Markets this week: Sensex, Nifty in the red; ZEEL top gainer, Yes Bank top loser

Among Nifty gainers this week, Zee Entertainment Enterprises (ZEEL) shares were up over 9 percent, likely on value buying. ZEEL shares were under pressure in early February amid reports that the corporate affairs ministry has ordered an inspection of the financials of the company. The one-year return on ZEEL shares remains negative with the media company stock correcting over 40 percent.

Power Grid, Coal India, State Bank of India, Titan, Bajaj Finance, Infosys, Wipro, Nestle, and Grasim were other major gainers this week, rising by up to 3 percent.

Among Nifty losers, Yes Bank fell nearly 9 percent this week as the private sector lender will exit from the Nifty50 index from March 27. Yes Bank will be replaced by Shree Cement. Yes Bank was dropped from Sensex in December 2019.

However, Yes Bank ended positive on Thursday, rising almost 2 percent on reports that Hinduja Group has entered the race to invest in the bank as part of a consortium. The group is looking to join hands with Cerberus and JC Flowers to buy a minority stake of up to 10 percent in the bank.

Tata Motors, Hero MotoCorp, Bharti Infratel, Bharti Airtel, Sun Pharma, GAIL, Bajaj Auto, JSW Steel and Cipla were other major Nifty losers this week, falling between 2 and 7 percent.

Tata Motors slipped over 6 percent this week as the Tata Group company's luxury brand Jaguar Land Rover has halted sales operations in China due to the coronavirus outbreak. China accounts for about 23 percent of its total sales.

Bharti Airtel stocks traded volatile this week before ending the week lower on concerns over the payment of adjusted gross revenue (AGR) dues.

Among midcap gainers, Mishra Dhatu, IRCTC, Muthoot Finance, Indiabulls Ventures, Max Financial, Thomas Cook, Adani Gas, Lemon Tree, Mindtree and Religare gained between 8 and 27 percent.

Max Financial Services and Max Life Insurance have called a joint board meeting on Thursday to discuss the stake sale of Max Group chairman Analjit Singh in a group company. Sources told CNBC-TV18 that the boards of the two companies are likely to discuss a proposal under which Axis Bank is expected to acquire a part stake belonging to Singh in Max Financial Services.

Sterling & Wilson, Satin Credit, Sobha, NCC, NBCC, Corporate Bank, Future Retail, ITDC, Eris Life and Graphite India were major losers this week, falling by up to 18 percent.