The Indian benchmark indices ended 0.7 percent higher for the week on hopes that the new Narendra Modi government will take economic reforms to boost growth. The focus has shifted to the new cabinet formation with Nirmala Sitharaman becoming the new finance minister.
On Friday, the indices ended lower amid volatile trade dragged by banking, auto and metal stocks. Investors remained cautious ahead of Q4 GDP data due later today.
The BSE Sensex closed 118 points (0.3 percent) lower at 39,714, up 0.7 percent for the week, while the broader NSE Nifty50 ended 23 points lower (0.2 percent) at 11,923, up 0.7 percent for the week. The Nifty Midcap outperformed indices, adding 1.5 percent for the week.
Sectoral indices were mixed for the week. The Nifty IT index rose the most, up nearly 3.8 percent followed by the Nifty Energy (up 1.8 percent) and the Nifty Bank (up 0.7 percent). Meanwhile, the Nifty Auto fell 3.4 percent for the week, followed by the Nifty PSU Bank and the Nifty Pharma, which were down 2.4 percent and 1.8 percent, respectively.
Nifty Gainers
Tata Consultancy Services (TCS) was the top performer for the week on the Nifty50, up over 7 percent. Infosys and Tech Mahindra were the other IT stocks that gained during the week, up 4 percent and 3.3 percent, respectively.
GAIL gained 5.7 percent after the company recorded its highest ever profit after tax (PAT) in over three decades. PAT rose 30 percent to of Rs 6,026 crore for FY19 from Rs 4,618 crore FY18 on the back of better realisations.
Yes Bank rose 4.7 percent on reports that the private lender is planning to exit its asset management business.
IOC and BPCL gained 5.6 percent and 3.5 percent, respectively, for the week after crude oil prices fell to their lowest in nearly three months after US President Donald Trump said he would impose tariffs on imports from Mexico, stoking fears about the global economy.
Coal India, NTPC and HDFC were other top gainers for the week.
Nifty Losers
JSW Steel was the worst performing stock for the week, down 5.7 percent. Other major losers included auto stocks with Tata Motors falling 5.3 percent and HeroMoto Corp down 5.2 percent. Bajaj Auto, Eicher Motors, Maruti Suzuki and M&M also fell 2.8-5 percent during the week.
Zee fell 5 percent after global brokerages downgraded the stock and cut its target price even after the company's Q4 earnings beat Street estimates.
ITC and Bharti Infratel were other draggers for the week.
MidCap Gainers
In the midcap space, V-Guard Industries was the top performer, up 15.7 percent after its Q4 net profit for FY19 increased 115 percent year-on-year to Rs 59.24 crore. The net revenue for the period saw 12 percent rise to Rs 739.69 crore.
HPCL rose over 7 percent amid falling crude oil prices.
Among other gainers, Just Dial advanced 12.7 percent this week followed by Kaveri Seeds (up 12.5 percent), Nestle India (up 7.9 percent) and Indraprastha Gas (up 7.2 percent).
MidCap Losers
Torrent Pharmaceuticals was the top midcap loser for the week, down 7.2 percent after the company delivered its worst-ever quarterly performance. The company’s net profit declined 20 percent year-on-year at Rs 394 crore. Credit Suisse also downgraded and cut its target price to Rs 18,700 from Rs 23,221 apiece earlier.
Godfrey Phillips fell 9 percent for the week after the company reported a 17.97 percent decline in standalone profit to Rs 35.36 crore for the fourth quarter ended March 2019 due to impairment charges. The company had reported a profit of Rs 43.11 crore in the January-March quarter a year ago.
Among other losers, Divi's Labs fell 9.8 percent followed by Escorts (down 5.8 percent), CEAT (down 5.8 percent), United Breweries (down 5.5 percent) and Wockhardt (down 4.2 percent)
