Indian benchmark indices ended nearly 2 percent lower for the week as investors remained cautious in the absence of an announcement about a government fiscal stimulus package to curb slowdown and rollback of foreign portfolio investment (FPI) surcharge.
For the week, the NSE Nifty and the BSE Sensex were down 1.9 percent and 1.7 percent, respectively.
On Friday, benchmark indices ended higher led by gains in metal, IT and banking stocks. The sentiment was lifted on hopes that the government may roll back foreign portfolio investors (FPI) surcharge. The Sensex ended 228 points higher at 36,701, while the broader Nifty50 index added 88 points to end the day at 10,829.
All sectoral indices, except the Nifty Pharma and the Nifty Auto, were down for the week. The Nifty PSU Bank fell the most, down 7.7 percent followed by the Nifty Metal (down 5.1 percent). The Nifty Bank fell 4.4 percent, while the Nifty Finance lost 3.7 percent for the week. Meanwhile, the Nifty IT gained 2.9 percent and the Nifty Pharma was up 1.3 percent for the week.
Maruti Suzuki was the top Nifty performer for the week, up 4.7 percent, followed by tech stocks. TCS, Tech Mahindra, Infosys and HCL Tech rose in the range of 2.2-4.3 percent for the week as rupee tumbled to 8-month low, breaching Rs 72 per dollar.
Sun Pharma also rose 3.2 percent for the week after the United States Food and Drug Administration (USFDA) classified the company's Halol plant as 'No Action Indicated'. No Action Indicated means no objectionable conditions or practices were found during the inspection (or the significance of the documented objectionable conditions found does not justify further action).
Among other gainers, Dr Reddy's rose 2.2 percent, Lupin added 1.3 percent, Zee was up 1 and NTPC gained 0.6 percent.
Yes Bank was the worst performer for the week, down 25 percent amid concerns over its 12.6 percent stake in CG Power and Industrial Solution, which is under fire for alleged financial irregularities and unauthorised transactions.
Tata Motors slumped 8 percent after China’s Geely Automobile Holdings reported a 40 percent skid in the midst of a sustained downturn in the world’s biggest auto market, which led traders to worry about sales at Tata Motors China.
Other losers included Indiabulls Housing (down 15.2 percent), IndusInd Bank (down 8.9 percent), UltraTech Cement (down 8.2 percent) and Bajaj Finserv (down 7.3 percent).
Midcap Gainers and Losers
Coffee Day Enterprises was the top midcap gainer for the week, up 27.4 percent, followed by 63 Moons, which was up 25.8 percent, Cineline India (up 19.4 percent), VRL Logistics (up 4.6 percent), Tata Elxsi (up 4.1 percent) and BEL (up 3.9 percent).
Coffee Day surged 27.4 percent after it announced divestment in Global Village Tech Park held by its subsidiary Tanglin Developments for an aggregate consideration of Rs 2,600-3,000 crore.
63 Moons rose 25.8 percent after a favourable court judgment. The Bombay High Court ruled on August 22 that the National Spot Exchange Limited (NSEL) was not a financial establishment and hence, the attachment of assets of its promoter, 63 Moons Technologies, under the Maharashtra Protection of Interests of Depositors in Financial Establishments Act (MPID) Act was not valid.
Meanwhile, Sterlite Tech was the worst-performing midcap for the week, down 16.8 percent, followed by DLF (down 14.4 percent), Jet Airways (down 14.4 percent), Vodafone India (down 10.9 percent) and GIC (down 8.3 percent).
DLF fell over 14 percent after the Supreme Court issued a notice to the company for suppressing material information from shareholders.
Jet Airways plunged 14 percent after Enforcement Directorate on Thursday conducted search operations at the residence of Jet Airways founder Naresh Goyal in connection with alleged violations of Foreign Direct Investment (FDI) norms.Vodafone Idea fell 10.9 percent after its chief executive officer Balesh Sharma stepped down. The situation was worsened by additional loss of subscribers in June.