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The BSE Sensex and NSE Nifty indices shed 1.7 and 1.6 per cent respectively in the week just gone by. Global markets remained in a cautious mood with no resolution in sight for the European debt crisis. The broader BSE 500 index was down by 1.6 per cent. The BSE Smallcap and Midcap indices kept pace with benchmarks, down 1.2 and 1.3 per cent respectively.
One of the biggest causalities of the quarterly results season was Crompton Greaves . The stock shed 14 per cent by the end of the week. The BSE Capital Goods index, of which the stock is a component, had a relatively rough week compared to broader indices as it shed 4.4 per cent.
The slowdown in the automotive segment saw its first notable casualty of the quarter. Battery-maker Exide Industries saw its profits tank on the back of slack demand. The stock price slid 11 per cent through the week. However, the broader BSE Auto index ended flat.
The stock of automotive biggie Maruti Suzuki gained 6 per cent through the week as it resolved a months-long strike which had depressed its output. The stock of Hero Motocorp also gained three per cent on the back of good results.
A set of underwhelming results from technology majors TCS and HCL Technologies pushed the companies' respective stock prices lower by 8 and 7 per cent through the week. High wage costs following two quarters of aggressive employee additions had weighed on the profits of India's largest technology company TCS.
The BSE IT index ended the week 3 per cent lower. Patni Computers did buck the trend as its results clocked in higher than market expectations. The company's stock closed with week with a gain of 14 per cent. A poor quarter in terms of demand for air conditioning products led to poor quarterly street expectations from consumer durable major Voltas. The stock price dipped by 8 per cent through the week.
The woes of iron ore mining major Sesa Goa continued as the stock fell by 7 per cent by the end of the week. The company has faced a series of setbacks over the last few months with few signs of being able to raise flagging consolidated output either from Karnataka or Goa.
Even as it sealed a deal to acquire an iron ore company in Australia, NMDC received a poor response to its e-auctions for ore in Karnataka. Soaring prices at the e-auction pushed potential buyers away. The stock took a hit of 6 per cent on the bourses.
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