Closing Bell: Sensex, Nifty Snap 7-day Gaining Streak, Midcap Index Hits Record High For 15th Day

The Indian stock market snapped its 7-day winning streak as the Sensex and Nifty closed flat. The Midcap Index, however, ended at a record closing high for the 15th consecutive session.

The benchmark Sensex slipped 132 points to 69,522, and the Nifty lost 37 points, closing at 20,901. Despite the overall dip, the Nifty Bank managed to gain 7 points, closing at 46,841, while the Midcap Index surged 263 points to hit a record closing high of 44,495.

Public Sector Undertaking (PSU) stocks continued their upward momentum, with many hitting multi-year highs. Tata Power emerged as the top Midcap gainer, soaring 12% following a double-upgrade. LIC recorded gains of 17% throughout the week, reclaiming a market cap of Rs 5 lakh crore.

City gas stocks saw a surge due to falling global prices, with Mahanagar Gas becoming the top gainer. However, the tyre sector witnessed a mixed close, with Apollo slipping while MRF rose.

IDFC First Bank and Bharti faced losses after a block deal. Paytm registered a slide of 19% as the company revealed plans to reduce low ticket-size loans. On the other hand, Adani Group stocks closed in the green, with Adani Total emerging as the top gainer.

Power stocks extended their winning streak on the back of rising demand, with Power Grid leading the pack. Two-wheeler stocks managed to recover losses from Thursday, and Eicher emerged as the top gainer.

IRCON witnessed a decline of 7% following the government's share sale via Offer for Sale (OFS). Meanwhile, the overall market breadth favoured advances, with an advance-decline ratio at 1:1.

In the commodities sector, the government's directive asking mills not to use sugarcane juice for ethanol production led to a slip in sugar stocks. Despite this, the market showed resilience with positive momentum in various sectors.