Stock market today: Indian benchmark indices closed lower in Friday’s session, May 16, following a seven-month high in the previous trading session, as a sharp reversal in domestic technology stocks pulled the market down. However, losses were limited due to strong gains in realty, media, auto, and consumer goods stocks. 

The Nifty 50 ended with a mild cut of 42 points, or 0.17%, to settle above the 25,000 mark at 25,019, while the Sensex fell by 200 points, or 0.24%, to close the session at 82,330. Both indices wrapped up the week with healthy gains of over 4%. Broader markets posted even stronger gains, with the Nifty Midcap 100 rising 7.21% this week and the Nifty Smallcap 100 rallying by an even sharper 9%.

Although the markets took a slight pause in today’s session, defence stocks continued to roar, with companies such as Cochin Shipyard, Mazagon Dock Shipbuilders, and Garden Reach Shipbuilders gaining up to 12.1%.

Apart from the improved market sentiment toward defence stocks, their stellar performance in the March quarter has also supported the continued rally in these domestically focused companies.