Indian shares ended the week a percent higher with both the benchmark indices hitting record highs during the week. The Sensex rose as much as 804 points during the week to hit a fresh high of 41,163.8, while the Nifty rallied 224 points to its record high of 12,158.8 on November 28.
Indian shares ended lower on Friday dragged by banks, auto, and metal indices ahead of the Q2 GDP data later today. Investors remained cautious on expectations of slower economic growth in the September quarter and as rising uncertainty over a Sino-US trade deal hurt demand for risk assets.
The BSE Sensex settled 336 points lower at 40,794, while the Nifty lost 95 points to end at 12,056. For the Week Sensex rose 1.1 percent, while Nifty was up 1.2 percent.
Among sectoral indices this week, the Nifty Metal and Nifty PAU Bank surged 4 percent each, while the Nifty Bank rose 2.7 percent, Nifty Realty added 2.2 percent, while Nifty Pharma was up 1.5 percent. However, Nifty Media lost 7.3 percent this week.
Bharti Infratel, IndusInd Bank, UPL, Yes Bank, and Tata Steel were the top gainers for the week, up between 5.5 and 19 percent.
Bharti Infratel surged 19 percent this week aided by a spike in volume. The stock was also lifted after sources told CNBC-TV18 that telecom service providers Bharti Airtel and Vodafone Idea are likely to increase the prices of their services by up to 30 percent. Bharti Airtel was also up 5 percent for the week.
Shares of Yes Bank rose 5.6 percent this week after the private sector lender announced that the board will meet on November 29 to discuss fundraising plans. Edelweiss Securities also upgraded the stock to ‘Buy’ with a target price of Rs 101, indicating an upside of 40 percent from the current market price.
Zee, L&T, M&M, PowerGrid, Cipla, and Wipro were the top laggards on the Nifty50 index for the week, down between two and 20 percent.
Zee plunged 20 percent this week after Subhash Chandra resigned as board chairman of the company with immediate effect. The sentiment was also negative after two former directors of Zee, who resigned from its board, had raised concerns over several issues, including Rs 2,200 crore film advance given in 2018-19, according to a regulatory filing by the firm.
L&T declined 3.5 percent after global brokerage house Credit Suisse downgraded the stock to neutral from outperform earlier, citing slowing orders. The research house also slashed price target by 16 percent to Rs 1,460 (from Rs 1,750 earlier), implying 5.8 percent potential upside from current levels against the earlier expected upside of 26.8 percent.
Mid-Cap gainers and losers
Future Consumer emerged as the biggest gainer among midcaps, rising 23 percent this week after the Competition Commission of India (CCI) said it has approved Amazon.com NV Investment Holdings' proposal to acquire about 49 percent share in Future Coupons (FCL) - a subsidiary of Future Group.
Indiabulls Housing surged 22 percent this week after the Ministry of Corporate Affairs (MCA) found no signs of foul play in the loans cited by a PIL. The PIL had raised concerns and allegations based on loans extended by IHFL to DLF, Amricorp, ADRG, Vatika and Chordia. The sentiment was also raised after global brokerage CLSA retained 'buy' call on the stock and raised its target price to Rs 450 per share from Rs 350 earlier.
Indiabulls Ventures, JSPL, Union Bank of India, Torrent Pharma, and LIC Housing Finance were the other major midcap gainers, up 10-15 percent.
Among losers, Dish TV, Reliance Infra, Reliance Capital, DHFL, Bharat Electronics, and Cummins India lost between 4.5-19 percent.
Dish TV lost 19 percent after rating agency CARE has downgraded ratings for short term bank facilities of Dish TV India Ltd’s (DTIL) from “A3 +” to “A4+” on weakening credit profile of the company at a consolidated level.
Reliance Capital declined 7 percent after the company said it had defaulted on payments obligations on bonds and interest generated towards the same.