Indian shares made a sharp recovery from the day's lows and settling with minor cuts in Friday's trade. Benchmark indices traded under pressure following their Asian peers and dragged by HDFC, HDFC Bank and pharma shares amid muted domestic earnings and weak US retail sales data.
Investors also fear escalation in India-Pakistan relations after Thursday's Pulwama terror attack, which killed at least 42 para-military personnel. The Modi government has withdrawn the 'most favoured nation' status to Pakistan under the World Trade Organisation rules.
At close, the BSE Sensex was down 67.27 points at 35808.95, while the NSE Nifty50 was down 21.60 points at 10724.40. For the week, the benchmark 30-share Sensex fell 1.8 percent, while the 50-share broader Nifty declined 1.6 percent.
Broader markets settled with almost a percent's loss at close, continuing their downtrend this week. The Nifty MidCap was down 4.6 percent this week. Among sectors, the Nifty PSU Bank plunged 8 percent this week, while Nifty Media and IT were the only gaining sectors. Nifty Media was up 10.1 percent on a weekly basis.
Among gainers, Zee Entertainment
shares surged 21 percent on a weekly basis on positive triggers. Promoters of Essel Group is in talks with potential investors to sell a part of its stake in Zee Entertainment Enterprises Ltd (ZEEL) and the top management of the company including chairman Subhash Chandra is in the US to discuss the deal, CNBCTV18 quoted sources familiar with the matter.
Yes Bank was another major gainer this week rising over 17 percent after the Reserve Bank of India on Wednesday said that it has not found any divergence in the lender's report for the financial year ended 2018. They had reported two consecutive years of divergence in FY16 and FY17.
Bajaj Auto, Tech Mahindra and UPL were other major gainers on the NSE index this week, rising 8.4 percent, 7.4 percent and 7.9 percent, respectively.
Hindalco shares dipped almost 12 percent this week despite the Aditya Birla Group company reporting a 47.3 percent year-on-year (YoY) jump in net profit at Rs 713 crore for the December 2018 quarter, on lower finance costs.
Tata Motors, Vedanta, M&M and Indian Oil Corp were other major losers this week, falling between 8 and 11 percent.
From the mid-cap space, Dish TV jumped more than 35 percent this week, while Gruh Finance surged 14 percent. Dewan Housing Finance and Bata were other major midcap gainers this week, rising between 11 and 10 percent respectively.
Anil Ambani-promoted ADAG group stocks were among the biggest losers this week amid a slew of negative triggers. Reliance Power nosedived over 61 percent, Reliance Infrastructure fell 57 percent and Reliance Communications was down over 52 percent this week. Welspun India and Tata Chemicals were other major losers, falling between 15-20 percent this week.
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