Indian stock markets finished Friday's session on a subdued note, as elevated crude oil prices and a rebound in global bond yields kept investor sentiment fragile. Expectations of a diplomatic breakthrough in the Middle East also faded, with the U.S. preparing sweeping economic penalties against Iran, adding another layer of uncertainty to markets.
Both the Nifty 50 and the Sensex ended the session largely unchanged from the previous day, extending their weekly losing streak to a second consecutive week. Stocks witnessed sharp fluctuations throughout the week as investors reacted to developments in the Middle East, even as June-quarter corporate earnings came in above analysts' expectations.
The broader markets ended mixed, with the Nifty Smallcap 100 gaining 0.55%, while the Nifty Midcap 100 slipped 0.04%. Meanwhile, the U.S.-Iran conflict showed no signs of easing, with the two sides remaining locked in a dispute over the Strait of Hormuz.
The U.S. is moving to isolate Iran's economy in what President Donald Trump described as an "economic D-day", with details of the initiative expected on Monday. U.S. Treasury Secretary Scott Bessent said on Thursday that Iran would face the “greatest coordinated economic isolation in the history of the world".
Tracking these developments, traders increasingly expect supply disruptions through the Strait of Hormuz to persist, pushing Brent crude above $94 per barrel.
"The market lacked a strong directional trigger, with elevated crude oil prices, geopolitical concerns and global bond-market pressure keeping risk appetite restrained. After Thursday’s recovery, traders largely opted for consolidation and profit booking at higher levels, resulting in a muted final session of the week," said domestic brokerage firm Lemonn Markets.
Welspun Corp shares emerged as the top performer among Nifty 500 stocks, surging 14% to ₹2,290 apiece after the company secured the largest single order in its history. The order, valued at approximately $1.8 billion (around ₹17,200 crore), is for the supply of pipes from its manufacturing facility in the United States.
Jindal Saw was another major gainer, rising 8% to ₹292 apiece. Other metal stocks, including Vedanta, Hindustan Zinc, National Aluminium Company (NALCO), and Hindustan Copper, gained between 2.3% and 4%.
Among other notable gainers, Urban Company, IIFL Finance, NCC, Reliance Power, JBM Auto, CarTrade Tech, Aegis Logistics, PTC Industries, Prime Focus, and Transformers & Rectifiers India advanced more than 5%.
Netweb Technologies, Engineers India, CDSL, Bharat Dynamics, Wockhardt, Syngene International, Power Grid Corporation, KEC International, and Piramal Finance were among the other top gainers.
On the losing side, Himadri Speciality Chemical remained under selling pressure, emerging as the top laggard for the third consecutive session. The stock fell another 7.1% to ₹654 apiece.
Profit booking also hit Balrampur Chini Mills, with the stock declining 5% to ₹729, giving up a part of its gains from Thursday's session.
Britannia Industries witnessed renewed selling pressure, falling 3.3% to ₹5,365 apiece. GlaxoSmithKline Pharmaceuticals also extended its decline for a second consecutive session, slipping 3.25% to ₹2,902. Despite the recent weakness, the stock remains up nearly 10% so far in August.
Other notable losers included Usha Martin, Poly Medicure, Aditya Birla Real Estate, CCL Products India, Cohance Lifesciences, Saregama India, Aadhar Housing Finance, KEI Industries, CreditAccess Grameen, Finolex Cables, Jindal Stainless, C.E. Info Systems, Devyani International, Kirloskar Oil Engines, LIC Housing Finance, Torrent Pharmaceuticals, and Zydus Wellness, which declined between 2% and 3%.
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