The Indian stock market turned negative on Friday, October 24, as investors booked profits following a six-session rally. Rising crude prices, driven by fresh U.S. sanctions on Russian producers, sparked renewed inflation concerns, although domestic factors continue to support bullish sentiment.
The Nifty 50 ended the session down 0.37% at 25,795 but still posted a weekly gain of 0.33%. Similarly, the S&P BSE Sensex closed 0.42% lower at 84,200 but register a 0.30% rise for the week. Notably, this marks the first time in 2025 that both indices have posted gains for four consecutive weeks.
The broader market moved in line with the headline indices, with the Nifty Midcap 100 falling 0.24% and the Nifty Smallcap 100 slipping 0.21% on the day. However, both indices still managed weekly gains of up to 0.72%.
Although there was a broad-based sell-off, metal stocks managed to stay in positive territory as the sharp rally in global base metal prices provided strong support, making the Nifty Metal index the top sectoral performer with a gain of 1.06%.
The Nifty Realty and Nifty Oil & Gas indices also ended higher, rising 0.32% and 0.21%, respectively.
On the other hand, private banking stocks emerged as the top laggards, with the recent rally prompting profit booking. The Nifty Private Bank index lost 0.81% of its value, while the Nifty FMCG index also declined 0.72%.
The Nifty Consumer Durables, Pharma, and Media indices ended lower as well, slipping between 0.4% and 0.5%.
Auto, FMCG and pharma stocks lead market declines
Auto and auto ancillary stocks were among the worst hit, with Ceat, Ather Energy, Apollo Tyres, Craftsman Automation, Usha Martin, JK Tyre & Industries, and Force Motors falling between 2% and 4.3%.
FMCG counters also came under selling pressure, led by Hindustan Unilever, which slipped 3.3%, followed by Colgate-Palmolive (India), which tumbled 2.1% to ₹2,240 apiece. The decline was triggered after most brokerages maintained a bearish outlook on the stock following the release of the company’s September-quarter results.
Meanwhile, shares of pharma major ₹1,584 apiece, even after the company announced a deal with Eli Lilly”>Cipla dropped 4% to ₹1,584 apiece, even after the company announced a deal with Eli Lilly to market diabetes and obesity drug Tirzepatide in India under a new brand name. Analysts noted that while the deal is a long-term positive, it appears to have been largely priced in, prompting investors to book profits.
Other major losers included City Union Bank, Aegis Vopak Terminal, Dr. Agarwal’s Health Care, Jindal Saw, KPR Mill, Supreme Industries, Concord Biotech, Devyani International, and BLS International Services — all of which fell between 2% and 8%.
Shipping Corp, Sammaan Capital and metal stocks buck market trend
Although the markets ended lower, some stocks managed to buck the trend. Shipping Corporation of India led the gains, surging 9.7% to ₹274.3 apiece after the Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, ₹79,000 crore for the Armed Forces.”>approved capital acquisition proposals worth ₹79,000 crore for the Armed Forces.
Sammaan Capital resumed its winning streak after a brief pause, climbing 7.9% to close at a record high of ₹188.25 apiece. Other NBFC stocks also gained, with CreditAccess Grameen rising 6.4%, Cholamandalam Financial Holdings up 6%, SBFC Finance advancing 3.3%, and Cholamandalam Investment & Finance Company adding 2.9%.
Metal counters also remained firm, with Hindalco Industries, Hindustan Copper, NALCO, and Vedanta gaining between 2.6% and 4%. Among the Nifty 500 pack, Gravita India, Signature Global (India), Elgi Equipments, Intellect Design Arena, Thermax, eClerx Services, and Tata Communications rallied over 2.5% each.
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