Markets this week: Yes Bank, Tata Motors, SBI among top losers; pharma stocks gain

Yes Bank is the top Nifty loser, correcting 52 percent this week, as the Reserve Bank of India took control of the bank on Thursday evening and limited withdrawals from the troubled private sector lender. Shares of Yes Bank plunged as much as 85 percent to wipe out more than $1 billion of market value, marking the biggest intra-day fall in an Indian blue-chip stock.

Tata Motors nosedived over 11 percent this week, including a more than 9 percent correction today as the outlook for the company's sales turned extremely bleak because of its key markets — the US, Europe and China — reeling under the outbreak of coronavirus.

State Bank of India (SBI) shares plunged over 10 percent in trade after the board of India's largest public sector bank gave in-principle nod to explore investment opportunity in Yes Bank. SBI shares ended the week 11 percent lower. SBI and the Life Insurance Corporation of India are likely to pick up 24.5 percent stake each in Yes Bank in a government- and RBI-approved bailout.

ITC, IndusInd Bank, Tata Steel, Zee Entertainment, Axis Bank, BPCL and Bharti Infratel were other major losers of this week, correcting between 5 and 8 percent.

Pharma shares surged this week with Dr Reddy's Labs, Sun Pharma and Cipla leading the pack of Nifty gainers, rising between 7 and 8 percent. Trade sentiment favoured defensive bets in pharma stocks amid hopes that certain large pharmaceutical companies may be able to settle a price-fixing case in the US.

Royal Enfield-maker Eicher Motors surged almost 7 percent this week after the company's February sales increased a percent. The company sold total of 63,536 units of Royal Enfield motorcycles in February 2020, up 1 percent from 62,630 units sold in the same month last year.

HCL Technologies, Tata Consultancy Services, Power Grid, Asian Paints, Nestle and Britannia were other major gainers this week, advancing between 3 and 6 percent.

Among midcaps, Oriental Bank of Commerce shares surged 40 percent this week, as the Punjab National Bank (PNB) announced the share exchange ratio in accordance with the scheme of amalgamation. The OBC and United Bank of India (UBI) will merge into the PNB with effect from April 1. According to the swap ratio, 1,150 equity shares of PNB are to be exchanged for every 1,000 equity shares of Oriental Bank of Commerce, while 121 equity shares of PNB are to be swapped for every 1,000 equity shares of UBI.

Indiabulls Venture, Deepak Nitrite, Pidilite, KRBL, Divis Labs, Ipca Labs, Pfizer, Havells and Mindtree were other major midcap gainers, rising between 3 and 30 percent.

SpiceJet shares plunged 24 percent this week as aviation companies came under pressure due to rising cases of coronavirus. SpiceJet shares cracked more than 8 percent on Tuesday to hit its 52-week lows of Rs 68.25. Other major midcap losers this week included, Sadbhav Engineering, Take Solutions, PNB Housing, Welspun Corp, Avanti Feeds, Inox Leisure, IRB Infra, Venkys and GHCL, correcting between 12 and 18 percent.