Benchmark indices ended the week lower on Friday, with the Sensex and Nifty 50 declining for a fourth consecutive trading session and snapping a two-week winning streak. Rising crude oil prices, escalating tensions in West Asia and continued selling pressure weighed on sentiment, while Swiggy shares plunged nearly 17% after its September-quarter results.
The Nifty 50 fell 87.65 points, or 0.39%, to close at 22,600, while the BSE Sensex declined 125.56 points, or 0.17%, to settle at 73,123.83.
For the week, the Nifty lost 2.36%, while the Sensex declined 2.15%. Markets were closed on Tuesday for Dussehra.
Midcaps, smallcaps bear the brunt
Selling was sharper in the broader market. The Nifty Smallcap 100 fell 2.94% on Friday, taking its weekly decline to around 7.3%. The Nifty Midcap 100 declined 2.21% on the day and lost around 5.6% for the week. Both recorded their worst weekly performances in 20 months.
Among sectoral indices, the Nifty Metal index fell 2.71% on Friday, while the Nifty Realty and Nifty PSU Bank indices declined 2.38% and 2.26%, respectively. The Nifty Bank index lost 1.16%.
Brent crude climbed to around $114 per barrel amid tensions in West Asia. Fifteen of the 16 major sectoral indices recorded weekly losses.
There were, however, some pockets of buying among Nifty 50 stocks. Eternal led the gainers, rising 4.25%, followed by Apollo Hospitals, which gained 1.65%. ONGC advanced 1.11%, Asian Paints rose 0.97%, and TCS added 0.92%. UltraTech Cement also gained 0.84%, but these advances were not enough to offset the broader market decline.
Swiggy plunges 17%; Colgate, Delhivery among losers
Swiggy shares plunged 16.75% to ₹176 on Friday after touching a fresh 52-week low of ₹174.95. The decline followed the company's September-quarter results, which showed its consolidated net loss narrowing year-on-year but widening sequentially.
Swiggy's net loss narrowed 15.6% year-on-year to ₹922 crore in the September quarter, compared with ₹1,092 crore a year earlier. However, the loss widened from ₹791 crore in the June quarter. Revenue from operations rose 36% year-on-year to ₹7,571 crore.
Instamart's adjusted EBITDA loss widened to around ₹895 crore, raising concerns over the cost of scaling up its quick-commerce operations.
Other stocks also saw sharp declines. Delhivery fell 5.13%, while Garden Reach Shipbuilders and Engineers dropped 4.90%. Colgate-Palmolive India declined 4.75%.
Among Nifty 50 constituents, Shriram Finance was the biggest loser, falling 3.98%. Adani Enterprises declined 2.86%, while JSW Steel shed 2.83%. Jio Financial Services and Tata Steel both fell around 2.7%.