery, rising 2.3% on the day. The stock was both the best performer and the biggest contributor to the Sensex’s advance. ICICI Bank gained 1.4%, while HDFC Bank rose 0.8%, further supporting the benchmark indices. Market breadth remained strong throughout the session, with 42 stocks advancing in the Nifty 50 index, while only 7 declined.
Friday’s Nifty Top Gainers: Jio Financial Services, HDFC Life, Adani Enterprises Lead the Pack
Jio Financial Services emerged as the top Nifty gainer on Friday, surging approximately 4%. HDFC Life Insurance Company and Adani Enterprises also ended among the top gainers in the index, rising 3% and 2.4%, respectively. Reliance Industries climbed 2.36%, SBI Life Insurance added 2.29%, and Axis Bank rose 2.04%. Technology stocks also remained in demand, with Tech Mahindra gaining 2.01%, while Infosys, Wipro and HCLTech ended the session with healthy gains. Bharat Electronics (BEL) gained approximately 2%.
Friday’s Nifty Top Losers: Dr Reddy’s Labs, Eternal, Bharti Airtel Weigh on Index
On the losing side, pharmaceutical and telecom stocks faced pressure. Dr Reddy’s Laboratories was the biggest decliner among Nifty 50 stocks, falling 1.99% to ₹1,244.30. Eternal Ltd declined 0.8%, while Bharti Airtel fell 0.6%. Nestle India lost 0.4% and Sun Pharma declined 0.3%. The Nifty FMCG index was the only sectoral index to end in the red, declining marginally by 0.08%.
Weekly Nifty Gainers: Sun Pharma, Bharti Airtel, Bajaj Finserv Among Top Performers
Over the course of the week, Sun Pharmaceutical Industries emerged as one of the top weekly performers, rising 2.67% on Thursday alone. Bharti Airtel gained 2.28% on Thursday and was the biggest contributor to the Nifty’s gains that day. Bajaj Finserv advanced 2.16% on Thursday.
Eternal added 2.01% on Thursday. InterGlobe Aviation climbed 2.06% on Thursday after being the biggest loser on Wednesday. IT stocks witnessed strong buying interest throughout the week, with the Nifty IT index climbing 2% for the week—its biggest weekly gain in nearly two months.
State-owned banks also staged a strong comeback after Indian Bank’s upbeat June-quarter business update sparked buying across the PSU banking space, enabling the Nifty PSU Bank index to end the week in positive territory and snap a two-week losing streak.
Weekly Nifty Losers: Dr Reddy’s Labs Tumbles 5.89%, IndiGo Falls 5.10%
Dr Reddy’s Laboratories was the biggest weekly loser, tumbling 5.89% on Thursday alone. InterGlobe Aviation (IndiGo) fell 5.10% on Wednesday. Jio Financial Services declined 5.02% on Wednesday, though it recovered sharply on Friday to become the top gainer. Shriram Finance fell 4.86% on Wednesday. Maruti Suzuki declined 3.88% on Wednesday and fell another 1.60% on Thursday. Infosys declined 1.73% on Thursday.
Kusumgar IPO Leads Weekly IPO Action with 135.80x Subscription; IC Electricals Lists at 68% Premium
The primary market remained active during the week of 6–10 July 2026, with several mainboard and SME IPOs opening for subscription and making their market debuts. The Kusumgar Limited IPO emerged as the week’s standout, attracting exceptional investor demand. The issue was subscribed 135.80 times, led by strong participation from QIBs (299 times), NIIs (174 times) and retail investors (28 times). Kusumgar also raised ₹193.9 crore from anchor investors ahead of the issue. The IPO, priced at ₹398–₹419 per share, is expected to finalise allotment on 13 July, with a likely listing on 15 July. The company manufactures engineered fabrics for aerospace, defence, industrial and automotive sectors, reporting a FY26 net profit of ₹98.20 crore on revenue of ₹692 crore.
The Laser Power & Infra IPO, a ₹742 crore offering, opened for subscription on 9 July with a price band of ₹203-₹214 per share and will close on 13 July. IC Electricals had a strong SME debut on 10 July, listing at a 68% premium over its issue price of ₹99 on the NSE Emerge platform, while Happy Steels Ltd, Devson Catalyst Limited, and Noble Polymers Ltd also opened their IPOs for subscription during the week.
SBI Funds Management ₹11,700 Crore IPO Scheduled for 14 July; SBI Sells 1.42% Stake for ₹1,655 Crore
In a significant pre-IPO development, State Bank of India (SBI) agreed to sell a 1.42% stake in its asset management subsidiary, SBI Funds Management, to 30 investors for ₹1,655 crore through a pre-IPO placement. The stake sale was priced at ₹574 per share, the upper end of the IPO price band, providing an early benchmark for the asset manager’s valuation.
SBI Funds Management is scheduled to launch its ₹11,692.91 crore initial public offering on 14 July. The company, a joint venture between SBI and European asset manager Amundi, has fixed the IPO price band at ₹545 to ₹574 per share. At the upper end of the price band, the country’s largest asset management company is expected to command a valuation of up to ₹1.17 lakh crore.
The three-day issue will close on 16 July, with shares expected to list on the BSE and NSE on 21 July. The IPO is entirely an Offer for Sale (OFS), with SBI divesting up to 12.83 crore shares and Amundi India Holding selling up to 7.54 crore shares. In the grey market, the IPO commands a GMP of ₹92, implying an expected listing upside of 16%.
Apollo Micro-Premier Explosives Deal Leads Rs 4,000+ Crore M&A Activity; Stocks Surge Up to 7% on Block Deals, JVs
Apollo Micro Systems has signed a definitive agreement to acquire a 41.33% stake in Premier Explosives from the promoter AKS Family Trust for approximately ₹1,550 crore in an all-cash deal, valuing the company at around ₹3,753 crore. Following the acquisition, Apollo will launch a mandatory open offer to acquire up to an additional 26% stake from public shareholders at ₹698 per share. The deal strengthens Apollo’s presence in the defence sector by combining its expertise in advanced defence electronics with Premier Explosives’ capabilities in high-energy materials, rocket motors and countermeasure systems. The announcement lifted investor sentiment, with Apollo Micro Systems shares rising 1.33% to ₹398.60 and Premier Explosives shares gaining 4.13% to ₹714.75 on the BSE.
Other key deals and corporate actions also moved stock prices during the week. The Torrent Pharma-J B Chemicals amalgamation became effective on 8 July, with a share exchange ratio of 51 Torrent shares for every 100 J B Chemicals shares. NALCO and NLC India signed a JV on 8 July for a 1,080 MW power plant, with NLC India shares climbing nearly 2%. Dixon Technologies jumped 3.32% to ₹13,938.40 after its JV with Vivo India was approved. Bayer CropScience shares surged 4% intraday on a ₹2,207 crore block deal, while Cupid Ltd rose 7% following a ₹127.5 crore block deal. Ventive Hospitality acquired a resort property for ₹281.88 crore, and BlackSoil entered rooftop solar lending with a ₹45 crore acquisition of Credit Fair’s solar financing business. JSW Infrastructure signed a novation agreement for a captive jetty project involving over ₹2,100 crore investment.
NSE to Pitch IPO to Over 30 Global Investors This Month
The National Stock Exchange (NSE) announced plans to pitch its initial public offering to over 30 global investors this month as a bet on the country’s rapid financial expansion and growing capital-market participation. The development signals the bourse’s confidence in India’s deepening capital markets and its own growth trajectory.
India VIX Plunges 8.30% to 12.25, Signalling Reduced Near-Term Volatility
The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, tanked 8.30% to settle at 12.25. The sharp decline in the volatility index signalled that market participants do not expect any wild moves in the near future. On the BSE, 141 stocks hit their 52-week high, including Sun Pharma, Grasim Industries, FSN E-Commerce Ventures (Nykaa), and Oracle Financial Software Services. Conversely, 73 stocks touched their 52-week lows, including JSW Holdings and National Standard (India).
FPIs and DIIs Turn Net Buyers on Friday; Total Market Capitalisation Rises to ₹482 Lakh Crore
Foreign portfolio investors (FPIs) were net buyers to the tune of ₹2,604 crore, while domestic institutional investors (DIIs) were net buyers worth ₹2,020 crore on Friday. The cumulative market capitalisation of BSE-listed firms rose to almost ₹482 lakh crore from ₹476 lakh crore in the previous session, with investors earning nearly ₹6 lakh crore in a single session.
The week’s trading was defined by geopolitical volatility and the onset of the Q1FY27 earnings season, with TCS’s results setting a positive tone for the IT sector. The sharp mid-week selloff and subsequent recovery highlighted the market’s sensitivity to global cues. With the Nifty facing resistance in the 24,350–24,400 zone, market participants will closely monitor the US-Iran situation and upcoming corporate earnings for further direction. The India VIX’s decline to 12.25 suggests stabilising sentiment in the near term.
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