Shares of Sun Pharmaceutical Industries Ltd., Bharat Electronics Ltd., Larsen & Toubro Ltd., Adani Ports and Special Economic Zone Ltd. and Axis Bank Ltd. were the top losers among the NSE Nifty 50 stocks on Friday.
Meanwhile, ICICI Bank Ltd., Infosys Ltd., Tata Consultancy Services Ltd., HCL Technologies Ltd. and Nestle India Ltd. were among stocks that gained.
The benchmark indices declined on Friday to extend losses to eight consecutive days, the longest streak since February 2023. Media, pharmaceutical and energy sectors declined the most during the session. The Nifty 50 fell as much as 1.1%, and the BSE Sensex declined 0.92%.
Despite multiple positive developments, the Indian equity market has yet to see a significant rally, according to Jefferies' latest India strategy report. Pro-growth commentary from the Reserve Bank of India, no negative impacts from the new income tax bill and strong mutual fund inflows have not been sufficient to drive a market rally.
Top Losers
Sun Pharma and Bharat Electronics shares were the top losers, as the stocks closed 2.61% and 4.28% lower, respectively. Larsen & Toubro settled 0.8% lower, while Adani Ports ended with 4.39% losses.
Shares of Deepak Nitrite Ltd. plummeted to a 15-month low on Friday, hitting the lower circuit limit, after the company reported disappointing third-quarter earnings.
Top Gainers
ICICI Bank and Infosys stocks were the top gainers, as their shares closed 0.9% and 0.71% higher, respectively. TCS stock advanced 0.63%, while Reliance Industries rose 0.09%.
Shares of Godfrey Phillips India Ltd. jumped over 6% on Friday, after it reported a 49% surge in its net profit in the third quarter of the current fiscal.
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