Indian equity indices ended the week with minor gains as fears of coronavirus epidemic affecting global growth weighed on investor sentiment. In its latest update, China’s National Health Commission said it had recorded 121 new deaths and 5,090 new coronavirus cases on the mainland on Feb. 13, taking the accumulated total infected to 63,851 people.
Meanwhile, on Friday, benchmark equity indices ended lower dragged mainly by bank, FMCG and auto stocks. The BSE Sensex ended 202 points lower at 41,258, while the Nifty50 index settled 61 points lower at 12,113.
Sensex and Nifty added 0.3 percent and 0.12 percent, respectively this week. Broader markets underperformed for the week with the Nifty Midcap100 index down over 2 percent.
Among sectoral indices, Nifty IT was up over 1 percent, while Nifty PSU Bank plunged over 4 percent for the week. Nifty Metal shed 3.5 percent, whereas Nifty Realty and Nifty Auto lost over 3 percent each. Nifty Bank also fell over 1 percent.
Nifty Gainers and Losers
UPL, Bharti Airtel, Dr Reddy's, HUL, and Reliance Industries were the top Nifty gainers, up between 3.5 percent and 9 percent. JSW Steel, Bajaj Finance, HCL Tech, TCS, and ICICI Bank were some of the other gainers for the week.
UPL rose over 9 percent as analysts maintained their bullish investment recommendation on the agrochemical maker after its third-quarter results met estimates. The company reported an impressive 22 percent jump in operating profit in the December quarter.
Dr Reddy's rallied over 4 percent after it announced an agreement with Wockhardt Ltd. to acquire select divisions of its branded generics business in India, Nepal, Sri Lanka, Bhutan and Maldives for a consideration of Rs 1,850 crore.
HUL also surged over 4 percent as Motilal Oswal retained its bullish stance post Q3 earnings. The brokerage said it is seeing significant 'levers' for the company's earnings growth.
Meanwhile, IndusInd Bank, M&M, Tata Steel, ONGC, and Coal India were the top laggards in the Nifty50 index this week, down 5-9.5 percent. Grasim, Britannia, Eicher Motors, Bharti Infratel, and Zee also gave negative returns for the week.
IndusInd Bank plunged over 9 percent for the week after Moody's Investors Service revised down its outlook on the company to 'negative' from 'stable'. Concerns over a further deterioration in asset quality have led Moody's to revise down its outlook on the lender.
M&M also lost 8 percent after the company said that the coronavirus outbreak hits its last batch of BS-IV vehicles.
Tata Steel declined 8 percent as the firm posted a consolidated loss of Rs 1,229 crore for the quarter ended December 31, 2019 (Q3FY20) against a profit of Rs 1,753 crore profit in the year-ago period.
Mid-Cap Gainers and Losers
IPCA Labs, Future Retail, Indiabulls Ventures, Castrol India, and Alkem Labs were the major mid-cap gainers, up 5.8-14 percent for the week.
IPCA Labs soared 13 percent after it reported a 24.15 percent rise in consolidated net profit at Rs 197.54 crore for the quarter ended on December 31, 2019, on account of robust sales. The company had posted a net profit of Rs 159.11 crore for the corresponding period of previous fiscal.
Among losers, HEG, Indian Bank, Whirlpool, HUDCO, Graphite India, REC, and SAIL fell 9.5-16 percent for the week.
HEG lost over 16 percent after the company reported a consolidated loss of Rs 1.23 crore for the quarter under review against Rs 444.60 crore profit registered in the year-ago period. Total revenue declined 78 percent year-on-year (YoY) to Rs 420.97 crore.
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