Indian stock markets witnessed some correction this week, mainly weighed down by concerns over declining asset quality in India’s banking sector. The Reserve Bank of India (RBI)’s 25 basis points cut in repo rate also failed to enthuse investors. The benchmark S&P BSE Sensex and the Nifty 50 indices fell nearly 3% during the week ended 4 October. Here are the top five gainers and losers for the week:
TOP 5 GAINERS
BPCL: Shares of Bharat Petroleum Corp. Ltd (BPCL) continued their rally this week as well, rising 9.7%, on reports that the government was planning to sell its stake in the company.
HPCL: Shares of Hindustan Petroleum Corp. Ltd (HPCL) gained 4.9% this week owing to fall in crude oil prices after official data showed a rise in US crude inventories.
IOC: Indian Oil Corp. Ltd (IOC) shares also rose 3.8% during the week amid falling crude oil prices.
HCL Technologies: HCL Technologies Ltd gained 3.7% this week amid broader rally in IT stocks as the rupee struggled against the dollar.
ITC: ITC Ltd inched up 1.7% during the week as brokerages expected huge upside in the stock going ahead after cut in corporate tax rate.
TOP 5 LOSERS
Indiabulls Housing Finance: Indiabulls Housing Finance Ltd shares lost a massive 37% this week amid fresh concerns over its merger with Lakshmi Vilas Bank, after the latter was placed under the Reserve Bank of India’s prompt corrective action. Additionally, a public interest litigation filed in the Delhi High Court accusing the housing finance company of round-tripping funds also spooked investors.
IndusInd Bank: IndusInd Bank Ltd shares plunged 14.6% this week on concerns over the bank’s exposure to stressed sectors even as the lender clarified that its exposure to a large housing finance company (HFC) is fully/strongly collateralised with no overdues.
Yes Bank: Yes Bank Ltd investors had a roller coaster ride this week, with shares closing 13.5% lower on a weekly basis. The stock crashed earlier this week on account of the forced sale of 100 million equity shares (3.92% of the bank’s equity share capital) triggered by an invocation of pledge on the equity shares of a large stakeholder.
Zee Entertainment: Shares of Zee Entertainment Enterprises Ltd fell 13.4% during the week after global brokerage firm Morgan Stanley slashed its stock target price to Rs 248 from Rs 370 earlier amid debt concerns.
SBI: State Bank of India (SBI) shares dropped 11.1% amid a decline in rate-sensitive stocks after RBI’s monetary policy committee slashed benchmark repo rate by 25 basis points.
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Source: News18