Indian equity benchmarks retreated nearly one percent for the week ended February 11, after rising more than two percent in the Budget week, dragged by IT, FMCG and financial shares. Dalal Street investors cheered a dovish RBI but a 40-year high in US inflation spooked investors globally.
For the week, both headline indices fell 0.8 percent. The Sensex lost 491.9 points to settle at 58,152.9, and the Nifty50 shed 141.6 points to 17,374.8.
Broader markets took a deeper cut, with the Nifty Midcap 100 index falling 2.3 percent. Its smallcap counterpart dropped 4.5 percent.
Among sectors, the Nifty Metal emerged the only weekly gainer, rising 3.3 percent. The IT, FMCG and consumer durable gauges came down around two percent each.
The Nifty Bank dipped 272.1 points or 0.7 percent.
As many as 44 stocks in the Nifty50 basket finished the week in the red. Indian Oil, IndusInd, NTPC and Tata Steel, rising between 0.5 percent and 1.8 percent, were among the gainers.
| Gainers | Losers | ||
| Stock | Weekly change (%) | Stock | Weekly change (%) |
| Tata Steel | 6.6 | HDFC Life | -4.6 |
| Coal India | 3.8 | Tata Consumer | -4.5 |
| Hindalco | 3.3 | L&T | -3.9 |
| IndusInd | 2.8 | SBI Life | -3.3 |
| NTPC | 2.2 | TCS | -3.1 |
| Maruti Suzuki | HDFC | ||
| JSW Steel | 2.1 | Kotak Mahindra Bank | -3 |
| Reliance | 1.9 | Nestle | -2.8 |
| M&M | 1.4 | Britannia | -2.3 |
| Cipla | 1.3 | HUL | -2.1 |
"Though investors expected the RBI to moderate its policy tone, the central bank surprised the market with a super dovish statement... However, the US consumer price index fuelled fears of a hawkish rate hike by the Fed," said Vinod Nair, Head of Research at Geojit Financial Services.
Almost 400 stocks on the BSE 500 -- the bourse's broadest index -- declined.
From the midcap and smallcap segments, GNFC, CreditAccess, Orient Refractories, Schneider and RCFL were the top weekly gainers, rising between 4.5 percent and 24.3 percent.
Solara Active Pharma plummeted 34.7 percent for the week. Among other top losers were Sharda Cropchem, Torrent Power, Balaji Amines, Valiant Organics and Mahindra Logistics, falling between 12.5 percent and 15.1 percent.
IPO
The week began with the IPO of Vedant Fashions -- which owns brands Manyavar and Mohey -- closing with an overall subscription of 2.6 times.
| Category | Subscription (No. of times) |
| QIB | 7.5 |
| NII | 1.1 |
| Retail | 0.4 |
Adani Wilmar shares made rapid gains after debuting in the secondary market. The stock settled at Rs 381, a 65.7 percent premium over its issue price of Rs 230.
The road ahead
Investors await the final leg of corporate earnings for cues.
"Global cues will determine market direction in the coming week... Domestic macroeconomic data and corporate earnings will remain in focus in the near term," said Nair.
Technical view
The Nifty is contained in a range of 17,050-17,800, failing to hold above its 20-day moving average, according to Yesha Shah, Head of Equity Research, Samco Securities.
"A decisive break from this range is likely to set the next course of action. Most global indices are exhibiting a bearish undertone," she said.
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