The Indian stock market extended its losing streak for the third consecutive session on Friday, May 29, with benchmark indices closing lower amid weak global cues and cautious investor sentiment. The Nifty 50 declined 0.72% to settle at 23,547.75, while the Sensex slipped 0.85% to end at 74,775.74.
Despite the weakness in frontline indices, the broader market showed resilience. The Nifty Midcap index gained 0.54%, while the Smallcap index advanced 1.20%, indicating sustained buying interest in select mid- and small-cap stocks. This divergence suggests that investors are selectively accumulating fundamentally strong companies outside the large-cap space.
Market sentiment remains fragile heading into the new week. Early संकेत from the Gift Nifty index point towards a negative start on Monday, as it was trading near the 23,702 level, down over 46 points from the previous close of Nifty futures. Analysts believe that global cues, foreign institutional investor (FII) activity, and macroeconomic signals will continue to drive short-term market direction.
Among stock-specific developments, IndiGo emerged as a key laggard after reporting a sharp loss in the fourth quarter. The airline posted a net loss of ₹2,536.3 crore compared to a profit of ₹3,067.5 crore in the same period last year. The decline was attributed to weaker operating performance and exceptional charges of ₹250 crore, which significantly impacted profitability.
PB Fintech also remained in focus after a block deal worth approximately ₹665 crore took place. Co-founders Yashish Dahiya and Alok Bansal offloaded shares to a mix of domestic and international institutional investors, triggering investor attention on the stock’s near-term outlook.
On the positive side, Glenmark Pharmaceuticals reported a sharp jump in its quarterly earnings. The company posted a profit of ₹301.4 crore in Q4, a massive rise from ₹4.6 crore in the year-ago period, driven by improved operational performance and strong business momentum.
NMDC delivered a robust performance as well, reporting a 36% year-on-year increase in net profit to ₹2,017.6 crore. The growth was supported by higher revenues and improved operational efficiency, making it one of the standout performers in the metals space.
Infrastructure player PNC Infratech secured an EPC contract worth ₹302.4 crore from the Airports Authority of India, boosting its order book and strengthening its growth visibility.
Vedanta Group received a significant boost after rating agency ICRA upgraded the long-term ratings of its key entities to AA+, marking its highest domestic credit rating in over a decade. The upgrade reflects improved financial stability and stronger business fundamentals.
Meanwhile, Patanjali Foods reported a 46% year-on-year increase in net profit for the March quarter, supported by strong growth in its edible oil and FMCG segments. However, rising raw material and packaging costs continued to exert pressure on margins.
Pharma major Lupin also attracted attention after receiving US FDA approval for its Sodium Sulfate, Magnesium Sulfate, and Potassium Chloride tablets, strengthening its product portfolio in the US market.
Going forward, market participants are expected to remain cautious amid global uncertainties and earnings-driven stock-specific action, with volatility likely to persist in the near term.
