Stock market ends four-week winning streak as profit-taking hits; PSU banks buck the trend

The stock market snapped a four-week winning streak on Friday, weighed by broad-based selling in the last two sessions, even as state-run banks outperformed following a regulatory proposal from the market watchdog.

The NSE Nifty 50 index fell 0.3% for the week to close at 25,722, while the S&P BSE Sensex slipped 0.3% to 83,939. The Nifty reversed gains made earlier in the week, dropping over 450 points in the last two sessions amid profit-taking across sectors.

Broader markets fared better, with the Nifty Midcap 100 and Nifty Bank ending marginally higher for the week. The PSU Bank index was the top gainer, surging 5%, supported by a SEBI discussion paper that could ease eligibility criteria for banking operations. Union Bank of India jumped 5%, while Bank of Baroda and Indian Bank also advanced.

In contrast, 40 of the 50 Nifty constituents closed in the red on Friday, led by declines in pharma, IT, and select financial names. Eternal Health fell 3% after Swiggy’s quarterly results, while hospital stocks remained under pressure amid reports of possible regulatory changes to treatment pricing. Max Healthcare dropped 3%.

Cipla extended its slide, losing 2% after lowering its margin outlook for FY26. IT firm Mphasis shed 5% despite reporting largely stable quarterly numbers. Bandhan Bank tumbled 8% after disappointing Q2 results, dragging the Nifty Bank index.

Among gainers, Bharat Electronics (BEL) rose 4% after a strong beat in its September-quarter results, while Shriram Finance gained 2% following an in-line performance. Navin Fluorine surged 15% as the company raised its FY26 revenue guidance, and Strides Pharma jumped 9% on robust margin expansion.

In the broader market, BHEL, IOC, Adani Green Energy, Suzlon, IIFL Finance, and Canara Bank emerged as top midcap gainers, while Vodafone Idea, Bandhan Bank, Jindal Stainless (JSL), IEX, and SBI Card were the biggest laggards.

For the week, SBI Life, JSW Steel, and Tata Steel topped the Nifty gainers’ list, while Dr. Reddy’s Laboratories, Cipla, Bajaj Finance, Kotak Mahindra Bank, and Mahindra & Mahindra led losses.

Market breadth tilted towards declines, with an advance-decline ratio of 2:3 on the NSE, reflecting weak sentiment at the end of the expiry week.Read about our editorial guidelines and ethics policy