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Markets rallied across the globe after European leaders agreed to relax conditions on emergency loans for Spanish banks and possible help for Italy. Indian equity benchmarks mirrored the positivity, and closed at a two-month high.

The Government’s move to soothe foreign investor concerns regarding the General Anti-Avoidance Rules and Morgan Stanley’s upgrade of Indian equities added fuel to the rally in Indian markets.

The BSE Sensex was up 2.6 per cent and NSE Nifty was up 2.5 per cent. The midcap universe outperformed the benchmarks with the CNX Midcap up 3.1 per cent for the week.

Broader markets closed in line with the bellwethers with the CNX 500 gaining 2.6 per cent during the week. The CNX Smallcap index closed up 1.8 per cent.

Outperformers among sector indices were the BSE Metals which edged up on higher global commodity prices and the Bank Nifty which closed the week with gains of 4.3 per cent and 3 per cent respectively.

Among individual stocks, the stock of Manappuram Finance rocketed 27 per cent by the end of the week. Rating agencies removed Manappuram Finance from their “rating watch with developing implications” and restored its rating to previous levels. Stake increase by Baring India Private Equity also perked investor sentiments.

Reliance Industries was given approval by the Competition Commission of India to buy stake in Network 18 and TV18 Broadcast. The stock of TV18 was up 15 per cent for the week.

Rekha Jhunjhuwala, wife of Rakesh Jhunjhunwala, has raised stake in Nagarjuna Construction from 7.7 per cent to 7.99 per cent. The stock closed the week 11 per cent higher.

Also surging by 11 per cent was the stock of Tata Power after media reports cited that the company was aiming to raise its generation capacity to 26 Gigawatt (GW) by 2020, from the current 5.2 GW.

The stock of Educomp Solutions was up 8 per cent, on possible benefits after the government announced that it would invite private players to mange government schools on build operate and manage model.

Rolta India announced that it had redeemed its outstanding Foreign Currency Convertible Bonds (FCCBs) aggregating US$ 134.7 million. There are no FCCBs outstanding for Rolta India. The stock was up 7 per cent for the week.

The stock of ITC rose 3 per cent on Friday to touch Rs 258.9; an all-time high since the stock began trading in 1991. It was up 3.3 per cent for the week

Shareholders of Sesa Goa approved the Sesa-Sterlite merger. Shares reacted positively to this news. The stocks of Sesa Goa and Sterlite Industries were up about 3 per cent each for the week.

OnMobile Global’s stock was battered last week, on reports that the board has hired auditors KPMG to investigate its promoter and chief executive officer Arvind Rao for misappropriation of funds. The stock was down 22 percent.

The stock of Kingfisher Airlines was down 12 per cent after media reported that lessors took back 32 planes because of rent defaults.

The carrier is now operating with only 13 aircrafts. Kingfisher has posted more than 10 straight quarterly losses because of higher fuel costs and a price war.

Natco Pharma’s stock closed the week with a fall of 9 per cent as it faced a setback in the patent infringement case with Teva Pharmaceuticals pertaining to the generic version of Copaxone, used for the treatment of multiple sclerosis.

The stock of Cairn India was down about 6 per cent for the week after its parent Cairn Energy further diluted its stake in Cairn India, at a discount to the stock’s prevailing price. With this sale, Cairn Energy holds 18.3 per cent in Cairn India.

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