New Delhi: Key benchmark indices BSE Sensex and Nifty50 dropped more than a per cent each during the week ended on Friday as the inflation worries and rate hike cues kept the traders hooked to the edges.
Spike in European energy prices, uncertainty about economic growth, rising crude over tightened supply and rate hike fears dented the sentiments for the markets.
On the sectoral front, the Nifty IT index plunged almost 5 per cent, whereas the pharma index dropped 2 per cent. In contrast, the Nifty PSU bank index rose over 4 per cent, followed by a one per cent rise in media and energy indices.
Vinod Nair, Head of Research at said that bulls and bears continued to battle it out in the domestic market during the week as weak global cues persisted and kept the market under pressure.
“While nifty banks appear to be the strongest segment, nifty IT witnessed selling pressure as majors are scaling down variable pay due to margin pressure,” he added.
Indices gauged to second rung stocks, BSE midcap and smallcap, rose up one per cent and two per cent, respectively, during the week. However, the barometer for the broader BSE500 index settled in red.
In the BSE500 index, 290 stocks settled in green, whereas others posted losses for the week. About 15 stocks were able to rise 10 per cent or more, whereas only three stocks logged double digit cuts.
Private lender
topped among the gainers with a 25 per cent to Rs 124.35 rise during the week after its board approved raising up to Rs 3,000 crore to fund the business growth. Although not many analysts are positive on the stock.
India’s largest multinational flexible packaging materials and solutions company
rose 20 per cent to Rs 805.15 during the week following its analyst meet. The stock traded ex-dividend during the week.
Strong technical setup and positive brokerage reports pushed
17 per cent higher to Rs 493.1 during the week. has a hold rating on the stock but its target price of Rs 475 has been achieved.
State-run lender
was also at the focus of investors as the stock zoomed 15 per cent to Rs 45.75 following and the Government of India mulls to sell 51 per cent stake in it.
Other PSU firms including Mazagon Dock and
jumped 15 per cent each during the week, whereas , Kalyan Jewellers and Finance added 13-14 per cent each.
On the contrary,
(Maharashtra) plunged over 11 per cent to Rs 93.85.
Product tumbled 10 per cent to Rs 1011.35 during the week as the company board approved to raise Rs 700 crore via QIP route and acquisition of stake in the solar company.
Midcap IT firm
dropped for five straight sessions of the week, falling 10 per cent to Rs 2,165.15 on the back of softness in the mortgage segment. The company recently exercised 5,000 ESOPs.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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