The benchmark equity indices BSE Sensex and NSE Nifty tumbled over 2 per cent each despite positive GDP numbers for the second quarter as the data failed to offset concerns related to widening fiscal deficit.
The BSE Sensex slipped 846.30 points, or 2.51 per cent to 32,832.94 on December 1 from 33,679.24 on November 24. Likewise, the NSE Nifty index also dipped 267.90 points, or 2.58 per cent to 10,121.80 from 10,389.70 during the same period.
In the BSE Sensex pack, shares of Tata Motors plunged the most during the last five trading sessions. The scrip tanked 6.07 per cent to 399.15 on December 1 from Rs 424.95 on November 24. It was followed by State Bank of India (down 5.93 per cent), Infosys (down 5.09 per cent), Tata Motors-DVR (down 4.92 per cent) and Adani Ports (down 4.46 per cent). On the other hand, Maruti Suzuki, Coal India and NTPC gained 1.41 per cent, 0.42 per cent and 0.42 per cent, respectively, for the week ended December 1.
Sectorwise, the BSE Metal index tanked 4 per cent, followed by BSE PSU index (down 3.20 per cent) and BSE IT (down 3.14 per cent). However, the BSE Realty index gained 0.48 per cent during the period.
Agro Tech: On FPIs radar
Shares of Agro Tech Foods climbed 17 per cent in the past five days after foreign portfolio investors (FPI) bought the stake in agricultural products company through open market. Samsung India Securities Master Investment Trust (Equity) bought 2 lakh equity shares of Agro Tech Foods at Rs 620.93 per share on the NSE on Thursday. Ace investor Rakesh Jhunjhunwala and his family members hold 7.56% stake in the company.
52 stocks hit fresh all-time high
Around 10 per cent of the companies in the CNX500 index scaled fresh all-time high during the week gone by. The list included stocks such as L&T Technology, IFB Industries, PI Industries, Minda Industries, Endurance Tech, Biocon, APL Apollo, Finolex Cables, Sadbhav Engineering, Prestige Estates, Eveready Industries, South Indian Bank, Tata Coffee and Sunteck Realty.
Mcleod Russel – Promoter sold stake
Shares of the tea company hogged limelight on Friday after the company announced that its promoter Kamal Kishore Baheti sold 9 per cent stake in the company. As a result, the scrip witnessed severe selling pressure during the second half and closed 6.35 per cent down at Rs 219.70.
RCom: In a free fall
Shares of Reliance Communications (RCom) plunged 8 per cent in the past five trading sessions. The scrip came under pressure last week after reports that China Development Bank (CDB) had filed an insolvency petition against the telecom firm at the National Company Law Tribunal (NCLT) to recover about Rs 1,146 crore ($1.8 billion). A case by CDB could complicate RCom’s debt restructuring process as other lenders may take similar steps. For the week ended December 1, 2017, shars of the company fell 8 per cent to Rs 12.36 from Rs 13.50 on November 24, 2017.
NCC: On a high
Shares of the construction company hit a nine-year high last week. Recently, the consortium formed by NCC and BGR Infra bagged a project from NTPC to develop and operate around Rs 25,071 crore coal block in Chhattisgarh. The stocks jumped to Rs 120.70 from Rs 110.75 in the past five trading sessions.
Technofab Engineering: A booster dose
Shares of Technofab Engineering surged nearly 24 per cent during November 24 and December 1. The counter got a push after the company said it had received an order in the domestic water sector valued at Rs 281 crore. The company made this announcement post market hours of Tuesday. The project is funded by Asian Development Bank. With this, the order backlog stands at approximately Rs 2,000 crore of which the water sector now contributes close to 45 per cent, the company told BSE. Shares of the company jumped to Rs 297.35 from Rs 240 on November 24. The scrip hit its all-time high of Rs 344 on November 30.
SAIL: Shines on brokerage upgrade
Shares of India's largest steel producer Steel Authority of India (SAIL) jumped nearly 6 per cent intraday on Friday after a brokerage firm Phillip Capital upgraded the stock and raised its target price to Rs 120 per share. However, the stock eventually ended at Rs 78.20 apiece on BSE, up 1.76 per cent.
Biocon: Scales fresh 52-week high
Shares of Biocon climbed over 3 per cent on Friday after the company announced that the European Medicines Agency (EMA) accepted for review Mylan's Marketing Authorisation Applications (MAA) for proposed biosimilar Trastuzumab and proposed biosimilar Pegfilgrastim. For the week ended December 1, shares of the company soared 8 per cent to Rs 446.55 from Rs 414.40 on November 24.
Auto stocks: Smooth ride
Shares of auto companies hogged limelight on Friday after they reported healthy double-digit sales growth last month, overcoming post festive season lean phase. Various factors, including robust demand in rural markets, lower base and good response to new models helped in driving the sales. Ashok Leyland and Maruti Suzuki on Friday closed 1.74 per cent and 0.06 per cent up at Rs 120 at Rs 8,607.
Rs 24,000 IT majors buyback kicked off
Share buybacks worth Rs 24,000 crore by IT majors Infosys and Wipro kicked off last week. Wipro, had announced Rs 11,000 crore share buyback scheme which started on November 29. Infosys is also buying back 11.30 crore equity shares for Rs 13,000 crore at Rs 1,150 per share which started from November 30.
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