The Nifty 50 closed last session of the week on a strong note after a roller coaster ride, led by positive global cues. The rally globally was driven by the news that the US and China will hold trade talks next week.
The index managed to hold 10,700 levels and formed 'Hammer' kind of pattern on the daily charts and 'Bearish Engulfing' pattern on the weekly scale. During the week, the Nifty50 slipped 1.2 percent.
At the close of market hours, the Sensex was up 181.39 points or 0.51 percent at 35695.10, and the Nifty up 55.10 points or 0.52 percent at 10727.40. The market breadth was narrow as 1322 shares have advanced, against a decline of 1255 shares, and 159 shares are unchanged.
The S&P BSE Small-cap index which fell by about 23 percent outperformed Sensex, Nifty as well as the S&P BSE mid-cap index. The index fell by 0.09
percent, compared to a 1.2 percent fall in the Nifty and 1.39 percent drop seen in the S&P BSE Mid-cap index.
India VIX fell by 3.74 percent at 16.16 levels. VIX needs to hold below 16 zones to again get a bounce back move in the market.
Here's a look at the top gainers and losers for the week gone by:
Top Gainers
Bharti Infratel: Up 8%
Shares of Bharti Infratel and Airtel rose after the company added more than 1 lakh new users in November after two months of decline, according to the industry data. Bharti Airtel is planning to raise Rs 12,000-15,000 crore in FY19 through an issue of fresh shares to repay debt and bring down borrowing costs, according to a report in The Economic Times.
According to the report, the third round of fundraising will be done through equity dilution in Bharti Infratel, which is in the midst of a merger with Indus Towers. After the merger, Bharti Airtel will hold up to 37.2 percent stake in Bharti Infratel, which will own more than 1.63 lakh towers across India.
YES Bank: up 4.5%
Yes Bank shares on Friday gained 3.45% after touching an intraday high of Rs 190.25. An announcement made by the bank that they have sold 2,30,655 equity shares having nominal value of Rs.100 each, constituting 30% of the paid-up share capital of 'Valecha Investments Private Limited' which was acquired by way of invocation of pledge by the bank.
Bank of Baroda: Up 2.8%
Bank of Baroda said its board has approved raising up to Rs 1,285 crore by issuing Basel III compliant bonds. In two separate decisions, the committee of the bank approved issuance of tier II capital bonds compliant with Basel III capital regulations of Rs 1,000 crore, with a base issue size of up to Rs 250 crore and a green shoe option to retain oversubscription up to Rs 750 crore in single or multiple tranches, the bank said in a regulatory filing.
Sun Pharma: up 2%
Drug major Sun Pharma on Thursday said it has completed acquisition of Japan-based Pola Pharma to strengthen its presence in dermatology segment across the globe.
The acquisition of 100% shares of Pola Pharma Inc Japan by the company’s wholly owned subsidiary has been concluded, Sun Pharma said in a BSE filing.
Sun Pharma had entered into a definitive agreement to acquire Pola Pharma, which is engaged in research and development, manufacture, sale and distribution of branded, and generic products in Japan, it said in a regulatory filing dated November 26, 2018.
Top Losers
Eicher Motors, down 13%
Shares of Eicher Motors fell over 7% last Wednesday after the company said total sales of its Royal Enfield two-wheeler division declined 13% to 58,278 units in December, compared to 66,968 units in the same period last year. The stock hit new 52-week low of Rs 20001 per share on Januray 4, 2019.
Mahindra & Mahindra, down 9.7%
Shares of auto major Mahindra & Mahindra was down close to 10 percent for the week gone by after the company on Tuesday reported 6 percent decline in its total tractor sales at 17,404 units in December 2018. The company had sold 18,488 units in the year-ago month, Mahindra & Mahindra (M&M) said in a statement. Domestic tractor sales were at 16,510 units last month as against 16,855 units in December 2017, down 2 percent, it added.
Ashok Leyland, down 5.79%
Ashok Leyland share price were down over 5 percent for the week after the company disappointed Street on Wednesday by reporting a sharp 20 percent fall in sales for the month of December 2018 due to subdued consumer sentiment. Sales performance dented by M&HCV segment which registered a 29 percent year-on-year decline to 11,295 units, the company said.
Hindalco Industries, down 5.6%
Steel major Hindalco Industries' share price ended the week 5 percent lower after China’s factory activity contracted for the first time in 19 months in December as domestic and export orders continued to weaken, a private survey showed, pointing to a rocky start for the world’s second-largest economy in 2019.
From Hindalco, CLSA has downgraded the stock to ‘Sell’ from ‘Underperform’ and has cut the price target to Rs 210 from Rs 255 while it has maintained ‘Buy’ on Vedanta and has cut the price target to Rs 250 from Rs 300.
Tata Steel, down 4.9%
Share price of steel major Tata Steel shed 5 percent for the week after global brokerage firm CLSA downgraded the stock to ‘sell’, citing weak Chinese
demand.
Deteriorating Chinese demand outlook will weigh on commodity prices, the brokerage said, while slashing FY20-21 earnings estimates for the companies anywhere between 9 percent to 38 percent. This, it said, priced in lower commodity prices and a stronger rupee.
Following the development, shares of Tata Steel fell 2.40 percent to Rs 503.20. CLSA cut the target price for this steelmaker to Rs 460 from Rs 855 earlier.
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