The tug of war between bulls and bears was visible in Friday’s session on May 22, as the markets attempted a sharp rebound but failed to sustain gains amid selling pressure at higher levels, with the eventually settling with a 0.40% gain at 23,703.
At the day’s high, the index had surged nearly 0.80%, while the Sensex closed at 75,425, up 0.36% from the previous close. The broader markets remained mixed, with the Nifty Midcap 100 closing with a mild 0.15% gain, while the Nifty Smallcap 100 index slipped 0.12%.
Among the sectoral performers, Nifty Private Bank, Nifty Metal, and Nifty Bank emerged as the top gainers, advancing up to 1.40%. On the downside, Nifty Media and Nifty Pharma were the top laggards, with each falling over 1%. Other indices such as Nifty IT and Nifty Oil & Gas also closed in the red.
Meanwhile, the Indian rupee extended its recovery rally, strengthening to 95.7 per dollar from its record low of 96.96 on May 20, after the Reserve Bank of India continued intervening in the currency markets to support the rupee amid its decline this year.
The central bank reportedly sold dollars to state-run banks through the third week of the month.
In the commodity market, crude oil prices remained elevated as conflicting statements from the US and Iran reinforced fears that supply disruptions could persist for longer.
US President Donald Trump said on Thursday that the United States would eventually secure Iran’s stockpile of highly enriched uranium, despite Iran stating that it would not hand over the material.
Earnings-driven momentum lifts select stocks
emerged as the top performer among Nifty 500 stocks, surging 9% to ₹585 apiece, while also posted a strong gain of 8.5% to ₹138.3 per share.
Honasa Consumer shares ended with a solid 6% jump after the FMCG company reported its highest-ever operating profit and PAT since listing, while also announcing its maiden dividend of ₹3 per share for FY26.
Extending gains for the third straight session, advanced another 3.2% to ₹1,959, while Sammaan Capital also continued its upward momentum, rising 5% to ₹162.
EMS stocks such as and Dixon Technologies rallied 5% and 4%, respectively. GAIL (India) also reacted positively to its Q4 earnings, gaining 2.8% to ₹160 apiece.
Keeping its winning streak intact for the fourth consecutive day, climbed 6% to ₹270 per share. New-age tech stocks such as Meesho and Lenskart Solutions also ended with gains of over 3%.
Other stocks including Trent, Capri Global Capital, Shriram Finance, Page Industries, 3M India, Force Motors, and Concord Biotech closed with gains of over 2.5%.
Weak earnings, OFS trigger sharp selloff in select counters
emerged as the worst performer, falling 9% to Rs216, as investors were disappointed with the company’s March quarter performance. Meanwhile, Central Bank of India shares slipped 8% after the government launched its offer for sale (OFS) to divest up to an 8% stake in the lender at a discount to the previous closing price.
also reacted negatively to its Q4 results, declining 6.2% to ₹1,023 apiece, while pharma stocks such as Glenmark Pharmaceuticals and Aurobindo Pharma fell over 5% each.
Eris Lifesciences was another weak performer, dropping over 3% to ₹1,343 apiece.
and shares sank 3.7% and 3.6%, respectively, following large block deals. Both Great Eastern Shipping Corporation and Shipping Corporation of India declined 3.6% each.
Other stocks such as Sai Life Sciences, Vijaya Diagnostic Centre, Thermax, LG Electronics India, and Deepak Nitrite closed with losses of over 2.5%.
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