NEW DELHI: Risk aversion globally, less-than-expected quarterly earnings from bluechip firms at home and looming concerns over the health of NBFCs dragged the benchmark stock indices lower during the truncated week gone by.
The BSE Sensex dropped 417.95 points, or 1.20 per cent, during the week to settle at 34,315 on Friday. Nifty50 tanked 168.95 points, or 1.61 per cent, to end at 10,303.
Heres a list of stocks that hogged limelight during the volatile week.
Mindtree: The scrip fell 14.8 per cent for the week, thanks to its biggest single-day fall in its trading history on Friday after the company came out with what analysts perceived as soft outlook. The stock had risen 60 per cent this year till Wednesday. Analysts have cut earnings estimate for the company by -8-10 per cent, which hurt investor sentiment.
Indiabulls Housing Finance: With a 29.72 per cent plunge, this was among the worst-hit stocks on BSE during the week. The scrip fell amid reports that it has some Rs 600 crore exposure to realty developer Supertech, which is said to have defaulted on payments to two PSU banks. Supertech called it payment delay and not default.
Dewan Housing Finance Corporation (DHFL): Reports of Rakesh Jhunjhunwala buying an additional stake in the company during the September quarter could not lift the stock, as concerns over the NBFCs exposure to real estate developers and a squeeze in overall systemic liquidity hurt this counter. The stock lost 27.83 per cent for the week.
Hathway Cable, Den Networks: Amid rising speculations, Reliance Industries at last announced much-awaited strategic investments in the two firms, boosting their stock prices. Shares of Den Networks climbed 4.5 per cent during the week while those of Hathway Cable & Datacom rallied over 11 per cent.
Jet Airways: This stock rose 14 per cent for the week on reports that the Tata group has held preliminary talks to buy a large stake in the struggling airline. The Naresh Goyal-founded Jet has sought an equity collaboration but Tata Sons has sought management control.
NIIT Technologies: This stock climbed 18.5 per cent for the week after the company reported 66.3 per cent jump in net profit at Rs 111.8 crore for September quarter, driven by strong demand across sectors like BFSI and travel and transportation. The company had registered Rs 67.20 crore profit for the year-ago quarter.
Avenue Supermarts: This retailer could not meet earnings expectations and saw a 12.25 per cent drop in shares during the week gone by. Analysts have started downgrading the stock, citing rich valuations that might be tough to sustain if the retailer sticks to its existing business model.
ACC: This cement makers earnings failed to live up to Street expectations. The stock fell 5.25 per cent for the week after the company reported a 15 per cent YoY increase in consolidated net profit at Rs 209 crore, lower than Rs 251.53 crore that analysts had estimated in an ET Now poll. “ACCs inability to increase prices despite robust volume trend and spiralling costs is disheartening,” Edelweiss Securities said.
IndusInd Bank: This stock fell 5 per cent during the week after second quarter earnings where it made provisions for its exposure to IL&FS. The private lender posted 4.56 per cent year-on-year growth in profit at Rs 920.25 crore for the quarter ended September 30. It had posted Rs 880.10 crore profit for the corresponding quarter last year.
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ET Markets
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