New Delhi: Indian stock markets continued their rally for a second week after finance minister Nirmala Sitharaman last Friday cut corporate tax rates for domestic companies. The equity benchmark indices registered their biggest weekly gains in four months for the week ended 27 September. The S&P BSE Sensex rose 2.13% this week to close at 38,822.57, while the Nifty 50 climbed 2.11% to 11,512.40. Here are the top five gainers and losers for the week:
Top 5 Gainers
BPCL: Shares of Bharat Petroleum Corp. Ltd (BPCL) shot up 16.3% this week on reports that the government is considering selling its entire stake in the company to a global oil firm within this fiscal year.
Bajaj Finserv: Bajaj Finserv Ltd shares advanced 11.1% during the week as analysts expected that the earnings boost after the cut in corporate tax rate will give non-banking financial companies (NBFCs) some cushion against a decline in growth.
HPCL: Shares of Hindustan Petroleum Corp. Ltd (HPCL) gained 10.3% this week amid a broader rally in stocks of oil marketing companies after crude oil prices slid over 1% during the week.
IOC: Shares of Indian Oil Corp. Ltd (IOC) climbed 9.8% during the week due to a fall in crude oil prices, as mentioned earlier.
Bajaj Finance: Like its twin Bajaj Finserv, Bajaj Finance Ltd also became one of the top Nifty gainers, rising 9.6% this week.
Top 5 Losers
Yes Bank: Yes Bank Ltd shares declined 12.2% during the week after one of the promoter entities, Yes Capital, sold nearly 1.8% stake in the bank.
Tata Motors: Tata Motors Ltd shares tumbled 10% this week after its subsidiary Jaguar Land Rover (JLR) said it was planning to close its UK factories for a week in November to guard against disruption to supply chains from a possible no-deal Brexit.
Zee Entertainment: Zee Entertainment Enterprises Ltd (ZEEL) shares declined 9.2% this week after some mutual funds sold pledged shares of the company leading to concerns that others may follow suit. Though, the promoters have now got an extension of up to six months to pay their dues from most of the mutual funds after the initial deadline ended in September.
Indiabulls Housing Finance: Indiabulls Housing Finance Ltd dropped 8.9% this week after a news report suggested that the Delhi High Court has admitted petitions to probe the company. The petition alleged that Indiabulls Housing gave “dubious loans” worth billions to shell companies through firms owned by the group’s founders.
SBI: State Bank of India (SBI) shares lost 6.8% during the week after Morgan Stanley downgraded the stock to ‘equal-weight’ from ‘overweight’ with target at Rs 330 per share.