Markets pare some losses on Friday to end marginally lower; Nifty down 0.3% for week

Extending losses for second consecutive week, benchmark indices settled marginally lower in a volatile session as investors stayed cautious in the earnings season. Nifty50 slipped below 9,100, dragged by index heavyweights like Sun Pharma and ITC. However, RIL and HDFC Bank supported the market.

The S&P BSE Sensex settled the day at 29,365, down 57 points, while the broader Nifty50 ended at 9,119, down 17 points.

In the broader market, the S&P BSE Midcap index and the S&P BSE Smallcap index added 0.02% and 0.2%

Small and midcap stocks hit record highs, with the Nifty Smallcap 100 index climbing as much as 1.1% and the Nifty Midcap 100 index up as much as 0.6%.

Mukesh Ambani-led Reliance Industries on Friday regained its status as India’s most valued firm by market capitalisation, overtaking Tata Group’s crown jewel TCS. The company gained as much as 3.7% to Rs 1,420 after the company commissioned a project to produce paraxylene at Jamnagar in Gujarat.

Shares of RIL ended 2.4% higher at Rs 1,403 on BSE giving the company a market capitalisation (m-cap) of Rs 4,60,291.20 crore — the highest for any listed firm in the country. This was Rs 3,151.92 crore more than TCS’ Rs 4,57,139.28 crore valuation at the time. TCS settled the day 0.7% lower.

HDFC Bank, RIL, NTPC gained the most on BSE Sensex while Sun Pharma, Adani Ports, Cipla and ITC were the biggest laggards on the index.

Shares of HDFC Bank hit record high of Rs 1,500, up 2.6% on BSE after the private sector lender reported a better-than-expected 18% growth in standalone net profit at Rs 3,990 crore for the quarter ended March 2017 (Q4FY17).

Axis Bank pared gains to end flat after advancing as much as 1.4% after suffering heavy losses in the previous session to settle the week 3.8% lower while ACC dropped over 1% ahead of its March-quarter earnings result.

Retail investors have missed the rally in SpiceJet as individual shareholders reduced their stake in the company by more than four percentage points in March quarter (Q4). The stock rallied 5.4% to Rs 109.7, trading close to its record high of Rs 115 touched on September 2005 on BSE in intra-day trade.

Radico Khaitan surged 9.3% to Rs 131.60, extending its Thursday’s 11% rally on after Madhuri Madhusudan Kela bought 704,741 equity shares or 0.53% stake in the company at price of Rs 117 per share, the bulk deal data showed.

Here are some picks from the week gone by.

Company: Bharti Infratel CMP: 352.95 Mastermind

Company: IRB Infrastructure CMP: 248.60 Mastermind

Company: Yes Bank CMP: 1543.00 Mastermind

Company: Sun TV CMP: 938.80 Mastermind

Company: Dhampur Sugar CMP: 240.90 Mastermind

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