11,250 will be important for bulls if they have to regain control of D-Street. A break below this level could take the index towards 200-DMA placed at 11,020 levels, suggest experts.
Indian market bounced back from its 100-days exponential moving average (EMA) for the second consecutive day in a row on Friday but failed to reverse losses and closed with a bearish candle on the daily charts for the 8th consecutive day in a row.
The Nifty50 for the week closed 3.7 percent lower. The broader market outperformed as the Nifty Midcap index gained 0.47 percent while the Nifty Smallcap index rose 0.57 percent.
In terms of market capitalisation, investors lost nearly Rs 5 lakh crore during this week. The average market-capitalisation of BSE-listed companies fell from Rs 151.62 lakh crore on May 3 to Rs 146.51 lakh crore on May 10.
Going forward, 11,250 will be important for bulls if they have to regain control of D-Street. A break below this level could take the index towards 200-DMA placed at 11,020 levels, suggest experts.
Here's a look at the top 10 stock movers for the week:
PC Jeweller, up 16%
Share price of PC Jeweller jumped as much as 16 percent for the week. Carlina Limited bought 37,00,000 equity shares of the company at Rs 94.68 per share, as per bulk data available on the National Stock Exchange on April 10.
PNB Housing Finance, up 12.53%
Share of PNB Housing were up over 12 percent for the week gone by after it reported a 51 percent jump in its consolidated net profit to Rs 379.77 crore for the fourth quarter ended March 2019. The company's net profit stood at Rs 251.58 crore in the corresponding quarter of 2017-18. Its total income (consolidated) during the quarter rose to Rs 2,148.19 crore, up by 31 percent as compared with Rs 1,638.48 crore in the year-ago quarter, the company said in a regulatory filing. Net interest income (NII) registered a growth of 13 per cent to Rs 609.7 crore from Rs 540.8 crore, it said.
PNB Housing said its board of directors recommended final dividend of Rs 9 per equity share for 2018-19.
Jet Airways, up 11.99%
Jet Airways has been in the limelight for the past few months as the airline shut down operations. The stock price has been on a rollercoster ride. Middle Eastern carrier Etihad Airways has submitted a bid for a stake in India’s Jet Airways, the unit of State Bank of India (SBI) overseeing the sale of the stricken airline said on Friday.
SBI had invited binding bids for a stake in the airline, which is saddled with roughly $1.2 billion in bank debt. Etihad, which already holds a minority stake in Jet, is interested in re-investing in the airline, subject to certain conditions, a spokesman for the Middle Eastern carrier said earlier on Friday.
Tata Chemicals, up 6%
Tata Chemicals on May 3 posted a 26.46 percent jump in its consolidated net profit at Rs 450.10 crore during the fourth quarter of 2018-19 fiscal on strong sales. The company's net profit stood at Rs 355.90 crore in the same quarter during previous fiscal. Total income increased to Rs 2,845.26 crore on a consolidated basis during the January-March quarter of 2018-19 from Rs 2,628.83 crore in the year-ago period.
The board has recommended a dividend of Rs 12.50 per share i.e. 125 percent for the financial year 2018-19.
Top Losers
Tata Motors, down 11.24%
Tata Motors stock price tanked over 8 percent on Monday after news that the company phase out small diesel cars from its portfolio as demand is expected to slow down due to upcoming BS-VI emission norms that would make such vehicles expensive, according to a senior company official.
"We feel that low demand for entry- and mid-size diesel models will not justify the high costs involved in developing a new small capacity engine," Tata Motors president passenger vehicles business unit Mayank Pareek said. "The industry has recorded de-growth for the tenth consecutive month. Weak consumer sentiments are reflected in this demand de-growth and we have also been impacted," he added.
Reliance Industries, down 11.19%
Shares of Reliance Industries fell after brokerage firm Morgan Stanley downgraded the company to equal-weight, maintaining the target at Rs 1,349 per share. The brokerage firm expects the earnings growth of the Mukesh Ambani-led company to halve in FY20, after delivering a steady 17 percent compound annual growth rate (CAGR) between FY17 and FY19.
Morgan Stanley said that earnings upswing of the last two fiscal years is likely to reverse and the upside appears limited, as the core business of the company drags.
Tata Steel, down 11.14%
Share price of steel major Tata Steel was down 11 percent for the week after sources told Reuters that Thyssenkrupp is expecting the joint venture with Tata Steel to fail.
Thyssenkrupp and Tata Steel in 2018 unveiled plans to combine their steel activities in Germany, the Netherlands and Britain to become the continent’s second-largest steelmaker after ArcelorMittal. But the landmark deal has not yet been approved due to concerns about its impact on competition.
Zee Entertainment, down 9.77%
Share price of Zee Entertainment felll over 9 percent for the week after rumours of sale of pledged shares. However, the company denied such rumours. Zee Entertainment shares have been quite volatile for last nearly seven months, especially after promoter Subhash Chandra decided to sell up to 50 percent stake to pare debt.
Vedanta, down 7%
Share price of Vedanta fell over 7 percent for the week after March quarter consolidated profit fell a sharp 43.3 percent year-on-year (YoY) to Rs 3,218 crore. Profit in the year-ago period stood at Rs 5,675 crore. Profit attributable to owners declined 45.5 percent to Rs 2,615 crore compared to the same period last year, the company said in its filing. Revenue from operations fell 15.1 percent YoY to Rs 23,468 crore in the quarter ended March 2019.
Morgan Stanley maintained its Equal Weight rating on Vedanta post Q4 results with a target price of Rs 176 while Citigroup maintained its Neutral rating on Vedanta post Q4 results with a target price of Rs 195.
YES Bank, down 6.85%
Yes Bank on May 3 said the Reserve Bank of India has imposed a penalty of Rs 11.25 lakh on it for violating money transfer norms. "(The) Reserve Bank of India (RBI) vide its speaking order dates April 22, 2019, imposed a penalty of Rs 11,25,000 under the Payment and Settlement Systems Act, 2007," Yes bank said in a regulatory filing.
Shares of Yes Bank also declined after India Ratings has downgraded the company's long-term ratings. India Ratings has downgraded banks long-term ratings to AA- with a negative outlook. Meanwhile, it has reaffirmed its short term rating of the bank with A1+.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
