The Nifty 50 and Sensex ended in red for a third week on a row on Friday, marking their longest losing streak of 2024, even as today’s gains helped mitigate the weekly losses.

On Friday, the Sensex rose 218 points to 81,225 and the Nifty gained 104 points to 24,854.

Financial stocks led the market’s recovery, with the Nifty Bank index rising 2%, driven by strong performances from ICICI Bank and HDFC Bank.

The market staged a significant recovery, primarily propelled by financials sub-index, which ended 1.5% higher. The Nifty Bank index increased by 805 points to 52,094, while the midcap index rose by 257 points to 58,723.

In corporate news, Bengaluru-based IT services provider Wipro Ltd. gained as much as 5% in reaction to their September quarter earnings, which exceeded expectations across all key parameters except its Q3 guidance.

Axis Bank rose 6% as the bank delivered a decent Q2 performance, with net profit rising up to ₹6,918 crore, driven by robust core lending income and strong credit demand.

Zee Entertainment gained more than 5% on reporting strong September quarter results on Friday, which saw its net profit increase from last year, margins expand, along with an important corporate development.

Infosys faced profit booking, ending down 4% after its quarterly results.

LTIMindtree slipped over 6%, a day after the IT services firm reported its earnings for the July to September 2024 period, which were largely in line with CNBC-TV18 poll estimates.

City gas companies were under pressure after a cut in APM gas allocation, with stocks falling by up to 15%.

Manappuram Finance dropped 15% as the gold financing company received multiple downgrades and price target cuts from brokerages after the Reserve Bank of India asked its subsidiary Asirvad Micro Finance to stop sanctions and disbursals of loans.

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