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Global events and results season weighed on markets in the past week. Markets bounced back on Friday on Greece's bailout and positive news on US talks to raise the debt ceiling. The BSE Sensex and NSE Nifty closed up one per cent each. The week also saw the Finance Minister, Mr Pranab Mukherjee, express concerns over high inflation derailing growth. The broader BSE 500 ended up 0.6 per cent.
The stock of Petronet LNG added close to 20 per cent through the week. A stellar set of results forthe June '11 quarter buoyed investor sentiment. The results also appear to have led to improved expectations from gas distributor Gujarat State Petronet, whose stock rose by almost 16 per cent during the week.
The stock of Indiabulls Financial Services gained 11 per cent through the week on the back of a solid set of first quarter numbers with profits driven by the home loans division. Good results also pushed the shares of Allahabad Bank to a 6 per cent gain.
The stock of Tata Communications rose nearly 8 per cent with markets anticipating more clarity over the real estate assets held by the company following next week's cabinet meeting. In an early sign of a return of pricing power to telecom players, the stocks of Idea Cellular and Bharti Airtel gained about 5 per cent each following the latter's plans to raise prepaid tariffs in certain circles.
The stock of Hindustan Zinc gained 7 per cent after a strong growth in the sales and profits during the June '11 quarter. Sterlite Industries , which derives a significant portion of its consolidated earnings from its 65 per cent stake in Hindustan Zinc holding, saw its stock gaining 3 per cent.
Renewable energy major Suzlon's move to make an offer to minority holders in subsidiary, RE Power, enthused markets with the stock moving up 6 per cent. A better-than-expected set of results coupled with expectations of improved ad revenue over the festive season helped the stock of Zee Entertainment gain 9 per cent over the week.
A combination of poor first quarter earnings and subsequent downgrade in guidance for the ongoing fiscal saw the stock of Crompton Greaves plummet 25 per cent. Adding to its woes is the lack of clarity over the company's vice-chairman off-loading a sizable block of shares around the disclosure period.
The stock of GTL came under immense selling pressure, shedding 17 per cent as the company's ability to service its massive debt came under scrutiny.
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