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After a six-week winning streak, markets reversed path last week. The benchmark indices lost over 1 per cent during the week. Sensex closed the week at 18,675, declining 1.4 per cent, while Nifty lost 1.2 per cent to close at 5676. The nervousness in the market was driven by IT major Infosys’ poor earnings outlook and the fear of downgrade by S&P, which outweighed the positive industrial production data.

Among the sectoral indices, the BSE Realty Index witnessed the highest fall, losing 4.1 per cent for the week. FMCG, healthcare, consumer durables and metals gained marginally.

The Aurobindo Pharma stock gained 15.4 per cent last week on upgrades by Indian brokerages, following the company’s strong growth guidance.

Sugar stocks gained in the market, thanks to the recommendations made by the panel, headed by C. Rangarajan, for a phased decontrol of the sector. The panel favoured a free import-export regime, removal of the 10 per cent levy obligation and a new revenue sharing mechanism.. If implemented, these proposals have the potential to add about Rs 3,000 crore to the industry’s profits. . Sugar stocks Balrampur Chinni, Bajaj Hindustan and Shree Renuka Sugars gained 4.6 per cent, 1.5 per cent and 1.1 per cent respectively during the week.

The stock of Max India rose 4 per cent on expectation that the company will divest around 5 per cent stake in its insurance join venture with Mitsui Sumitomo to foreign investors. This is subject to Parliament’s approval of FDI in insurance.

Sintex Industries stock gained 2 per cent for the week on the back of strong results for the September quarter. The company’s consolidated profits jumped by 86.5 per cent during the quarter despite a sedate 2.8 per cent growth in sales compared with the same quarter last year.

HDFC Bank ’s again delivered a strong performance. Its net profit grew 30 per cent in the September quarter compared with the same period last year. This was faster than the bank’s revenue growth of 24.5 per cent. The stock was up 1.4 per cent for the week.

IT major HCL Technologies gained 1.4 per cent for the week on the back of increase in the foreign institutional investor limit from 20 per cent to 30 per cent.

Beleaguered Kingfisher Airlines tanked 14 per cent last week on rumours that the aviation regulator may suspend the airline’s licence.

The stock of consumer durable player TTK Prestige lost 11 per cent after the company announced disappointing results for the September quarter. Despite the 10.9 per cent increase in revenues, the reported profits fell by 10.2 per cent to Rs 30.4 crore.

Suzlon Energy’ s bondholders turned down the company’s request to rollover its FCCBs of $ 209 million (Rs 1,107 crore). The stock fell 9.4 per cent on Friday.

Indiabulls Real Estate, Indiabulls Power and DLF tanked last week, after anti-graft activists alleged that undue favours were granted to these companies. While Indiabulls Real estate and Indiabulls Power lost 8 per cent each, DLF fell by over 9.5 per cent during the week.

Following the dip in TVS Motors’ vehicle sales by 22 per cent in September, the stock was downgraded from a buy to hold by Deutsche Bank. The scrip was down 8 per cent for the week.

IT major Infosys fell 5.2 per cent last week after the company lowered its revenue forecast for the current fiscal by 2 per cent to Rs 39,580 crore.

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