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Markets showed some optimism on Monday, thanks to positive sentiment in the US and Europe. But this failed to carry through till the end of the week. In a week marked by cynicism on the government's reforms initiatives, the BSE Sensex closed 1.8 per cent below the previous week. The NSE Nifty ended 1.9 per cent lower. The CNX 500 also reflected similar sentiments with a 1.7 per cent fall. The BSE Midcap and Smallcap indices fared slightly better, falling only by 0.9 per cent and 1.2 per cent respectively.

Among the sectoral indices, the BSE Oil and Gas Index was the worst hit, followed by the Bankex, Realty and Metals indices. While the Oil and Gas Index was down 5 per cent, the other three lost between 2.5 and 4 per cent over this week. The BSE Teck and IT indices gained about 1.5 per cent.

Redington India moved up 16 per cent. Reports said that it would acquire an additional 26 per cent stake in its overseas arm from Investcorp, a PE fund for $ 113 million.

Air-conditioning major Blue Star surged about 9 per cent. The company won an order for Rs 84 crore from the Bangalore Metro Rail project. It also announced the setting up of a plant at Ahmedabad for manufacturing refrigeration products.

The HT Media stock also went up by 9 per cent. As a step further in its education business, HT Media has entered into a joint venture with the US-based Apollo Global earlier this month.

Besides, with investors looking for defensive bets, FMCG stocks such as Procter and Gamble and Jyothy Labs found favour this week. While these two stocks gained 12 per cent and 6.5 per cent respectively, Nestle, Britannia and Marico inched up between 1.5 and 2 per cent.

On analyst expectations of a weak third quarter for alcohol makers, United Spirits shed 17 per cent this week. The company also announced its plans to raise $ 175 million through FCCBs to retire foreign currency debt.

Sugar producer Balrampur Chini lost 12 per cent on expectations that polls in Uttar Pradesh during the peak crushing season would delay lucrative exports. Shree Renuka Sugars too lost 4.2 per cent.

Mounting troubles for DLF with CRISIL downgrading the realtor's debt programmes saw the stock falling by 5.6 per cent.

Following worries about deterioration in asset quality and news about the government's additional market borrowings, bank stocks were among the major losers this week. While Bank of India, Syndicate Bank and Dena Bank lost between 7 per cent and 9 per cent, private banks such as ICICI, Yes Bank and Kotak Bank fell by about 5 per cent.

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