NEW DELHI: Market kept its slate clean on Friday by rallying for the sixth straight week on the back of select heavyweights. But the rupee's rapid descent towards 71-mark against the dollar came as a rude jolt.
The Sensex advanced 1.03 per cent to 38,645.10 for the week to August 31, from 38,251.80 in the previous one. The NSE Nifty added 1.06 per cent at 11,680.50, from 11,557.10 during the same period.
More than 30 stocks in the Nifty index ended the week in the green, with UPL, Hindalco, Tech Mahindra, PowerGrid and Tata Steel rising up to 10 per cent. YES Bank, Bajaj Finserv, Reliance Industries, Eicher Motors and GAIL were not as lucky, slipping up to 8 per cent.
Rupee's diminished clout remains a big worryline. The slide is mainly a fallout of elevated crude prices, worsening current account deficit (CAD), spike in inflation and fears of foreign portfolio outflow.
Nifty patterns on multiple timeframes, according to Stewart & Mackertich Wealth Management, show that the benchmark finished the week below the 11,700 level. However, the index bulls failing to take out 11,760 might be a point of concern on a short-term basis. Hence staying cautious on rise is advised.
Breaking out 11,760 may unfold a fresh leg of upmove towards 11,880 levels. Further, Nifty broader trading range for the coming week is expected to be 11,880-11,520.
Which are the top stocks and sectors that buzzed through the whole week? Here we go.
@new life high: As many as 47 stocks on the BSE500 index scaled their fresh all-time highs during the week. The list included stocks such as Abbott India, Atul India, City Union Bank, Infosys, L&T Technology Services, Mindtree, Bajaj Finance, JSW Steel, Mahindra & Mahindra, Balkrishna Industries, GlaxoSmithKline Consumer Healthcare and Reliance Industries.
Top gainers: With a rally of 35 per cent, Adani Transmission was the winner of the week on the BSE500 index. ITI (up 28 per cent), Future Consumer (19 per cent), Kirloskar Oil Engines (17.80 per cent) and Bosch (16.93 per cent) made up the rest.
Top losers: Kwality (down 23 per cent), InterGlobe Aviation (-12 per cent), DB Corp (-11 per cent), Rain Industries (-10.64 per cent) and Quess Corp (-9 per cent) were among those on the BSE500 that lost the plot.
YES Bank: Shares of YES Bank extended their fall for the fourth straight session on Friday and ended with over 5 per cent loss. This came a day after the company said it has received RBI's approval for continuance of Rana Kapoor as MD and CEO "till further notice" from the central bank. The stock plunged 8.34 per cent to Rs 343.40 as on August 31, from Rs 374.70 as on August 24.
CARE Ratings: US-based investor Mohnish Pabrai's Pabrai Investment Funds has raised its stake in rating agency CARE Ratings through its various investment vehicles. It has bought 7,13,296 shares, or 2.42 per cent stake, in the company through market purchases on August 28. Prior to the acquisition, the it had a holding of 5.09 per cent, or 14,99,164 shares in the company, which has gone up to 22,12,460 shares, or 7.51 per cent. Shares of CARE Ratings advanced 1.59 per cent during the week.
Reliance Industries: Oil-to-telecom behemoth RIL surpassed Rs 1,300 level for the first time during the week. However, it closed 2.60 per cent down at Rs 1,240.95 on Friday. Kotak Institutional Equities maintained Sell on RIL with a target price of Rs 985. “The recent strong rally leaves limited scope for disappointment on that narrative, which may not be ruled out, given the well-funded competition in these segments,” Kotak said in a report.
Sectoral play: The week through August 31 proved to be great for all sectoral indices of the BSE. The BSE Power index rallied the most by 5 per cent, followed by metal (up 4.7 per cent), IT (3.3 per cent), healthcare (3 per cent), technology (2.9 per cent) and PSU (2.9 per cent).
Hathway Cable: The stock rallied nearly 6 per cent in the past five trading sessions. The cable services provider has raised close to Rs 100 crore though allotment of equity shares to a promoter group entity on a preferential basis. "The board of directors… approved allotment of 30,800,000 fully paid-up equity shares… to Hathway Investments, an entity forming part of the promoter group, at a price of Rs 32.35 per share aggregating Rs 99.63 crore on a preferential basis," Hathway Cable and Datacom said in a regulatory filing.
JSW Steel: Shares of JSW Steel rallied over 10 per cent during the week following announcement of its entry into the Nifty50 from September 28. The stock jumped 11.83 per cent to Rs 396.50 as on August 31, from Rs 354.60 as on August 24.
DLF: Shares of realty firm DLF were in a sweet spot on Thursday after the companys FY18 annual report showed that ace investor Rakesh Jhunjhunwala held 0.67 per cent stake in the realty firm as on March 31. Jhunjhunwala had 1.19 crore shares as on March 31, 2018, against 75 lakh on April 1, 2017, media reports said.