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Markets This Week: Sensex, Nifty end nearly 1% lower; Coal India top gainer, Indiabulls Housing top loser

Markets This Week: Sensex, Nifty end nearly 1% lower; Coal India top gainer, Indiabulls Housing top loser

Markets This Week: Sensex, Nifty end nearly 1% lower; Coal India top gainer, Indiabulls Housing top loser
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By Pranati Deva  Sept 6, 2019 4:56:47 PM IST (Published)

Indian benchmark indices ended nearly one percent lower for the week after seeing heavy sell-off earlier in the week on worries of slowing economic growth.

Indian benchmark indices ended nearly one percent lower for the week after seeing heavy sell-off earlier in the week on worries of slowing economic growth.

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India's GDP growth in the first quarter of the current fiscal slipped to an over six-year low of five percent as consumer demand weakened and government spending slowed. Investors also remained cautious as the rupee weakened.
The currency had fallen to its year's lowest of Rs 72.40 on Tuesday. But some recovery in domestic equity markets and a broad slide in the US dollar against other currencies helped the rupee recover a bit after the sharp fall.
For the week, the NSE Nifty and the BSE Sensex were down 0.7 percent and 0.9 percent, respectively.
On Friday, Indian shares ended higher, in line with gains in broader Asia, as US-China trade tensions eased. The gains were led by banking and auto stocks with index heavyweights like Kotak Bank, Axis Bank and Maruti Suzuki lifting the indices. The Sensex ended 337 points higher at 36,982, while the broader Nifty50 index added 98 points to end the day at 10,946.
Sectoral indices were mixed for the week. The Nifty Metal gained the most, up 3 percent followed by the Nifty Auto (up 1.3 percent). Meanwhile, the Nifty PSU Bank fell 3.8 percent, while the Nifty FMCG lost 2 percent for the week. The Nifty Bank slipped 0.6 percent and the Nifty Media declined 0.5 percent for the week.
Nifty Gainers
Coal India was the top Nifty performer for the week, up over seven percent on a slew of positive global developments lifted investor sentiment after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war before it inflicts further damage on the global economy.
BPCL rose 6.8 percent after the international benchmark for crude oil prices fell during the week after an industry report showed US crude stockpiles rose last week, against analyst expectations of a decline.
Dr Reddy's gained 6.7 percent on launching the anti-smoking drug in US market. The company announced the launch of Bupropion Hydrochloride extended-release tablets, USP (SR), a therapeutically equivalent generic version of Zyban tablets, approved by the US Food and Drug Administration (USFDA).
Tech Mahindra rose 4 percent after the company announced a strategic and possibly largest-ever deal with leading American network operator AT&T worth $1 billion.
Among other gainers, ONGC rose 5.6 percent, NTPC added 4.8 percent, Tata Motors was up 3.9 and IOC gained 3.8 percent.
Nifty Losers
Indiabulls Housing was the worst performer for the week, down 6.5 percent after reports claimed public interest litigation (PIL) was filed against the company and its promoters in Delhi High Court on allegation of siphoning off funds.
Sun Pharma shed 5.6 percent after the company said that a forensic audit has been ordered by Sebi with respect to the financial statements of Sun Pharmaceutical Industries Ltd for the financial years ending March 31, 2016, March 31, 2017, and March 31, 2018.
Other losers included HDFC (down 5.8 percent), Asian Paints (down 5.2 percent), ICICI Bank (down 4.3 percent) and IndusInd Bank (down 4.7 percent).
Midcap Gainers and Losers
Shankara was the top midcap gainer for the week, up 39.8 percent, followed by Prabhat Dairy, which was up 30.3 percent, SPIC (up 16.8 percent), Orissa Mineral (up 12.3 percent), Hinduja Global (up 8.8 percent) and IndiaMart (up 20.6 percent).
Prabhat Dairy gained 30 percent for the week after the company's board decided to voluntary delist the equity shares from the bourses. The promoters of Prabhat Dairy are intending to acquire about 4.8 crore equity shares or 49.90 percent stake from the shareholders.
Meanwhile, Cox & Kings was the worst-performing midcap for the week, down 21 percent, followed by Coffee Day (down 18.4 percent), Hathway Cable (down 15.3 percent), Suzlon Energy (down 13.5 percent) and Indiabulls Ventures (down 12 percent).
Coffee Day Enterprises fell over 18 percent on reports that the lenders have temporarily shelved a plan to sell a controlling stake in the unit that owns the Café Coffee Day (CCD) chain.
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