Market Closes Firm: Honasa Hits 20% Upper Circuit, Rpower Reclaims Rs 20,000 Crore Market Cap

In notable stock movements, Honasa Consumer, the parent company of Mamaearth, locked in a 20 per cent upper circuit on May 23 following its Q4 results

The Indian equity benchmark indices closed Friday’s session on a strong note, with the Nifty 50 rising by 243.45 points or 0.99 per cent, and the Sensex gaining 769.09 points, up 0.95 per cent. The Nifty Bank also ended higher, advancing 0.83 per cent to close at 55,398.25. Despite Friday’s gains, the Nifty 50 ended the week in negative territory, declining 0.67 per cent overall.

Positive global cues and an upward revision of India’s growth potential by Fitch Ratings helped lift market sentiment at the open. The Nifty 50 briefly crossed the 24,900 mark during intraday trade but later moved within a narrow range, eventually closing with gains of nearly 1 per cent, driven largely by stock-specific moves.

In notable stock movements, Honasa Consumer, the parent company of Mamaearth, locked in a 20 per cent upper circuit on May 23 following its Q4 results. Reliance Power also saw a strong rally, rising over 16 per cent and pushing its market capitalisation back above the Rs 20,000 crore level.

On the sectoral front, all indices except Nifty Pharma ended in the green. Nifty Pharma declined 0.41 per cent, while Nifty FMCG led the pack with a 1.63 per cent gain.

Looking at index contributors, major pullers for the Nifty 50 on May 23 included ITC (+24.21 points), Infosys (+17.18 points), HDFC Bank (+16.30 points), and Reliance Industries (+16.29 points). On the flip side, Sun Pharma (-10.28 points) and Divi’s Laboratories (-1.90 points) were the top draggers.

Broader markets mirrored the positive sentiment, with the Nifty Midcap and Small-Cap indices gaining 0.64 per cent and 0.80 per cent, respectively. The advance-decline ratio also remained favourable throughout Friday’s session.

Disclaimer: The article is for informational purposes only and not investment advice.