Top Movers

The week saw the BSE Sensex and NSE Nifty shed around 1.1 per cent each. Despite food inflation for the week ended May 7 easing down to 7.5 per cent, rising oil prices leading to possibly higher inflation remained among the major concerns for investors. The BSE 500 ended the week lower by around 1.4 per cent.

The BSE Oil and Gas index was among the hardest hit this week shedding 4.6 per cent through the week as the markets grappled with a revised subsidy sharing structure. Among the worst affected were ONGC , whose subsidy burden has risen. The stock shed 10 per cent. Indian Oil Corporation, HOEC and GAIL India shed around 7.2 per cent each. Bharat Petroleum, Hindustan Petroleum and Oil India were among the relatively lower losers shedding between 5 and 6 per cent each.

A poor set of March quarter numbers from India's largest bank, SBI , led to the scrip shedding 12 per cent. News reports indicating that the government may possibly ‘instruct' Coal India to prioritise coal supply to the power segment ahead of its own more lucrative e-auction pushed the stock lower by 5.3 per cent. Another PSU to take a hit was steel major SAIL. The company's anticipated FPO, coupled with margin concerns, pushed the share price down by 8 per cent.

Fears over margins getting squeezed with limited visibility for top-line growth resulted in a sharp 12 per cent correction in the scrip of Patni Computers. The ongoing 2G scam investigations continue to take their toll on companies such as Unitech and Reliance Communications , which were down 7.6 per cent each.

Notable movers for fundamental reasons included infrastructure major Larsen and Toubro, which gained 8 per cent following a better- than-expected set of quarterly results and a strong order book position. The company also clarified that it was not looking to exit the ‘electrical' segment. Glenmark Pharma gained over six per cent through the week on news of a licensing agreement with French major Sanofi . Ashok Leyland was another notable gainer, adding 3.3 per cent, on the back of a strong financial performance to cap a stellar FY-11.

Among the other top performers this week were the companies that were recently added to the MSCI India Index. The names included Mundra Port which gained 7.1 per cent and Shriram Transport which added 6.5 per cent. Other inductees which posted notable gains included Asian Paints, Titan, Dabur and Bank of India which gained between 4 per cent and 5 per cent each.

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