Indian benchmark indices snapped four-week losing streak to end over 0.5 percent higher for the week amid hopes that the government may roll back the recently imposed surcharge on foreign policy investors (FPIs). The sentiment was also lifted after the Reserve Bank of India’s (RBI) cut interest rates by 35 basis points to 5.4 percent on Wednesday. For the week the NSE Nifty was 1 percent higher and the BSE Sensex was up 1.25 percent.

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On Friday, benchmark indices ended higher, tracking gains in global markets, led by gains in financials and auto stocks. The broader NSE Nifty ended 0.7 percent higher at 11,110, while the benchmark BSE Sensex closed 0.7 percent higher at 37,582.

For the week, sectoral indices were mixed for the week. The Nifty Auto rose the most, up over 3 percent each followed by the Nifty IT (up 2.6 percent). The Nifty Consumption rose 2.5 percent, while Nifty Finance added 2.2 percent for the week. Meanwhile, the Nifty Metal, Nifty PSU Bank, and the Nifty Media indices lost over 2 percent for the week.

Nifty gainers

Auto stocks gained this week amid reports that the government may postpone the roll-out of hike in registration fees by a few months and may implement it from next year. Hero MotoCorp was up over 9 percent becoming the top Nifty gainer for the week, while Maruti Suzuki added 7 percent.

Bharti Airtel advanced 8 percent after brokerages remained bullish on the stock despite reporting a worse-than-expected quarterly loss in Q1. The sentiment was also lifted after reports that Singtel is likely to raise its stake in Bharti Telecom, the single largest shareholder in Bharti Airtel, to beyond 50 percent.

HCL Tech rose over 7 percent for the week after it reported mixed performance for the June quarter, but maintained its growth guidance for FY20. The sentiment was also lifted as brokerages remained positive on the stock.

Among other gainers, Bajaj Finserv rose 6 percent, HUL added 5.8 percent, Bajaj Finance was up 5.5 and Coal India gained 5.3 percent.

Nifty losers

Tata Steel was the worst-performing stock for the week, down over 11 percent after it reported 64.5 percent year-on-year (YoY) decline in its consolidated net profit to Rs 683.13 crore for the first quarter, dented by a decline in steel prices and rise in expenses.

YES Bank slipped 7 percent this week after it announced the opening of qualified institutional placement (QIP) at a floor price of Rs 87.90 per equity share with a proposed discount of not more than 5 percent. It also announced reshuffle plans for its top management.

Tata Motors plunged 6.6 percent amid challenges in Jaguar Land Rover (JLR) business and the ongoing slowdown in the domestic operations.

State Bank of India fell 5.5 percent as brokerage houses slashed price target after the public sector bank missed profit expectations in the June quarter (Q1), and slippages rose.

Other losers included UPL (down 7 percent), Cipla (down 6 percent), PowerGrid (down 4.3 percent) and Grasim (down 4 percent).

Midcap gainers and losers

Panacea Bio was the top midcap gainer for the week, up 33.3 percent, followed by Venky's, which was up 17 percent, KEI Industries (up 16.4 percent), Minda Industries (up 12.7 percent), Oriental Elec (up 9.5 percent) and Balkrishna Industries (up 8.4 percent).

Meanwhile, Parag Milk Foods was the worst performing midcap for the week, down 17.8 percent, followed by Endurance (down 9.2 percent), Kiri Industries (down 8 percent), RBL Bank (down 5.7 percent) and KRBL (down 5 percent).