Indian benchmark indices ended 1.2 percent lower for the week for the third week in a row amid weak corporate earnings and continued selling by foreign investors. Selling in broader Asian markets and a weaker Indian rupee also weighed on the market.
On Friday, Indian benchmark indices snapped six days of losses to end marginally higher, led by gains in financials and auto stocks. However, energy and IT stocks capped the gains.
The BSE Sensex closed 52 points (0.14 percent) higher at 37,883, down 1.2 percent for the week, while the broader NSE Nifty50 ended adding 32 points (0.3 percent) at 11,284, down 1.2 percent for the week. The Nifty Midcap fell 1.6 percent for the week.
Sectoral indices were mixed for the week. The Nifty PSU Bank index fell the most, down 5.1 percent followed by the Nifty Metal (down 1.8 percent), the Nifty Bank (down 1.5 percent), the Nifty Realty (down 1.1 percent) and the Nifty Infra (down 1 percent). Meanwhile, the Nifty Media index surged 5.6 percent for the week. Nifty Pharma advanced 1.7 percent, while Nifty Consumption was up 1.1 percent.
YES Bank was the top performer for the week, up 15.44 percent on media reports that TPG Capital’s Indian private equity arm and Advent International Corporation are among institutional investors that may infuse fresh capital into the lender.
Zee was second on the list, up 14.34 percent after the company posted 54 percent year-on-year (YoY) jump in its consolidated net profit of Rs 530 crore in Q1FY20, on lower taxes and improved operating performance as compared to a profit of Rs 344 crore in the year-ago quarter.
Asian Paints gained 11.45 percent after it reported a 17.90 percent increase in consolidated net profit at Rs 672.09 crore in Q1 helped by the double-digit volume growth in the decorative business segment in India.
Sun Pharma extended gains to rise 4.33 percent this week after Morgan Stanley 'double upgraded' the stock on hopes of earnings revival last week.
Among other gainers, Bharti Infratel advanced 3.9 percent, Dr Reddy's Labs added 3.5 percent and Hero MotoCorp gained 3.14 percent.
UPL was the worst performer for the week, down 6.8 percent followed by Adani Ports (down 6.13 percent), HDFC (down 5.88 percent) and Coal India (down 5 percent).
HDFC fell 5.9 percent on concerns that sluggish auto industry and pressure in micro, small and medium enterprises and agriculture sector is likely to impact the growth going ahead.
Tata Motors fell 4.9 percent after its net loss doubled to Rs 3,679.66 crore for Q1 dented by muted volume growth in domestic business as well as in its British arm Jaguar Land Rover. Fitch also downgraded the auto major's rating to 'BB-' from 'BB' with a negative outlook.
HDFC Bank fell 4.2 percent after its gross non-performing assets increased 23.38 percent YoY to Rs 11,768.95 crore in Q1. The net profit of the largest private sector lender in the country was at Rs 5,568 crore during the April-June period, up 21 percent on a year-on-year basis.
Graphite India was the top midcap gainer for the week, up 16.7 percent, followed by Phillips Carbon (up 15.7 percent), Torrent Pharma (up 10.4 percent), Amara Raja Batteries (up 6.6 percent), IndiGo (up 7.9 percent), ICICI Prudential (up 5.6 percent), Tata Global (up 4.1 percent), and MindTree (up 3.3 percent).
Torrent Pharma rose 10.4 percent after its profit in June quarter grew 32.5 percent and revenue increased 8 percent compared to year-ago. Global brokerages also remained bullish on the stock, expecting a double-digit return from current levels.
Amara Raja Batteries gained 6.6 percent after its Q1 standalone net profit jumped 24.7 percent to Rs 140.9 crore versus Rs 113 crore, while revenue rose 2 percent at Rs 1,814.9 crore versus Rs 1,778.7 crore, YoY.
IndiGo gained 7.9 percent after its PAT soared 43 times to Rs 1,203.10 crore in the June quarter compared with Rs 27.80 crore in the same quarter last year.
M&M Finance was the worst midcap performer for the week, down 17.9 percent followed by Canara Bank (down 9.4 percent), Just Dial Kings (down 9.3 percent), Kajaria Ceramics (down 9.3 percent), RBL Bank (down 8.7 percent), Shriram Transport (down 8 percent) and Manappuram Finance (down 8 percent).M&M Finance fell 17.9 percent after it reported a sharp 75 percent YoY decline in its standalone net profit at Rs 68 crore in the April-June quarter (Q1FY20), due to higher provisioning for stressed assets.