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India’s equity markets ended the week on a positive note despite heightened volatility during the ongoing Q4 earnings season, with sector-specific and stock-specific movements dominating trading activity, according to Nuvama Alternative & Quantitative Research’s latest weekly roundup.

The Nifty 50 index settled at 23,719 during the week ended May 22, rising 0.3% on a weekly basis, broadly in line with the MSCI Emerging Markets Index, which gained 0.4%. IT stocks emerged as the top-performing sector with a 4.3% weekly rise, followed by Realty, which gained 2.4%. On the downside, Media stocks declined 4.3%, while FMCG fell 1.6%.

Nuvama noted that Q4 earnings season triggered sharp stock-specific volatility, especially in the broader market segment. Among notable movers, Gland Pharma surged 24.9% with a 16.1x jump in trading volumes, while International Gemmological Institute gained 14.2%. On the losing side, Jain Resource Recycling dropped 32% and Amber Enterprises fell 13.2% amid heavy trading activity.

Foreign institutional investors (FIIs) remained net sellers during the week, pulling out around $574 million from Indian equities, while domestic institutional investors (DIIs) infused nearly $1.13 billion, helping support benchmark indices.

The report also highlighted significant block deals during the week, including ICICI Bank worth ₹2,779 crore, TCS worth ₹679 crore and Reliance Industries worth ₹520 crore.

On the macro front, the Indian rupee appreciated 0.28% against the US dollar to close at 95.71, while the 10-year government bond yield stood at 7.1%. Gold prices declined 1.2% during the week.

Nuvama further observed that 47% of Nifty 500 stocks are currently trading above their 200-day moving average, indicating a relatively neutral market breadth despite increased earnings-driven volatility.