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The BSE Sensex was down 0.33 per cent and the Nifty by a similar extent in a truncated week of trading. With negative sentiments across global markets owing to three-year high inflation rates in China and an 8.9 per cent registered in India, the markets had nothing positive to drive them forward. .

The top-performing stock among the large-caps was Hero Honda Motors which, after a much-maligned deal to part with its Japanese partner, gained 10 per cent through the week after declaring a dividend of Rs 70 (share price Rs 1,830). Another notable gainer from the automobile segment was Mahindra and Mahindra, which gained 3.5 per cent on reports of the company hiking its tractor prices. The BSE Auto index edged marginally ahead of the broader indices, gaining 0.44 per cent through the week.

The fourth quarter results got off to a bad start with IT bellwether Infosys getting hammered by 9.4 per cent on posting a disappointing set of fourth quarter results. Not helping the cause was its EPS guidance for 2012, which was quite sedate, not to mention exits in its top management team. The BSE IT index shed 4.6 per cent with Wipro shedding 3.4 per cent.

A strong performer this week was the BSE FMCG index, which gained 2 per cent. The index, which is filled with traditionally defensive bets, saw constituents such as Colgate Palmolive and gaining 5 and 4 per cent each. United Spirits was one of the losers in the pack shedding 4.3 per cent.

The BSE Capital Goods index was also an outperformer, gaining 1.7 per cent through the week. Larsen and Toubro was reported to be searching for a buyer for its electrical equipment arm. The stock gained 3.1 per cent through the week. Crompton Greaves gained a similar 3.3 per cent on buying by mutual funds.

The BSE Metals index did not fare quite well, though one of its constituents, Bhushan Steel , the mid-sized steel producer, gained 9 per cent through the week. The Karnataka Government is reported to be fast-tracking land acquisition for steel projects, one of which is Bhushan Steel's six million tonne plant.

India Bulls Real Estate was another notable gainer this week, adding 6.7 per cent to its stock price on news that the promoters mopped up shares from the open market hiking their stake by 2.6 per cent. Higher interest rate concerns have been severe on the BSE Real Estate Index, which shed 2.2 per cent through the week with heavyweights, such as DLF and Unitech shedding 5.5 and 5 per cent respectively.

Despite concerns over softening margins, the BSE Bankex managed to gain 0.6 per cent with smaller banks such as UCO Bank, Federal Bank and Yes Bank gaining 5.8, 5.2 and 3.2 per cent respectively.

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