In a truncated and challenging week of trade, the BSE Sensex and NSE Nifty shed 2.1 and 2.2 per cent respectively. The news that IIP had hit a two-year low mark of 1.9 per cent did little to alleviate bearish sentiment. The broader BSE 500 fared marginally worse than the smaller indices and shed around 2.3 per cent. Political uncertainty in Italy pushing Europe to the brink only served to add fuel to already fire-spooking investors.

Despite shedding nine per cent during Friday's trade on announcing a poor set of second quarter results, Jyothy Laboratories managed to cap the week with a net 10.6 per cent gain, making it one of the top performing BSE 500 stocks of the week.

A good set of results which saw profits climb by 22 per cent led Berger Paints scrip to rise by 8.3 per cent. Maker of metal bearings and friction management, Timken India, was an unusual gainer this week with the scrip up 8.3 per cent. The announcement of Rs 20 dividend (share price of Rs.237) was the major catalyst for the gains.

Despite a dip in shipments, Madras Cement reported 27 per cent higher profits which sent the stock up by eight per cent. Despite warning that demand for tyres is slowing down, a 46 per cent rise in second quarter profits sent the scrip of Apollo tyres up by 7.4 per cent.

In the pharma space, Glenmark Pharma stock gained 7.3 per cent on the back of solid sales and operating profit growth.

With the FMCG pack struggling to eke out decent results, a good showing by GlaxoSmithKline Consumer was rewarded, with the stock gaining 6.5 per cent through the week. This far outpaced the 1.2 per cent gain posted by the BSE FMCG index.

A loss of Rs 385 crore during the second quarter had investors running for the exit from the SKS Microfinance scrip, which dropped 24 per cent this week. The beleaguered microfinance firm continues to take write-offs to its loan book and is quickly losing favour with investors.

Kingfisher Airlines follows with 17 per cent loss in share price. The company has been on fire-fighting mode with a slew of bad news. Saddled with Rs 7,400 crore in debt which it is struggling to service, rising fuel costs, a large cutback in flight operations and exodus of demoralised pilots and staff, the company has approached the government for help. Gung-ho statements by the management have done little to help shareholder sentiment though. A forex loss and rising cost of doing business pushed Aurobindo Pharma to post a loss in the second quarter. Displeased investors pushed the stock down by 13.2 per cent.

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