Indian equity benchmarks ended lower on Friday, with the Sensex and Nifty giving up ground even as broader markets outperformed. The Nifty held near the 22,700 mark, while buying in select heavyweight stocks, including Larsen & Toubro and pharma counters, helped support sentiment.
IT stocks remained under pressure, tracking weakness in global technology shares amid concerns around artificial intelligence-linked earnings. The Sensex fell 353 points, or around 0.5%, to close at 73,246, while the Nifty 50 declined 51 points to settle at 22,699.
In contrast, the Nifty Bank advanced 293 points to 54,267, while the Nifty Midcap index rose 245 points to 57,275, reflecting relative strength beyond the headline benchmarks. Jio Platforms makes a strong market debutJio Platforms emerged as a key highlight of the session, finishing at its day's high and securing the position of India's second-largest company by market capitalisation.
The stock closed at ₹1,419 per share, compared with its listing price of ₹1,358 per share. Its market capitalisation crossed ₹13 lakh crore, while the Reliance Group became the country's largest conglomerate by market value. The debut added a major talking point to an otherwise mixed session, with the broader market showing resilience despite declines in the benchmark indices.
IT stocks slide, pharma and healthcare outperformThe Nifty IT index fell over 2%, with technology stocks tracking weakness in global markets as investors assessed the earnings outlook for companies exposed to artificial intelligence. The pressure on IT shares weighed on sentiment, even as other sectors managed to post gains.
Pharma and healthcare stocks were among the session's strongest performers. Apollo Hospitals emerged as the top Nifty gainer, rising over 4%, while Piramal Pharma surged more than 17% following its strong second-quarter results. Larsen & Toubro also gained over 4% after reporting strong quarterly performance and an increase in its order book, highlighting continued investor interest in companies benefiting from infrastructure and capital expenditure activity.
Stock-specific action drives the sessionAmong other stocks, TVS Motor rose nearly 4% following its second-quarter results, while Hyundai Motor India retreated from its intraday highs. CarTrade recorded its biggest-ever single-day intraday fall amid concerns following its weak second-quarter performance.
Info Edge declined over 2% after announcing a leadership transition, with its managing director and chief executive officer set to move into a non-executive independent director role. Adani Group stocks ended lower overall, although Adani Ports managed to close with modest gains after raising its guidance.