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A host of favourable cues like a firm rupee, sharp drop in crude and signs of a possible dialogue between the government and the RBI failed to keep the bulls on Dalal Street as benchmark indices Sensex and Nifty snapped their three-week long winning streak.
A week that was characterised by high volatility mainly triggered by the selloff across other global markets saw BSE flagship index Sensex shed 476 points to end at 34,981 on November 22 from 35,457 on November 16.
During the same period, NSE's Nifty slipped 155.50 points, or 1.46 per cent to 10,526.80.
“Anxiety around prevailing assembly elections combined with volatile global markets turned market participants cautious,” Religare Broking said in a note.
In the absence of any major event, assembly elections will remain in the limelight.
Among the remaining states poised to enter the polls, voting in Madhya Pradesh and Mizoram is scheduled for November 28.
On the macro front, participants will be eyeing core sector data and Q2 GDP data due on November 30.
Volatility is expected to remain high due to the scheduled FO expiry on November 29.
Take a look at the stocks and sectors that created buzz during the week:
Top Nifty gainers/losersAs many as 34 stocks in the Nifty index ended in the red during the week with Indiabulls Housing Finance falling the most at 7.90 per cent.
It was followed by Tata Steel (down 6 per cent), Wipro (down 5.86 per cent) and NTPC (down 5.23 per cent).
On the other hand, Adani Ports, Dr Reddy’s Labs, Zee Entertainment, YES Bank and IndusInd Bank gained between 1.50 per cent and 6 per cent.
@fresh 52-week highs lowsIn the BSE500 index, Aarti Industries, Atul Ltd and Divi’s Laboratories scaled their fresh 52-week highs during the week gone by, while Care Ratings, Sharda Cropchem, Coal India, Thyrocare Technologies, Take Solutions, Shankara Building and Jindal Stainless stood among 26 companies in the index that scaled their fresh 52-week lows.
Jute stocks rallyShares of jute companies hogged limelight after the government on Thursday approved a proposal making jute packaging mandatory for all food grains.
As a result, Ludlow Jute jumped 14.40 per cent to Rs 77.85 in the previous trading session, while Cheviot Co gained 6.68 per cent to Rs 725.15.
Sectoral update: Metals, IT take a hitAmong BSE sectoral indices, BSE Metal and BSE IT index tanked the most, falling 4.26 per cent and 4.11 per cent, respectively, for the week ended November 22.
The BSE Teck, Power, Oil Gas, Bankex, Auto and Consumer Durables dipped between 0.50 per cent and 3.60 per cent during the same period.
On the other hand, the BSE Capital Goods and Realty index gained 0.10 per cent and 1.64 per cent, respectively.
Stocks that rallied up to 30% in 4 sessionsIn the BSE500 index, Forbes Company advanced 30.09 per cent for the week ended November 22.
It was followed by 8K Miles Software (21.47 per cent), Kwality (19.70 per cent), CG Power (11.11 per cent) and ITI (11.08 per cent).
On the other hand, Jindal Stainless, DCM Shriram, Max India and Jet Airways (India) slipped between 10 per cent and 17 per cent.
YES Bank in focusShares of Yes Bank ended the week in the green after the company’s managing director and chief executive Rana Kapoor said he is in talks with co-promoter Madhu Kapur to reach a truce.
Also, the company assured that the recent resignations will not have any bearing on the crucial processes, including the selection of Kapoor’s replacement as the new MD and CEO for the bank.
The scrip jumped 2.22 per cent to Rs 195.60 on November 22 from Rs 191.30 on November 16.
IPO update: Zircon joins the queueZircon Technologies, engaged in the business of label printing for packaging of products, received the market regulator’s nod to float an initial public offering.
With this, the total number of companies getting clearance from Sebi to launch IPO has reached 70 so far this year.
BSE m-cap down by Rs 1.73 lakh croreInvestors became poorer by Rs 1.73 lakh crore in the last four trading sessions as market capitalization of BSE-listed firms declined to Rs 140.46 lakh crore on Thursday from Rs 142.19 lakh crore on November 16.
Midcaps, smallcaps outperform SensexAlthough the selling was visible across the board, midcaps, as well as smallcaps, managed to outperform the benchmark index Sensex during the week gone by.
The 30-share index tumbled 1.34 per cent as against 0.78 per cent and 0.93 per cent fall registered by the BSE Midcap and Smallcap index, respectively.
Updates on buybacks Oil India: State-owned Oil India will buy back 5.04 crore of its shares for a little over Rs 1,085 crore as part of the government’s push to cash-rich PSUs to part with their surplus either by paying higher dividends or through share buybacks so as to help meet revenue targets.
Cochin Shipyard: The company on Friday said its up to Rs 200 crore share buyback offer will open next week on November 28.
Apollo Tyres: Markets regulator Sebi on Thursday slapped a fine of Rs 65 lakh on Apollo Tyres for violating norms pertaining to buyback of shares.
