Tepid global cues owing to a sharp dip in emerging market currencies, including the Indian rupee, and the ongoing concerns over US-China trade war had a contagion effect on the Indian market for the large part of the week. Benchmark indexes, the BSE Sensex and the NSE Nifty 50, traded volatile and pulled market from the recent highs seen in late August.
On Friday, the BSE Sensex ended 147 points higher at 38,390, up by 0.38 percent, while the NSE Nifty 50 gained 0.45 percent to close higher by 52 points at 11,589. But on a weekly basis, Sensex ended 0.6 percent lower, while the Nifty too shed 0.8 percent.
Persisting weakness in rupee and higher crude oil prices came as a double blow for banks which turned out to be among the worst performers for the week as reflected in Nifty Bank’s over 2 percent decline, while PSU Bank also slipped by a massive 5.4 percent. FMCG and Realty shed 4.7 percent and 3 percent, respectively.
IT and Pharma stocks surged riding on the weak rupee as it boosted optimism for higher export earnings. Nifty IT rose 2 percent, while Nifty Pharma surged 2.6 percent this week. Nifty Metal also gained 1.6 percent.
Nifty gainers for the week
Wipro: Shares of the IT services firm edged up 0.65 percent to end at Rs 323.30. For the week, Wipro gained 8 percent.
Bajaj Auto: For the week, the homegrown two- and-three wheeler automobile company surged 6.5 percent. The stock quoted at Rs 2,926 at the close, soaring by 5.13 percent.
Dr Reddy's Labs: Shares settled at Rs 2,625, adding Rs 58.05 in value or by 2.26 percent. For the week, shares rose 5 percent.
Tata Motors: The Tata Group's automobile company's stock surged 4 percent this week and ended 2.63 percent higher on Friday at close to trade at Rs 277.05.
Tata Steel: Another Tata Group stock surged 3 percent on a weekly basis. It closed at Rs 616 on Friday, rising by 2.62 percent.
Other major gainers on the NSE index were Lupin which rose 3 percent. Oil-to-telecom conglomerate Reliance Industries ended the week higher by 2.8 percent. HCL Techologies also posted 2.6 percent gains for the week.
Nifty losers for the week
Hindustan Unilever: Shares of the FMCG major dipped 8 percent this week on account of profit-booking. The stock quoted at Rs 1,632.40 at the end, higher by 1.48 percent.
Zee Entertainment: The Essel group media company ended flat on Friday at Rs 470.50, marginally up by 0.02 points, but overall declined 6 percent this week.
SBI: The public sector lender's stock traded weak for the last seven days, dropping by 6 percent. At close today, it traded at Rs 291.10, lower by 1.80 percent.
Yes Bank: For the week, shares declined 6 percent, and on Friday further declined by 4.58 percent to settle at Rs 323.65. The stock was the top drag on Nifty and Nifty Bank index.
UltraTech Cement: Shares lost 4.6 percent in value this week but ended higher by 2.92 percent to settle at Rs 4,274.60.
Other major losers were ONGC which was down by 4.5 percent, while Maruti Suzuki slipped by 4 percent. Asian Paints, Bajaj Finance and Grasim each declined by 4 percent.
Among midcap gainers this week, Texmo Pipes surged 61 percent, while Hathway Cable soared 24.5 percent. Usha Martin and Suven Life Science rose 15 percent and 11 percent, respectively. Bombay Rayon shares were higher by 27 percent and Muthoot Finance gained 11 percent for the week.
BEL turned out to be among the worst midcap performers, slipping by 19 percent, while Sanghvi Movers was down 17 percent. Srei Infra lost about 10 percent in value.
First Published: IST