The market rallied for the third consecutive week with the earnings season moving into full swing after IT giants Tata Consultancy Services (TCS) and Infosys reported their December quarter numbers. The mega event of the week – the elevation of TCS CEO N Chandrasekaran to the Tata Sons’ chairman post – shaved off significant gains in TCS stock, while unexpected surge in industrial production in November, and globally US President-elect Donald Trump’s first news conference after elections, hogged the limelight.
During the week ended January 13, the S&P BSE Sensex added 1.8% or 479 points to settle at 27238, while Nifty50 gained 1.9% or 164 points to close the week at 8400.
Midcap and Smallcap stocks jumped. The BSE Midcap index rose 2.6%, while the BSE Smallcap index surged 2%.
Sectors and stocks
The week saw BSE Metal index gaining 5.5%, followed by the BSE Power (4%), while BSE Bankex, BSE Capital Goods and Bank Nifty fut rallied 3.6% each.
Pharma stocks were in focus with BSE Healthcare index (down 0.2%) being the top laggard for the week after Trump targeted drug companies world-over, saying they are ‘getting away with murder’. The remarks suggested pharma firms may face tougher business environment in US.
Dr Reddy’s and Lupin featured among top five Sensex losers and shed 5.7%, and 1%, respectively. Other losers included Idea Cellular (down 5.6%), TCS (1.4%) and BPCL (dpwn 1.1%).
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