By Anupama Ghosh

Copyright thehindubusinessline

Markets ended marginally lower on Friday, snapping a three-day winning streak as investors booked profits at higher levels, but the session’s spotlight was firmly on Adani Group stocks which surged up to 10 per cent intraday after market regulator SEBI cleared the conglomerate of all allegations made by US short-seller Hindenburg Research.

The Sensex fell 387.73 points or 0.47 per cent to close at 82,626.23, while the Nifty 50 declined 96.55 points or 0.38 per cent to settle at 25,327.05. Despite Friday’s decline, both indices posted weekly gains of around 1 per cent, with the Sensex rising 720 points during the week.

“Markets ended marginally lower as short-term traders booked profits in the absence of fresh positive triggers, reflecting a cautious undertone in sentiment,” said Ponmudi R, CEO of Enrich Money. “Rising NBFC delinquencies—particularly in microfinance and vehicle loans led to profit booking in financials.”

Among individual stocks, Adani Enterprises emerged as the biggest gainer, surging 5.25 per cent to ₹2,528, followed by SBI Life Insurance which gained 1.33 per cent to ₹1,846. IndusInd Bank rose 1.16 per cent to ₹744, Adani Ports climbed 1.15 per cent to ₹1,429, and Bharti Airtel advanced 0.97 per cent to ₹1,959.90.

On the losing side, HCL Technologies led the declines, falling 1.59 per cent to ₹1,470, while ICICI Bank dropped 1.35 per cent to ₹1,402.50. Trent declined 1.21 per cent to ₹5,082, Titan slipped 1.18 per cent to ₹3,470, and Mahindra & Mahindra fell 1.13 per cent to ₹3,600.90.

“The spotlight was firmly on Adani Group stocks, which staged a sharp rebound after SEBI dismissed allegations of stock manipulation and financial fraud made by US short-seller Hindenburg Research. Adani Power surged 13 per cent, leading the rally across the group’s counters,” noted Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth.

Sectoral performance was mixed during the session. PSU Banks emerged as the top performer, gaining 1.28 per cent, followed by Realty and Pharma indices which closed around 0.55 per cent higher. However, Nifty Private Bank and Financial Services indices ended in losses, with IT stocks also witnessing profit-booking after their recent rally.

“IT index dropped by 0.5 per cent, snapping three-day gaining streak on profit booking after Fed rate cut-led rise. Bank Nifty slipped 0.5 per cent after a 12-session rally, as investors booked profits in select heavyweights,” said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services.

Market breadth remained negative with 2,001 stocks declining against 2,134 advances on the BSE. However, 162 stocks hit 52-week highs compared to 60 at 52-week lows, indicating underlying strength. The advance-decline ratio among Nifty 500 constituents showed 267 stocks in the red, suggesting broad-based selling pressure.

“Nifty slipped on Friday after forming a hanging man pattern in the previous session. While the short-term trend continues to favor the bulls, a mild pullback from the current level looks possible,” said Rupak De, Senior Technical Analyst at LKP Securities.

The broader markets showed resilience with Nifty Midcap 100 ending marginally higher at 59,094.35, gaining 21.15 points or 0.04 per cent. Among other indices, Nifty Next 50 fell 402.30 points or 0.58 per cent to 69,736.60, Nifty Financial Services declined 171.05 points or 0.64 per cent to 26,527.60, and Nifty Bank dropped 268.60 points or 0.48 per cent to 55,458.85.

Foreign institutional investors provided support by purchasing equities worth ₹367 crores on Thursday, lending positive sentiment to the market. “On the institutional front, FII were net buyers on Thursday, adding equities worth Rs367crores which lent support to the market sentiment,” Khemka added.

In currency markets, the rupee traded in a narrow range near 88.08 against the dollar. “Rupee traded flat near 88.08 in a range-bound session between 88.02-88.28 as the market absorbed the impact of the Fed’s policy decision and US jobs data,” said Jateen Trivedi, VP Research Analyst at LKP Securities.

Gold prices remained range-bound but positive, gaining 0.38 per cent to $3,657 internationally and 0.26 per cent to ₹1,09,330 domestically. “Gold traded range-bound but positive… as Fed’s policy supported the recent rate cut while keeping the door open for two more cuts based on incoming data,” Trivedi noted.

Technical analysts remain cautiously optimistic about market prospects. “We are of the view that the short-term market outlook remains bullish, but due to temporary overbought conditions, range-bound activity may occur in the near future. Hence, buying on dips and selling on rallies would be the ideal strategy for traders,” said Amol Athawale, VP Technical Research at Kotak Securities.

Looking ahead, market participants will focus on sectors likely to benefit from GST rate cuts becoming effective from September 22nd, coinciding with the start of Navratri festivities. “We expect the market to remain firm with a positive bias, aided by a potential consumption boost as the GST rate cuts become effective from September 22nd along with Navratri festivities beginning from the same day which should further push demand,” analysts at Motilal Oswal noted, setting a constructive tone for the coming week.

Published on September 19, 2025