17:54
After another week of sell-off, Sensex settled at 28,718 levels scrapping 964 points or 1.6 percent in the last 6 sessions while the 50-scrip Nifty ended the week at 8,661, down 1.7 percent.
Broader markets were affected more than benchmark indices in the latest sell-off; the BSE small-cap and CNX Mid-cap indices were down 2.2-2.9 percent during the week.Market was particularly disappointed as the Reserve Bank of India (RBI) kept interest rates unchanged at 7.75 percent in its bi-monthly monetary policy review on February 3. Investors didn't take kindly to this move and the brunt fell on banking stocks which had earlier rallied on hopes of potential rate cuts.
Among top losers from the banking space SBI, PNB and ICICI Bank were down 6-10 percent, faring among top Nifty losers for the week.
The central bank however slashed Statutory Liquidity Ratio (SLR) by 50 bps to 21.5 percent in an attempt to ease credit growth for commercial banks.
Market experts expect 75-100 bps rate cut going forward but the central bank reiterated that any further easing will depend on continuation of disinflationary trends, government's fiscal consolidation and reforms.
Other top Nifty gainers for the week were: Cairn India, HCL Tech, Wipro, Hindalco, Sesa Sterlite and Infosys which gained between 4.1-9.1 percent. JSPL, PNB, BHEL, M&M, Tata Power, BoB, ICICI Bank, Bajaj Auto & Asian Paints on the other hand fared among the tio losers, shedding between 7- 10.5 percent.
Amongst sectors, banks were the worst performers; Bank Nifty index scrapped 5.3 percent during the week. BSE Power, autos, realty ,media consumer durables, pharma and capital goods all slipped between 2.2- 5.4 percent. BSE IT was the sole outperformer among sectors with 4 percent uptick.
The latest cause for concern for markets is a surge in brent crude oil futures and the outcome of a faceoff between Greece and its European creditors which continue to bear down on European stock markets.
Among important corporate earnings announced during the week were: Tata Motors the shares of which slumped 6 percent intraday on Friday after its December quarter performance disappointed. The auto maker's Q3 net profit fell 25.5 percent (year-on-year) to Rs 3581 crore dragged by domestic and Jaguar Land Rover sales.
Tata Power turned profitable with consolidated net at Rs 198 crore during October-December quarter aganist loss of Rs 74.91 crore in the year-ago period.
The profit beat street expectations supported by forex gain while topline was in line. Profit was expected at Rs 134 crore for the quarter.
Pharmaceutical firm Wockhardt's third quarter consolidated net profit increased 14 percent year-on-year (up 95.7 times sequentially) to Rs 347 crore led by strong operational income and other income.
What's Next
Investors will closely watch the results of Delhi Assembly elections on February 10. Experts are touting the election to be a close call between BJP and Arvind Kejriwal's Aam Aadmi Party.
Key macroeconomic data slated to be released on February 12 will set the precedent in the run to budget on February 27.
Investors will also watch the results of Larsen & Toubro (L&T), DLF, Bharat Heavy Electricals (BHEL), Cipla, Coal India, Hindalco Inds, ONGC, Mahindra & Mahindra, SBI, HPCL and Indian Oil Corporation next week
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