India Market Wrap: Benchmark Indices Log Third Weekly Gain; JSW Steel Slumps, Adani Ports, Eternal, Reliance Rally

Sectorally, select IT, infra, and financial stocks recorded gains while the rest of the sectors ended in the red on Friday.

Benchmark indices ended flat on Friday after paring early morning gains but markets ended in the positive territory for the third consecutive week. 

The Nifty 50 and the Sensex opened in the green, buoyed by positive global cues and steady foreign institutional investor (FII) inflows, but lost momentum as the day progressed. 

The Nifty 50 ended above the 24,300 mark, while the Sensex closed at 80,501. However, broader markets underperformed.

On Stocktwits, retail sentiment surrounding the Nifty 50 remained ‘bullish.’ 

Sectorally, select IT, infra, and financial stocks recorded gains while the rest of the sectors ended in the red.

JSW Steel shares fell 6% following the Supreme Court's decision to reject its ₹19,700-crore resolution plan for the indebted Bhushan Power and Steel. The court directed the liquidation of the company.

Adani Ports emerged as the top gainer on Nifty, rising 4% after the company reported strong March quarter numbers and an optimistic full-year outlook that boosted investor confidence.

Eternal ended 1% higher despite reporting a sharp 78% year-on-year (YoY) decline in net profit for the March quarter. Competitor Swiggy hit an all-time low on Friday, down 4%. 

Reliance Industries extended its rally, gaining 9% in the week amid strong buying interest. 

Auto stocks were mixed after steady April sales data. Maruti Suzuki and Tata Motors gained 1%. Bajaj Auto, Hero MotoCorp, and Eicher Motors slipped 2% each.

Investor focus now shifts to earnings reports from SBI, Kotak Mahindra Bank, and Avenue Supermarts (D-Mart) due over the weekend. SBI shares rose 2% ahead of results, while Kotak Bank and D-Mart slipped 1% and 4%, respectively.

Global sentiment remains positive after China’s commerce ministry signaled openness to trade talks with the US. European indices traded higher, while Dow Futures pointed to a positive Wall Street open.

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