Top Movers

In a week marked by RBI rate hikes to combat inflation, the BSE Sensex and NSE Nifty were down by 3.2 and 3.4 per cent respectively. The broader BSE 500 also fell by 3.3 per cent.

Among the top losers for the week were stocks such as Shriram Transport, which shed 16 per cent following the RBI's decision to remove NBFCs from the priority-sector lending bracket. Concerns over higher lending rates hurting lending volumes pushed the BSE Bankex lower by 3.1 per cent.

Despite a decent set of fourth quarter results, Canara Bank shed around 8 per cent. Increased provisioning for pension liabilities and non-performing assets hurt Bank of India's fourth quarter results, with the stock slipping by 7.7 per cent through the week. A spike in employee provisioning costs and fears of contracting NIMs also hurt Punjab National Bank 's fourth quarter results with the stock trading down 7.2 per cent through the week.

Among the segments expected to be impacted by higher interest rates were the realty space which was among the badly hit this week. The BSE Realty index shed 3.9 per cent through the week. HDIL and Anant Raj Industries were among the heaviest losers shedding 12 and 13 per cent respectively. HDIL is also expected to be investigated by an Anti-Corruption Bureau over allegations of questionable practices at its Bandra-Kurla plot.

As fears of cooling commodity prices gathered pace through the week, most constituents of the BSE Metals index came under selling pressure shedding 5 per cent. Vedanta Industries controlled Hindustan Zinc shed 8.4 per cent while parent Sterlite Industries and Sesa Goa shed 7.4 per cent each. Other constituents such as JSW Steel, Bhushan Steel, MMTC and Hindustan Copper also shed around 5 per cent each on concerns over input cost pressure.

Input cost pressures also hurt several cement companies whose margins are expected to contract in the coming quarters. Among the badly hit stocks in the segments were ACC, Ambuja Cements and India Cements which shed between 9 and 10 per cent.

Margin-pressure remained a recurring theme in the telecom space with competition taking its toll on margins of several players. Reliance Communications shed around 10 per cent while Tata Communications and Bharti Airtel shed 9.5 and 7.4 per cent each.

Among the few companies to buck the losses registered by broader indices were oil marketing companies. A sharp fall in crude oil prices, coupled with murmurs of price hikes of petroleum products, pushed the share prices of Hindustan Petroleum, Bharat Petroleum and Indian Oil, up by 7.8 per cent 6.1 per cent nd 3.9 per cent respectively.

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