The Indian benchmark indices ended over 0.5 percent lower for the week following negative global sentiment over higher crude prices amid the ongoing Middle East tensions and US-China trade war concerns.
On Friday, benchmark indices ended lower dragged by auto, banking and pharma stocks, as global sentiment remained negative. Uncertainty around the US-China trade negotiations and rising oil prices outweighed investor euphoria around the US Federal Reserve’s hints at future rate cuts.
The BSE Sensex closed 407 points (1 percent) lower at 39,194, down 0.6 percent for the week, while the broader NSE Nifty50 ended lost 108 points (0.9 percent) to 11,724, down 0.8 percent for the week. The Nifty Midcap was in-line with the indices, losing 0.9 percent for the week.
All sectoral indices, except the Nifty PSU Bank and the Nifty Realty, were down for the week. The Nifty Pharma index fell the most, down over 2.1 percent followed by the Nifty FMCG (down 1.8 percent), the Nifty Media (down 1.8 percent), the Nifty Energy (down 1 percent), the Nifty IT (down 0.5 percent) and the Nifty Metal (down 0.5 percent). Meanwhile, the Nifty PSU Bank and Nifty Realty indices rose 1 percent and 1.3 percent for the week.
Banking stocks were top performers for the week after US Fed signalled future rate cuts, as soon as in July. While ICICI Bank rose 3.1 percent, SBI and IndusInd Bank were up around 1.5 percent each.Zee Entertainment Enterprises Ltd gained 2.7 percent after HDFC AMC took
Subhash Chandra-led Essel Group exposure on its books. It has offered exits to investors of some fixed-maturity plans (FMPs) impacted by the Essel Group exposure.
PowerGrid was also up 2.7 percent after power regulator Central Electricity Regulatory Commission (CERC) allowed state-owned transmission utility Power Grid to offer towers to telecom companies for BTS (base trans-receiver station) installation to improve mobile connectivity, especially in remote rural areas.
Among other gainers, UltraTech Cement rose 2.1 percent, Bajaj Finserv was up 1.9 percent and Vedanta gained 1.7 percent.
UPL was the worst performing stock for the week, down 11.5 percent after HSBC raised concerns on declining soybean demand, pricing pressure from the US-China trade tensions and the African swine fever (ASF).
Indiabulls Housing Finance extended losses to fall 9 percent this week after it came under pressure last week after a plea was filed against it alleging misappropriation of Rs 98,000 crore of public money. However, the plea was later withdrawn from the Supreme Court by the petitioner Abhay Yadav.
Maruti Suzuki declined 4.9 percent after global brokerage house UBS downgraded its rating to sell from buy amid sharp volume decline. The research house also slashed its price target on the stock by 27.5 percent to Rs 5,800 from Rs 8,000 per share earlier.
Yes Bank lost 4.7 percent, extending their bear run after credit agency Moody's put the company under review for a downgrade. UBS also reduced its target price on concerns over its relatively high exposure to lower-rated companies.
Wipro slipped 4.3 percent during the week after a Reuters’ report said the US has told India that it was considering caps on H-1B work visas for countries that force foreign companies to store data locally.
Other losers include Adani Ports (down 5.7 percent), Britannia (down 4.6 percent), Axis Bank (down 3.7 percent) and IOC (down 3.7 percent).
OCL Iron was the top midcap gainer for the week, up 23.8 percent, followed by Talkwalkars Fitness (up 13.8 percent), Subex (up 8.7 percent), SeQuent Scientific (up 6.9 percent) and Majesco (up 6 percent).
Suzlon Energy soared 19.40 percent to Rs 4 at 14:43 IST on the BSE on media reports that the company's lenders will meet tomorrow to decide on the debt restructuring proposal for the firm.
Oberoi Realty gained 7.7 percent after an ICRA report said realty companies have reported robust sales and increased project launches in FY19 despite liquidity crisis.
Jain Irrigation was the top loser in midcap space, down 32.8 percent for the week after India Ratings downgraded the stock's Long-Term Issuer Rating to BBB from A-. It has currently being placed on 'Rating Watch Negative' (RWN).
Manpasand Beverages declined 14.4 percent after its chairman and managing director Dhirendra Singh said he is willing to step down from the day-to-day operations of the company over an alleged GST fraud and arrests of its top executives.
PC Jewellers lost 11.2 percent after Crisil downgraded ratings on the company’s bank loan facilities.Among other losers, HEG slipped 13 percent followed by Jet Airways (down 11 percent), DHFL (down 9.3 percent), and Kaveri Seed (down 5 percent).