Indian shares ended Friday's volatile trade mixed as gains in index heavyweight Reliance Industries offset losses in shares of index heavyweight banks such as HDFC Bank, ICICI Bank and SBI. After hitting a record intra-day high of 42,063.93, the 30-share BSE Sensex settled 12.81 points, or 0.03 percent, higher at 41,945.37. The broader NSE Nifty, however, ended 3.15 points, or 0.03 percent, down at 12,352.35. For the week, both Sensex and Nifty were up 0.8 percent each.
Broader market indices ended with gains, continuing their uptrend for the whole of this week, fuelled by budget 2020 expectations. The Nifty MidCap index surged 4 percent this week.
Sectoral indices were mixed this week with the Nifty Media rising 5.5 percent. Realty, Pharma, FMCG, IT and Auto ended with gains by up to 4 percent this week. However, the Nifty Bank index slipped 1.6 percent on a weekly basis, dragged particularly on Friday on concerns that some banks with an exposure to Vodafone Idea may come under stress after the Supreme Court quashed the plea on the definition of adjusted gross revenues.
Nifty gainers
Bharti Airtel gained 9.4 percent this week on hopes that the Supreme Court verdict on adjusted gross revenue could force Vodafone Idea to shut operations, yielding market share to the Sunil Bharti Mittal-led telecom firm as well as Reliance Jio Infocomm.
Vodafone Idea is liable to pay over Rs 53,000 crore rupees in additional spectrum payment and penalties to the government, which could create solvency issues for the company. In the absence of any government intervention, the market would turn into a duopoly, benefiting incumbents Bharti Airtel and Reliance Jio Infocomm.
Besides, Trai data showed that Bharti Airtel and Reliance Jio added 1.6 million and 5.6 million users respectively in November supported the sentiment.
Bharti Airtel and ZEEL led Nifty gainers this weekFollowing Bharti Airtel is Zee Entertainment Enterprises, which rose 6.7 percent this week, on the back of a five-session bullish trend. ZEEL shares were down over 30 percent in the last one year over promoter pledge issue, slow ad revenue growth and regulatory changes, but brokerages are turning positive on attractive valuations.
Hindustan Unilever shares rose another half a percent in Friday's trade, continuing its uptrend for the ninth straight session, showing signs of fresh long build-up ahead of its quarterly results.
Nestle India, Britannia, M&M, Eicher Motors, Infosys, Bajaj Finserv and HCL Technologies were other major Nifty gainers this week.
Nifty losers
Shares of Bharti Infratel fell 12.5 percent this week. The Bharti group stock nosedived as much as 11 percent today to hit a one-month low of Rs 210.25 as the outlook for tower tenancies turned bleak after the Supreme Court upheld a ruling on telecom companies' adjusted gross revenue, which fuelled concerns over Vodafone Idea's viability.
Shares of Yes Bank, IndusInd Bank and State Bank of India fell between 12 and 9 percent on a weekly basis. All three stocks were also among top losers today on Nifty for their exposure to Vodafone Idea, if the telecom company goes down.
Moody's Investors Service has placed Yes Bank's long-term foreign currency issuer rating of 'B2' 'under review' and said that the direction of the rating is "uncertain" may also weigh on the stock.
IndusInd Bank fell for the fourth consecutive session as the jump in provisions, bad asset quality and fresh slippages weighed on investor sentiment. The bank's net profit rose 32 percent to Rs 1300.20 crore in Q3 December 2019, but its provisions and contingencies jumped to Rs 1043.45 crore, rising 72 percent. The fresh slippages of loans increased to Rs 1945 crore in Q3 while gross NPAs stood at Rs 4578.43 crore as on December 31, 2019.
Bharti Infratel, Yes Bank and IndusInd Bank were top Nifty losers this week. Bharat Petroleum Corp, Indian Oil Corp, UPL, JSW Steel, ICICI Bank and L&T were other major losers this week, correcting by up to 4 percent.
From the midcap space, IndoStar, IRB Infra, GNA Axles, Rallis India, Kanoria Chemical gained between 18 and 26 percent this week. The top losers included Reliance Infra, Sunteck Realty, Gayatri Projects, Motherson Sumi and Godawari Power, which fell between 14 and 3 percent on a weekly basis.
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