Top Movers

The BSE Sensex and NSE Nifty shed 3.2 per cent each in a testing week for the markets, marked by volatility globally with FIIs being among the heavy sellers. High inflation levels owing to rising food and fuel prices remain a major concern for investors as do rising interest rates which may pose a considerable challenge to growth. The broader BSE 500 was down 3.6 per cent during the week.

The BSE Realty index was among the major losers, shedding 8.6 per cent over fears of rising interest dampening demand for real estate leading to a stiff correction in prices. Index heavyweights DLF and HDIL shed close to 12 per cent each as did Unitech which shed 10.6 per cent.

The BSE Auto index shed around 5 per cent. Less than expected third quarter performance of Maruti Suzuk i pushed the stock down by 1.5 per cent. Two wheeler majors, Bajaj Auto and Hero Honda, were down 4 per cent and 5.5 per cent as rising raw material costs are expected to play spoilsport to the good run they have had. Auto ancillary majors, Exide and MRF, were down 6.9 per cent each. Other notable industry players such as Mahindra & Mahindra and Ashok Leyland shed 9.4 per cent and 5 per cent each.

The BSE Metals index was down 4 per cent due to fears of rising raw material costs eating into the profitability of metal companies. Ferrous players such as Bhushan Steel and SAIL were down 8.6 per cent and 5.6 per cent each. Despite healthy top-line and bottom line growth, Zinc producer, Hindustan Zinc, was down 5.6 per cent on concerns over the overseas acquisition being a drag on margins. Diversified metals producer, Sterlite, which is in litigation over its copper operations in Tamil Nadu and environmental clearances in Orissa was down over 6 per cent. Two index companies which bucked the trend were aluminium producer, Nalco, which was up 2.4 per cent and steel producer, Tata Steel, which up 1.25 per cent following a successful FPO.

The BSE Oil and Gas was down 4 per cent largely due to the sharp correction in index heavyweight, Reliance Industries, which was down 7.5 per cent. Other constituents that turned in good performances, including ONGC, which was up 2.5 per cent on news of stellar third quarter performance due to higher crude oil realisations and an FPO later in the year. Oil marketing companies, BPCL and IOCL, were up 7 and 2.5 per cent each.



c:set var="prUrl" value="https://premium.thehindubusinessline.com" />

Read further by subscribing to

The Hindu Businessline

What You'll Get

  • Web + Mobile

    Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device.


  • Exclusive portfolio stories and investment advice

    Gain exclusive market insights from the Hindu Businessline's research desk.


  • Ad free experience

    Experience cleaner site with zero ads and faster load times.


  • Personalised dashboard

    Customize your preference and get a personalized recommendation of stories based on your intrest.

Related

This article is closed for comments.
Please Email the Editor