The Nifty50 and BSE Sensex indices fell over 1 per cent each for the week as some investors saw the opportunity to take some profits, given the more than 10 per cent rise in the benchmark since the announcement of the Union Budget on February 1.
“A sudden rise in domestic as well as global bond yields was a prime hindrance which moderated the enthusiasm of equity market participants throughout the world,” said Nirali Shah, head of equity research at SAMCO Securities.
While the action on the benchmark indices was lacklustre during the week, there was much action in the broader market that kept investors hooked.
Here are 10 stocks that captured the week’s highs and lows:
Best week ever for IOB, Central Bank of India and Bank of Maharashtra
Shares of the three public sector banks had their best week on record after a Reuters report said that they were under consideration for privatisation as announced by Finance Minister Nirmala Sitharaman in the Union Budget. Indian Overseas Bank skyrocketed 59 per cent for the week, Central Bank of India 54 per cent and Bank of Maharashtra 48 per cent.
GIC Re’s best week ever
The state-owned general insurer’s stock soared 44 per cent, its best weekly performance ever, after The Economic Times reported that the company was being considered for privatisation. The finance minister in her Budget speech had said that the government will look at privatising one of the three general insurers owned by it.
Hindustan Copper rises with copper
Shares of the state-owned miner jumped 18 per cent in the week tracking the surge in global copper prices. Global copper prices rallied 16 per cent during the week to their highest levels in several years, helped by rising optimism for the global economy and manufacturing activity.
GAIL India climbs on PM Modi’s speech
Shares of natural gas providers rallied during the week after Prime Minister Narendra Modi hinted at the likely inclusion of natural gas into the goods and services tax ambit. GAIL, which benefits from both marketing and transmission of natural gas, jumped 9 per cent.
Page Industries sinks on CEO’s exit
The Jockey innerwear distributor’s stock slumped 8 per cent as investors were concerned by the sudden exit of chief executive officer Vedji Ticku. Ticku had been the driving force behind the company’s rise over the past 12 years as it became one of the most popular consumer-facing stock in the market.
Vodafone Idea plummets post-earnings
Shares of the telecom operator fell 13 per cent in the week, their worst weekly performance since March, as analysts were unimpressed by the company’s December quarter earnings and its hesitance to provide a clear timeline on tariff hikes.
ONGC rallies with oil prices
Shares of Oil & Natural Gas Corp surged 9 per cent in the week helped by a bounce in global crude prices, which hit a 13-month high. The stock was also helped by the Prime Minister’s suggestion of adding natural gas in the GST net.
HEG spikes on demand outlook
Shares of the graphite electrode maker rose 29 per cent in the week on the perception that improving outlook for global steel demand will translate into higher demand for graphite electrode, which is a key component of modern steel plants around the world.