On a weekly basis, the S&P BSE Sensex closed 0.19 percent lower while the Nifty50 closed flat with a positive bias for the week ended April 26.
The market surged in the final hours of trade, pushing the S&P BSE Sensex above 39,000 and helping Nifty reclaim 11,750 on a closing basis on April 26, which is a positive sign.
On a weekly basis, the S&P BSE Sensex closed 0.19 percent lower while the Nifty50 closed flat with a positive bias for the week ended April 26. The final tally – the S&P BSE Sensex rose 336 points to 39,067 while the Nifty50 climbed above 11,700 to close at 11,754, up 112 points.
The Nifty50 after opening higher at 11,683.75 remained rangebound with a positive bias. The index gained strength in last hour of trade and hit an intraday high of 11,762.90 before closing 112.90 points higher at 11,754.70.
India VIX fell percent to 21.71 levels.
"Albeit bulls put up a brave face in the post lunch session as they added around 100 points to their kitty before signing off the week with a bullish candle, market breadth remained negative whereas weekly charts depicted Hanging Man kind of formation," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
Here's a look at the top gainers & losers for the week:
UltraTech Cement, up 8.54%Share price of cement major UltraTech Cement gained as much as 8 percent for the week. The company reported a 108 percent jump in its fourth quarter
(Q4FY19) standalone net profit at Rs 1,017.5 crore on April 24. The company had reported net profit of Rs 487.95 crore in a year ago period. Its revenue was up 18 percent at Rs 10,500 crore against Rs 8,872 crore, YoY.
The stock hit a record high of Rs 4,686.30 on April 25 as brokerages retained their positive stance on the stock after company's March quarter earnings. CLSA has a Buy with target at Rs 5,270 pointing a return of 20 percent while Deutsche Bank has a target of Rs 4,815. HDFC Securities also has a Buy rating with target at Rs 5,140 per share.
Hindustan Petroleum Corporation registered a gain of 6 percent for the week following fall in global crude oil prices. Oil prices eased after Brent touched $75 per barrel on April 25 for the first time in nearly six months on the suspension of some Russian crude exports to Europe as investors second-guessed the market’s ability to rally further.
Oil prices dipped on April 26 on expectations that OPEC will raise output to counter shrinking exports from Iran after sanctions imposed by the United States, where crude stocks have swelled.
Aurobindo Pharma, up 5.5%
Aurobindo Pharma stock hit 31-month high on April 26, rising 5 percent intraday after global research house Citi reiterated the stock as one of its two top picks in the Indian pharma space. For the week the stock jumped 5 percent.
The stock has rallied nearly 43 percent in the last nine months. It closed at Rs 830.10 on the BSE, up 4.34 percent after hitting an intraday high of Rs 836.95, the highest level since October 2016. Novartis disclosed additional details on Sandoz's US business that is to be divested to Aurobindo Pharma.
Lupin, up 4.1%
Share price of pharma company Lupin registered a gain of 4 percent for the week after Morgan Stanley upgraded its rating on the stock to overweight from equal-weight earlier and also increased price target by 40 percent, citing reasonable valuations, implying 31.6 percent potential upside from current levels.
HCL Technologies: 3.4%
Shares of software firm HCL Technologies hit a record high of Rs 1,168 on April 26 after the company expanded its US operations. The stock rallied 12 percent in the last one month. The global technology company, on April 25, announced the launch of its CyberSecurity Fusion Center (CSFC) in Frisco, Texas.
"The opening of the CSFC represents the next phase in the company’s mission to support secure business growth by providing customers with a single point of contact for the enterprise security lifecycle, from detection to remediation," the company said.
Bharti Infratel, down 11.52%
Shares of Bharti Infratel was down over 11 percent for the week after it posted a consolidated net profit of Rs 608 crore in the last quarter of 2018-19, almost flat on year, as consolidation in the telecom sector resulting in reduced tenancies. The company had posted consolidated profit after tax of Rs 606 crore in the same period year ago. It tumbled more than 10 percent on April 25 after reporting flat earnings for the quarter ended March 2019.
Global brokerage house CLSA downgraded Bharti Infratel to sell from outperform and also slashed price target to Rs 285 from Rs 300 earlier, as tenancy outlook after March quarter earnings will remain muted.
Tata Motors, down 8.69%
Share price of auto major Tata Motors declined over 8 percent for the week. For the December quarter of last financial year, the auto major reported Rs 26,961 crore consolidated loss as it took a one-time exceptional non-cash charge for asset impairment of 3.1 billion pounds.
Maruti Suzuki, down 8.11%
Shares of Maruti Suzuki declined after it posted a 4.59 percent year-on-year (YoY) drop in net profit at Rs 1,795.60 crore over Rs 1,882.10 crore reported for the same quarter a year ago. Even though the numbers were broadly in line with Street expectation, analysts see the growth prospects of the company slightly clouded.
The company said FY20 is unpredictable as the impact of regulatory changes is unknown. Plus, the discontinuation of Omni and diesel cars make volume projections even more difficult.
Deutsche Bank has maintained a 'hold' call on the stock with a target price of Rs 6,450 per share.
Yes Bank, down 7.01%
Banking major Yes Bank posted a loss in share price of 7 percent for the week. It reported its biggest quarterly loss in 14 years at Rs 1,507 crore for the quarter ended March 31 owing to spike in bad loans (mainly IL&FS Group and Jet Airways).
Yes Bank said it has an aggregate outstanding funded exposure of Rs 2,528 crore as of March 2019 of which Rs 2,442 crore has been classified as NPA, and Rs 86 crore continued to be classified as Standard in line with the NCLAT order dated February 25, 2019.
Indiabulls Housing Finance, down 7.81%
The company reported a 7 percent year-on-year degrowth in consolidated profit at Rs 1,001.4 crore, but net interest income grew 5.8 percent to Rs 1,591 crore in quarter ended March 2019, both missing analyst estimates.
Morgan Stanely has an underweight rating on the stock with target of Rs 600 while Credit Suisse has a neutral rating with target of Rs 800 per share.For the full year, the company had reported a net income of Rs 4,091 crore, a growth of 11.8 percent over Rs 3,658 crore booked in FY18.