The mayhem continued this week as well, as sentiment remained jittery over the fate of Greece following the inconclusive elections. The leaders failed to cobble together a new government, prompting the Greek President to declare fresh polls in June. Greek banks came under pressure as people started withdrawing deposits and the ECB reportedly shut its lending tap. Greece also suffered another rating downgrade from Fitch. Meanwhile, Spain too hogged the limelight due to growing concerns over its fragile banking sector.
Back home, the rupee plummeted to a record low amid rising risk aversion and worsening external account. The RBI has tried to check the rupee’s fall but the efforts haven’t yielded the desired results. The FM blames global problems for India’s sluggish performance and coalition compulsions for slow policy action.
So, hoping for a big-bang push to reforms is likely to be met with disappointment. SBI’s results lifted the sagging spirits on Friday, but the same is unlikely to sustain for long. Markets will continue to be driven by eurozone events, earnings and rupee. Be watchful as things remain largely uncertain.
Finally, the Nifty lost 0.5% this week to close at 4906.
Sensex top gainers: The top gainers in the Sensex were SBI (up 4.7%), Infosys (up 3.1%), ITC Ltd (up 2.3%), L&T (up 2%) and Ranbaxy Labs (up 1.8%).
Sensex losers: The top losers in the Sensex were Tata Motors (down 12.6%), BHEL (down 9.2%), Reliance Infra (down 7.7%), Maruti Suzuki (down 5.6%) and Hindalco (down 4.6%).
The BSE IT Index (up 0.5%): The top gainers in the IT sector were Infosys (up 3.1%), Satyam Computer (up 1.9%), Patni Computer (up 0.7%), Financial Techno (up 0.4%).
The top losers in the IT sector were Oracle Financial (down 6.7%), Sasken (down 3.3%), Wipro (down 2.4%), TCS (down 1.6%) and HCL Tech (down 1.1%).
The BSE Healthcare Index (up 0.7%): The top gainers in the Pharma space were Divi’s Labs (up 11.3%), Dishman Pharma (up 10.6%), Lupin (up 4%), Cadila (up 3%) and Sun Pharma (up 1.9%).
The top losers in the Pharma were Torrent Pharma (down 8.4%), Piramal HC (down 6.1%), Ipca Labs (down 4.9%) and Pfizer (down 4.8%).
The BSE Banking Index (down 1%):The top gainers in the banking space were SBI (up 4.7%), Kotak Bank (up 1.7%) and Andhra Bank (up 1.4%).
The top losers in the banking space were Karnataka Bank (down 6.5%), Yes Bank (down 5.2%), Canara Bank (down 5.1%), Axis Bank (down 5.1%) and Union Bank of India (down 4.4%).
The BSE Auto Index (down 5.6%):The top losers in the auto space were Tata Motors (down 12.6%), Hindustan Motors (down 8.5%), Ashok Leyland (down 6.7%), Maruti Suzuki (down 5.6%) and Eicher Motors (down 2.8%).
The BSE Oil & Gas Index (down 1.1%):The top gainers in the oil & gas space were MRPL (up 4.4%), BPCL (up 3.5%), IOC (up 3.4%), HPCL (up 2.4%) and Cairn India (up 1.1%).
The top losers in the oil & gas space were Gujarat NRE Coke (down 8.7%), Jindal Drilling (down 5%), Chennai Petro (down 4.4%), Essar Oil (down 3.1%) and GSPL (down 3%).
The Cement Sector: The top gainers in the cement sector were Ultratech Cement (up 2.8%), Prism Cement (up 1.9%) and Birla Corp (up 0.9%).
The Telecom Sector: The top losers in the telecom were Gemini Communication (down 23.4%), Shyam Telecom (down 9.9%), RCOM (down 4.3%), MTNL (down 3.5%) and Bharti Airtel (down 3.5%),
The Realty Sector (down 0.3%): The top losers were Anant Raj Inds (down 5.3%), Ansal Props (down 5.1%), HDIL (down 3.8%), Parsvnath (down 2.3%) and Omaxe (down 1.9%).
The Metals sector (down 0.3%):The top losers in the metals sector were Tata Metaliks (down 8.3%), Tata Sponge Iron (down 8.1%), Adhunik Metaliks (down 7.9%), JSW Steel (down 4.5%) and Ispat Industries (down 4.2%).
Sensex ends near day’s high…SBI, banks shine