Amid Q4 earnings optimism, Indian shares ended higher on Friday on subdued Asian peers. Metal, IT and financial stocks lead the gains, while auto stocks fell the most.
During the week, the stock market swung between gains and losses to end flat as corporate results trickled in, while a spike in oil prices pressured shares and the rupee.
The benchmark BSE Sensex closed 0.9 percent (336 points) higher at 39,067, ending the week 0.2 percent lower. The broader NSE Nifty added 1 percent (113 points) to 11,755, flat for the week. The Nifty Midcap underperformed indices, falling 0.7 percent for the week.
Broader markets underperformed with the Nifty Midcap down 1.9 percent.
Among sectors, the Nifty Auto fell the most, down 5.3 percent followed by the Nifty Metal (down 2 percent) and the Nifty PSU Bank (down 1.6 percent) for the week. The Nifty IT was the best performing sector, up 2.6 percent followed by the Nifty FMCG, which gained 0.6 percent.
UltraTech Cement was the best performing stock this week, gaining over 8 percent after the company posted a 108 percent rise in its standalone net profit for Q4 at Rs 1,017.47 crore against Rs 487.95 crore in the same period last year. Another Aditya Birla Group Company, Grasim also rose 5.3 percent during the week.
ONGC rose 5 percent on the expectations of strong earnings in the January-March quarter (Q4FY19).
Zee Entertainment Enterprises was another top gainer, up 4 percent, after global brokerage firm Macquarie has reiterated ‘buy’ rating on the stock with a 36 percent upside. It said that the presence of five suitors, mostly global, reaffirms its view that there is a lot of interest in Zee at current valuations.
IT stocks like TCS, Wipro, HCL Tech, and Infosys were other top gainers on Nifty50 during the week, up between 2.9-4.1 percent.
Bharti Infratel shares cracked over 11 percent this week deals after CLSA downgraded the stock to "sell" from "outperform" post its March-quarter numbers. The company posted a consolidated net profit of Rs 608 crore in the fourth quarter, almost flat on the year.
Maruti Suzuki was another loser on the Nifty50 index, down 8 percent after it reported a fall in net profit for the fourth quarter ended March 31, hurt by industry-wide weak demand. The carmaker's net profit fell by 4.6 percent to Rs 1,795.6 crore. Tata Motors, HeroMoto Corp, M&M, and Eicher Motors were other auto stocks that slipped during the week.
Yes Bank fell 7 percent as the private sector lender is expected to post the biggest decline in profit in the last 12-15 quarters. The March-quarter result is due later in the day today.
Indiabulls Housing fell 8 percent during the week after the company reported a 7 percent year-on-year degrowth in consolidated profit at Rs 1,001.4 crore, missing analyst estimates.
In the midcap space, Bank of Maharashtra gained 21 percent as the board will consider fundraising on April 29, 2019.
Jaiprakash Power gained 23 percent this week followed by RPP Infra (up 20 percent), RPG Life (up 17 percent), Supreme Infra (up 11.4 percent), and KPR Mill (up 11.9 percent).
Reliance Communications fell 21 percent this week followed by Prakash Industries (down 19.3 percent), Eveready (down 17 percent), HEG (down 15.6 percent) and PC Jeweller (down 14.6 percent). HEG fell 15 percent as institutional investors reduced their stake in the company in the March quarter.
First Published: IST