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Markets inched upwards early last week, but lost ground by the week's end with the bellwether indices BSE Sensex and NSE Nifty slipping by 0.6 and 0.7 per cent respectively. Data indicating a slowing in Indian manufacturing growth served to add to investor anxiety. The broader BSE 500 index, however, gained 1.2 per cent through the week.
Among the top gainers this week was the stock of engineering and construction major Punj Lloyd which ended the week up 13 per cent on the announcement of its fourth quarters results. The company posted profits in FY-11 against the losses the year before.
Similarly, the stock of NALCO gained 5.5 per cent at the close of the week after the company posted a healthy set of fourth qarter results.
Aditya Birla Nuvo posted a stellar set of March '11 quarter results, doubling net profits in the quarter compared to the same quarter in 2010. The stock notched a gain of 7 per cent for the week.
The broader BSE Capital Goods index gained 2.6 per cent through the week. Areva T&D's decision to demerge its electrical distribution business into a new entity pushes the stock up by 7 per cent.
Stocks of telcom companies Tata Teleservices and Reliance Communications were among the top gainers this week gaining around 10 per cent each. Investors were relieved after a reprieve of sorts for Ratan Tata and Anil Ambani in the 2G scam investigations. Adding to the positive buzz around Reliance Communications were reports that the company may have several takers for its tower arm.
The stock of NBFC major Reliance Capital was a notable gainer moving up 7.6 per cent by the end of the week following a good set of fourth quarter results.
The stock of Aurobindo Pharma was another big gainer on receiving USFDA nod to produce a new drug to treat dementia. The stock was up 7 per cent through the week.
Among the scrips that lost significantly was entertainment and media company Sun TV which tanked 27 per cent following the reports of possible questioning of Mr. Dayanidhi Maran in connection with the 2G scam. The stock of Spice Jet also came under the scanner for the same reason with the scrip ending the week lower by 11 per cent.
Fears of moderating growth in the automobile segment also pushed the scrips of Tata Motors and Mahindra & Mahindra lower by 6 and 5 per cent each. Input cost pressures also remain a concern for companies in the segment.
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