Indian indices managed to eke out slim gains for the week, as investors showed some resilience in the face of relentless bad news. The RBI didn’t oblige the markets and held policy rates steady. However, it might have to swing into action if the global situation deteriorates further.
The BSE Sensex and the NSE Nifty ended almost unchanged at 16972 and 5146 respectively.
A sharp drop in crude oil was one of the driving forces for this week’s advance but the rupee hit record low versus the US dollar, partly negating the good news. Markets chose to overlook downgrade of India’s outlook by Fitch, slow progress of monsoon and elevated retail inflation.
Indian markets have shown commendable resilience lately, notwithstanding a plethora of macro-economic headwinds. Some of that could be attributed to hopes of some reforms post the presidential elections. An imminent change of guard at the North Block may also aid the sentiment.
One of the big risks is from monsoon. The eurozone crisis continues to keep investors on the edge. The Indian market could remain choppy and rangebound in the near term. Any breakout will hinge on policy intervention – domestic and/or global.
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Sensex top gainers: The top gainers in the Sensex were ONGC (up 5.1%), Hero Motocorp (up 4.3%), Reliance Power (up 4%), Reliance Infra (up 3.2%) and L&T (up 2.9%).
Sensex losers: The top losers in the Sensex were Hindalco (down 5.3%), TCS (down 3.1%), Reliance Industries (down 2.2%), Infosys (down 1.9%) and DLF (down 1.6%).
The BSE IT Index (down 2%):The top gainers in the IT sector were Financial Tech (up 8%), Mphasis (up 4.3%), Sasken Communication (up 2.7%), Wipro (up 0.5%) and Oracle Financial (up 0.3%)
The top losers were TCS (down 3.1%), HCL Tech (down 2.7%), Infosys (down 1.9%) and Mahindra Satyam (down 1%).
The BSE Healthcare Index (up 2%):The top gainers in the Pharma space were Dishman Pharma (up 19.9%), Cadila Healthcare (up 7.2%), Piramal Healthcare (up 6.7%), Strides Arcolab (up 5.9%) and Morepen Labs (up 4.9%).
The top losers in the Pharma space were Torrent Pharma (down 1.8%), Glenmark Pharma (down 1.5%), Fresenius Kabi (down 1.1%) and Zandu Pharma (down 0.5%).
The BSE Banking Index (down 0.2%): The top gainers in the banking space were Allahabad Bank (up 4.4%), Andhra Bank (up 3.7%), Federal Bank (up 3%), Yes Bank (up 1.7%) and Oriental Bank of Commerce (up 1.2%).
The top losers in the banking space were Indian Overseas Bank (down 6%), Union Bank Of India (down 3.6%), Canara Bank (down 1.9%), Axis Bank (down 1.8%) and Punjab National Bank (down 1.5%).
The BSE Auto Index (up 1.4%): The top gainers in the auto space were Hero Motocorp (up 4.3%), Hindustan Motors (up 3%), Tata Motors (up 2.8%), Swaraj Mazda (up 2.5%) and Bajaj Auto (up 1.2%).
The top losers were Ashok Leyland (down 3.5%), Eicher Motors (down 2.7%), Maruti Suzuki (down 0.4%) and M&M (down 0.1%).
The BSE Oil & Gas Index (up 1%):The top gainers in the oil & gas space were Hindustan Oil (up 14.2%), Hindustan Petro (up 11.5%), Indian Oil Corp (up 9.1%), Essar Oil (up 5.1%) and ONGC (up 5.1%).
The top losers were Jindal Drilling (down 2.8%), Reliance Industries (down 2.2%), Chennai Petroleum (down 1.3%), Great Offshore (down 1.2%) and Cairn India (down 0.8%).
The Cement Sector: The top gainers in the cement sector were Shree Cement (up 9.4%), India Cements (up 1.8%), Grasim Ind (up 1.6%), Mangalam Cement (up 1.2%) and Kakatiya Cement (up 1.2%).
The top losers were Birla Corp (down 2.5%), Prism Cement (down 2.3%), Binani Indus (down 1.9%), Gujarat Sidhee (down 1.8%) and Madras Cements (down 1.2%).
The Telecom Sector: The top losers in the telecom space were RCom (down 8.1%), Gemini Comm (down 7.5%), Shyam Telecom (down 1.7%), TTML (down 1.5%) and Idea Cellular (down 1.2%).
The top gainers were WWIL (up 5%) and Tata Communication (up 3%).
The Realty Sector (up 0.5%): The top gainers in the real estate space were HDIL (up 10.2%), Sobha Developers (up 6.2%), Ansal Props (up 2.9%) and Parsvnath (up 1.1%).
The top losers were Peninsula Land (down 1.7%), DLF (down 1.6%), Omaxe (down 1.4%), Anant Raj Indus (down 1.1%) and Unitech (down 0.2%).
The Metals sector (down 0.5%): The top gainers in the metals sector were Tata Sponge (up 11.4%), Lloyds Metals (up 5%), Monnet Ispat (up 2.7%), Tata Metaliks (up 2.1%) and Sunflag Iron (up 1.8%).
The top losers were Ispat Industries (down 1.8%), Jindal Steel (down 0.8%), JSW Steel (down 0.4%), Bhushan Steel (down 0.3%) and Adhunik Metaliks (down 0.2%).