The Indian benchmark indices snapped 3-week losing streak to end over 0.5 percent higher for the week following ahead of the highly anticipated meeting between the US President Donald Trump and Chinese President Xi Jinping at G20 Summit over the weekend.
On Friday, benchmark indices ended lower dragged by private banks and metal stocks, as global sentiment remained negative over the uncertainty around the US-China trade negotiations.
The BSE Sensex closed 192 points (0.5 percent) lower at 39,395, up 0.5 percent for the week, while the broader NSE Nifty50 ended lost 53 points (0.45 percent) to 11,789, up 0.5 percent for the week. The Nifty Midcap outperformed the indices, adding 1.4 percent for the week.
All sectoral indices, except the Nifty Media and the Nifty IT, were up for the week. The Nifty PSU Bank and the Nifty Realty indices rose the most, up over 4 percent each followed by the Nifty Pharma (up 2 percent). The Nifty Metal, the Nifty Fin Services and the Nifty Metal indices rose 1.7 percent each. The Nifty Bank added 1.5 percent while the Nifty Auto advanced 0.8 percent for the week. Meanwhile, the Nifty IT and the Nifty Media indices lost 1.6 percent and 0.4 percent for the week.
UPL was the best performer on the Nifty this week, up 5.3 percent after analysts said the company will not be impacted much because of the trade tensions and an outbreak of African swine fever. It was the worst performer last week after HSBC raised concerns on declining soybean demand, pricing pressure from the US-China trade tensions and the African swine fever (ASF).
NTPC rose 5 percent after the company won 40 MW solar energy projects in an auction conducted by Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). The projects shall be set up under EPCNSE 1.14 percent (engineering, procurement, and construction) mode and shall add to the installed capacity of NTPC, the company said.
Axis Bank advanced 4.9 percent on reports of likely share sale by the company. The bank is likely to consider a $1.3 billion share sale, reported CNBC-TV18 quoting news agencies.
Sun Pharma was up 4.7 percent after the company said one of its wholly-owned subsidiaries has entered into a licensing agreement with a subsidiary of China Medical System Holdings for the development and commercialisation of its dermatology products. The sentiment was also lifted after CLSA said it expects the stock to return 35 percent on its strong India positioning.
Among other gainers, Hindalco rose 4.8 percent, M&M added 4.4 percent, JSW Steel was up 3.5 and PowerGrid gained 3.5 percent.
IT stocks were under pressure this week on strong rupee and concerns over the US capping H1-B visas. Tech Mahindra, which was the worst performing stock on Nifty for the week, lost 4.4 percent, while, Infosys and Wipro fell 2.4 percent and 1.9 percent, respectively.
Britannia was down 2.9 percent on speculations over the resignation of its managing director Varun Berry from the company. However, the company later clarified, terming the speculations as "false" as well as "incorrect and baseless".
Asian Paints slipped 1.7 percent this week after LIC offloaded over 1.92 crore shares, or nearly 2 percent stake, through an open market transaction. Last week, rating agency CLSA retained its sell call on Asian Paints, India's largest paint maker, with a target price of Rs 1,285, due to weak return on equity.
Other losers include Bharti Infratel (down 3 percent), Eicher Motors (down 3 percent), IndusInd Bank (down 2.6 percent) and Reliance Industries (down 2 percent).
Torrent Pharma was the top midcap gainer for the week, up 15 percent after global brokerage house Credit Suisse retained its positive stance on the stock on the back of good India business.
DLF soared 6.2 percent after its promoters infused Rs 2,250 crore in the company against the issuance of new equity shares. The new infusion came through two holding entities including Rajdhani Investments & Agencies and DLF Urva Real Estate Developers & Services which has taken the promoters’ collective stake to 74.95 percent in the company.
Lupin rose 5.9 percent after global brokerage Credit Suisse upgraded stock to outperform from underperform and also raised price target to Rs 860 from Rs 800 earlier.
Canara Bank added 5 percent after it proposed to raise Rs 1,500 crore through bonds to fund business growth.
Among other gainers, REC was up 6.6 percent, followed by United Spirits (up 6 percent), Manappuram Finance (up 5.1 percent), Federal Bank (up 5.4 percent) and LIC Housing Finance (up 3.5 percent).
Glenmark Pharma was the top loser in midcap space, down 11.3 percent for the week after the pharma player said the US Food and Drug Administration has issued a Complete Response Letter (CRL) regarding the new drug application for Ryaltris.
TVS Motor Company declined 5.3 percent after global brokerage house Citi maintained sell rating on the stock. The research firm also reduced price target to Rs 430 from Rs 455 earlier, implying nearly 2 percent potential downside from current levels.
MindTree lost 4.2 percent on reports that Mindtree CEO Rostow Ravanan is likely to resign in a few weeks after infrastructure company Larsen and Toubro (L&T) acquired a majority stake in the IT company, sources told PTI.
Reliance Capital slipped 3.8 percent on the back of reports that the company is likely to defer the release of its fourth-quarter and full-year consolidated financial results which were scheduled to be announced today.Among other losers, Hexaware slipped 8.8 percent followed by Equitas (down 5.5 percent), Motherson Sumi (down 3.6 percent) and Sun TV (down 3.4 percent).