18:21
Moneycontrol BureauBenchmark indices Nifty and Sensex ended flat to slightly higher for the week, as a sell-off in global markets on Thursday wiped gains made earlier in the week.
Bank and IT shares gained during the week, while those from capital goods, metal, auto, power and oil & gas shares finished lower.
A slide in emerging market currencies led by the Argentine peso and Turkish lira caught up with the rupee post stock market hours Friday, pulling it down to a nine-week low of 62.66 to the dollar. Just last week, the rupee had climbed to a one-month high. With most other triggers largely factored, rupee could be key to stock market performance near term. But a more important driver next week would be the RBI monetary policy due Tuesday. The widely help view is that the RBI will keep policy rates unchanged even though retail inflation for December fell sharply.
Global macro data was mixed, with the Eurozone flash PMI (composite) reading for January showing a recovery, while China's GDP growth fell to a 14-year low of 7.7 percent.
In major developments of the week the RBI panel led by Urjit Patel recommended that retail inflation be taken as the benchmark for setting interest rates. Market is worried that if this measure is implemented, interest rates could stay higher for a longer time.
Inspired by the Delhi government, the Maharashtra government announced a 20 percent cut in power tariff in the state, souring mood for power sector stocks.
Already, Delhi power distribution companies have approached the Union Power Ministry for short term funds as they do not see any tariff hike in the foreseeable future.
SpiceJet kicked off a fare war this week, by announcing a 50 percent discount on bookings made from January 21-23. Rivals like Indigo and Air India followed suit.
Last week Rahul Gandhi proposed raising the cap on cooking gas cylinders, and this week party chief Sonia Gandhi is learnt to have written to the government seeking a relaxation on the curbs on gold import. The Finance Minister has made it clear that there will be no roll back of any measures till current account deficit is in control.
In news from the financial sector, the RBI has extended rules on loan restructuring for banks, to non-banking financial services as well.
In corporate news, L&T's third quarter numbers just about met market expectations, but cut guidance for FY14 order inflow growth to 15 percent from 20 percent. It also said the company has a "fighting chance" to meet the 15 percent revenue guidance growth, but most analysts tracking the heavy engineering are not so sure.
There was more bad news for Ranbaxy, with the USFDA banning its Toansa plant in Punjab from exporting to the US. The stock tumbled 19 percent on the news, and from being the best performing Nifty stock for the week, ended at the bottom of the heap with a 17 percent decline.
A glance at the key gainers and losers of the week:
Nifty Losers:
Ranbaxy Down 17 percent, Kotak Mahindra Bank Down 6 percent
Coal India Down 5 percent, Ambuja Cem & BoB Down 4 percent each
BHEL Down 4 percent, Tata Power Down 3.5 percent
Nifty Gainers:
Axis Bank Up 4.5 percent, Wipro Up 3.6 percent
Hindalco Up 2.4 percent, ICICI Bank & HCL Tech Up 2.3 percent each
Midcap Losers:
Everonn Edu Down 14 percent, Dalmia Bharat Sugar down 13percent
M&M Fin & Supreme Ind down 12percent each, KPIT Tech down 12 percent
Sasken Comm down 11 percent, Godrej Ind Down 8 percent
UPL Down 7 percent, Fin Tech down7.5percent, McLeod Russel down 7 percent
Midcap Gainers:
Nucleus Software up 41 percent, Tata Sponge up 28 percent
Opto Circuits Up 17 percent, Torrent Pharma Up 13 percent
Rel MediaWorks Up 10 percent, Aurobindo Pharma Up 9 percent
Indoco Remedies Up 8.4 percent, Amara Raja Up 7.3 percent
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