Indian equity market tanked on Friday, dragged by energy and financial stocks after the Reserve Bank of India in a surprise decision kept key policy rates unchanged.
The benchmark BSE Sensex closed down 2.25 percent at 34,376.99, its biggest percentage loss since February 2. The broader NSE Nifty ended 2.67 percent lower at 10,316.45, its biggest percentage fall since November 11, 2016.
For the week, the Nifty fell 6.1 percent, while the Sensex shed 5.1 percent, their sharpest drop since the week ending February 12, 2016. Among broader and sectoral indices, the Nifty Bank slipped 3.2 percent this week, while midcaps declined by 3.1 percent.
Auto emerged as the biggest loser this week with the Nifty Auto down by 7 percent. Another major loser was the Nifty FMCG, which declined 6.3 percent.
Top gainers this week:
Yes Bank: Shares surged 12.2 percent this week recovering from last week’s 52-week low of Rs 165. The stock though ended in the red at close, down by 5.14 percent at Rs 203.95.
Indiabulls Housing Finance: Shares of NBFC ended 6.33 percent lower at Rs 890.10, but overall surged 6.4 percent this week.
Hindalco: Shares slumped 4.92 percent to close at Rs 239.45. For the week, Hindalco shares were up 5 percent.
ICICI Bank: The private sector lender's shares have edged up 0.57 percent this week after Chanda Kochhar took early retirement and the bank's board appointed Sandeep Bakshi as new managing director and chief executive officer.
Top losers this week:
HPCL: Shares of Hindustan Petroleum Corp. Ltd fell 34.8 percent on a weekly basis. At close, the public sector company's scrip quoted at Rs 163.95, a tad above its 52-week low, sharply lower by 24.50 percent.
BPCL: Another oil marketing company, whose shares declined 29.1 percent this week and slumped to Rs 266.25 at close, sinking 19.60 percent. Intraday, it touched a 52-week low of Rs 238.55.
IOC: Indian Oil Corp. shares also slide to its 52-week low today at Rs 105.25, but recovered a bit to close at Rs 117.50, down by 16.25 percent. This week IOC shares tanked 23.4 percent.
ONGC: Shares fell 17 percent this week and also ended in the red at close today, plunging 14.68 percent to Rs 147.10. The PSU shares touched Rs 145.60, its 52-week low.
Reliance Industries: The oil-to-telecom conglomerate also lost 16.6 percent this week and ended sharply lower amid oil marketing companies (OMC) carnage. The stock quoted at Rs 1,049, lower by 6.53 percent at close.
Eicher Motors: Shares of automobile company dipped 12.4 percent this week and ended at Rs 21,025, or 4.03 percent lower at close.
Among midcap gainers, shares of IL&FS Engineering jumped 89.1 percent, while IL&FS Investment gained 32.3 percent after the government appointed a new board headed by banker Uday Kotak.
Bhushan Steel surged 21.1 percent this week among other major gainers, which also included Mukta Arts up by 18.9 percent, Viceroy Hotels up 18.6 percent and DEN Networks up 13.9 percent.
Among midcap losers, Central Bank shares went down by 18.8 percent, S Chand plunged 17.3 percent and United Breweries slumping 16.3 percent. Kansai Nerolac shares slipped 14 percent and automobile major Ashok Leyland’s shares dropped by 9.5 percent.
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First Published: IST