Sensex ends flat but up 2% for the week, Nifty settles below 10,350

The Nifty50 index pared gains to end in negative after hitting record highs earlier in the session, as Yes Bank slumped nearly 10% on concerns over bad loans. The Sensex ended flat but at new closing high for the day.

The NSE Nifty and BSE Sensex were gained more than 1.5% each for the week after the cabinet’s decision to inject $32.4 billion into state-run lenders over the next two years boosted sentiment.

Reliance Industries, oil marketing companies, metals, Bharti Group, select banks and technology stocks saw selling pressure whereas NBFCs, Tata Group stocks, ICICI Bank and ITC supported the market.

State-run oil marketing major, Indian Oil, reported a fall of 18.7% in its net profit for September quarter at Rs 3,696 crore against Rs 4,548 crore during the previous quarter. The revenue came in 13.7% lower at Rs 1.1 lakh crore against Rs 1.28 lakh crore quarter on quarter.

ITC Ltd reported almost 6% rise in net profit at Rs 2,640 cr for the September quarter as against Rs 2,500 crore in year-ago period. Revenue increased 7% to Rs 10,314 crore as compared to Rs 9,661 crore in September 2016.

Automaker Maruti Suzuki reported 3% rise in net profit at Rs 2,484 crore for the quarter ending September as against Rs 2,401 crore in the same period a year ago. Revenue rose 22% to Rs 21,768 crore.

Nifty PSU Bank index fell the most among sectoral indices, down 4 percent on profit-booking. SBI was down 3 percent.

Bharti Airtel and Bharti Infratel also saw selling pressure led by profit booking, falling 5-8 percent.

Shares prices of some non-banking finance companies bounced back. Bajaj Finance rallied 4 percent and M&M Financial was up 1 percent.

Aurobindo Pharma rose 1.7 percent on getting approval from US FDA for Amiodarone Hydrochloride injection (used to treat a number of types of irregular heartbeats) while Cipla gained 2.2 percent as its US arm received final approval from US FDA for generic Renvela tablets that had US sales of USD 1.85 billion for 12-month ending August 2017.

Adani Ports, Tata Motors, TCS, ONGC and Sun Pharma among others gained 2-4 percent.

United Spirits was the biggest non-Nifty F&O gainer post strong Q2 numbers, rising 17.5 percent (biggest gains in 5 years).

Here are some picks from the week gone by.

Company: Bharat Petroleum CMP: 529.45 Mastermind

Company: Jubilant Food CMP: 1625.00 Mastermind

Company: State Bank of India CMP: 310.60 Mastermind

Company: Canara Bank CMP: 404.90 Mastermind

Company: Maruti Suzuki CMP: 8101.20 Mastermind

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