The Indian benchmark indices ended around 2 percent lower for the week following after the Union Budget on July 5 failed to cheer the market.
Proposals like change in shareholding norms, a surcharge on foreign portfolio investors (FPIs), tax oh buybacks for listed companies kept the negative sentiment going.
The biggest fall during the week was witnessed on Monday when the indices fell over 2 percent post Union Budget.
On Friday, benchmark indices ended lower dragged by banking and financial stocks, tracking mixed global cues, ahead of key retail inflation and industrial production data due later today. Also, US trade officials will arrive in India today for a two-day visit for crucial trade negotiations.
The BSE Sensex closed 87 points (0.22 percent) lower at 38,736, down 2 percent for the week, while the broader NSE Nifty50 ended lost 35 points (0.3 percent) to 11,548, down 2.2 percent for the week. The Nifty Midcap was in-line with the indices, losing 2.2 percent for the week.
All sectoral indices, except the Nifty Pharma and the Nifty Media, were down for the week. The Nifty Infra and the Nifty PSU Bank indices fell the most, down over 3.7 percent each followed by the Nifty Fin Services (down 3.2 percent), the Nifty Consumption (down 3 percent), the Nifty Bank (down 2.8 percent), the Nifty Energy (down 2.8 percent) and the Nifty Auto (down 2.6 percent). Meanwhile, the Nifty Pharma and Nifty Media rose 2.7 percent and 0.5 percent for the week.
Sun Pharma was the top performer for the week, up 8.6 percent followed by Yes Bank, Adani Ports, Vedanta, Hero Moto Corp, Infosys, Zee Entertainment and Reliance Industries, up in the range of 1-8.6 percent.
Yes Bank gained 7 percent after it informed that it has appointed two top management leaders and confirmed that financial position is sound and stable. Rajeev Uberoi was appointed as senior group president - governance and controls and Anurag Adlakha as senior group president & head - financial management and strategy.
Vedanta gained 2.4 percent after a top official told PTI that is expecting 60-70 percent revenue growth over the next three years when its Rs 55,000-crore capex programme gets completed. The company has completed a Rs 10,000 capital expenditure in the just-concluded year.
Reliance Industries Ltd gained 1.2 percent after Reliance Jio has again emerged as the frontrunner when it comes to adjusted gross revenue (AGR) or earnings from mobile phone services for the quarter ending March 2019, says the Telecom Regulatory Authority of India in its latest report.
Titan was the worst-performing stock for the week, down 13.8 percent after the company reported a slowdown in its jewellery business in June quarter. Consequently, global brokerage Morgan Stanley and Credit Suisse also downgraded the stock to neutral.
Bajaj Finance fell 9 percent on slowdown concerns. “The recent increases in international crude prices; some high-frequency indicators — such as growth in manufacturing and capital goods, the Index of Industrial Production, auto sales — suggest a significant moderation in activity, amid a slowing global economy,” the company said in FY19 annual report. Bajaj Finserv also slipped 8 percent.
ONGC lost 7.8 percent after reports that it may lose PSU tag after equity dilution.
BPCL declined 6.6 percent after the government has proposed to put special additional excise duty of Re 1 per litre and road cess of Re 1 per litre on petrol and diesel in Union Budget 2019.
Other losers include Indiabulls Housing Finance (down 8.2 percent), Axis Bank (down 6.5 percent), Maruti (down 6.3 percent) and NTPC (down 6.7 percent).
Sugar stocks gained in the midcap space with Uttam Sugars gaining the most, up 9.4 percent as government mulls over new sugar export policy. Balrampur Chini also rose 8.7 percent.
Quess Corp rose 8.1 percent after ecommerce major Amazon's investment arm Amazon.com NV Investment Holdings invested Rs 51 crore in QDigi, a subsidiary of the Bengaluru-based Quess Corp, according to an exchange filing.
Among other gainers, Metropolis Healthcare rose 8 percent, while GNA Axles, SPARC, and Apollo Hospitals were up 8 percent, 6.8 percent and 4.5 percent, respectively.
Dilip Buildcom was the worst midcap performer for the week, down 10.5 percent followed by REC (down 9 percent), Chennai Petro (down 8 percent), Bajaj Finserv (down 8 percent), Goa Carbon (down 7.4 percent), Bajaj Electricals (down 7 percent) and Graphite India (down 6.2 percent).REC declined 14.4 percent after exclusion in the Nifty CPSE index of state-owned companies.