Domestic stocks may have paused to catch their breath, but the weekly reading offers a pretty picture. It turned out to be the third weekly gain.
The upcoming G7 meeting is firmly on investors' radar. Plus, the Trump-Kim summit in Singapore on June 12 is making them play with care.
What is eating away their confidence, however, is the US slapping tariffs on a wide range of imports from allies like the EU and Canada.
Healthcare counters buzzed big time following a string of USFDA approvals for Indian drugmakers.
For the week gone by, the BSE Sensex rose 0.61 per cent to 35,444 against 35,227.30 on June 1. The NSE Nifty added 0.67 per cent at 10,767.70, from 10,696.20, during the same period.
Here are the stocks and sectors that made news.
Shrimp exporter Avanti Feeds rallied 18 per cent during the week to June 8. The scrip jumped to Rs 1,825.60 on Friday, from Rs 1,543.40 on June 1.
Managing Director Indra Kumar told ETNow that shrimp demand has normalised and the company has order for the next 6 months. That apparently sparked a turnaround in fortunes.
“We are not worried about margins and the business is doing pretty good. There is nothing to worry about the business side. Correction in shrimp prices has caused demand to go up,” Kumar held.
Himachal Futuristic Communications (up 19.68 per cent), Avanti Feeds (18.29 per cent), Unitech (17.19 per cent), Allahabad Bank (15 per cent) and Caplin Point Labs (11.78 per cent) stole the show. They stood among top gainers in the BSE 500 index this week.
Kwality (down 26.32 per cent), JBF Industries (22.48 per cent), Manpasand Beverages (16.42 per cent) and HDIL (12.84 per cent) struggled to catch up and were among top laggards of the week.
The BSE Healthcare index jumped 3.70 per cent for the week ended Friday. Metal (up 2.58 per cent), oil (2.13 per cent), IT (1.73 per cent) and technology (1.66 per cent) had a good story to tell. On the other hand, power, capital goods, consumer durables and bankex declined between 0.60-1.75 per cent.
Sun Pharmaceuticals had its sunny side up on Friday as the US health regulator did not recommend any action against the company's Halol plant in Gujarat. The scrip closed 8.13 per cent up at Rs 528.20.
@fresh all-time high
As many as nine stocks on the BSE 500 index scaled fresh life-time high during the week gone by. They included HDFC Bank, Nestle India, KPIT Technologies, Varun Beverages, Biocon, JSW Steel, VIP Industries, Gruh Finance and Bajaj Finance.
@fresh all-time lows
Narayana Hrudayalaya, Housing & Urban Development Corporation, Advanced Enzyme Technologies, Inox Wind, HDIL, Navkar Corporation, IDFC Bank, Adani Power and ILFS Transportation plumbed their new lows during the week.
Jindal Steel and Power
Jindal Steel and Power (JSPL) rallied over 6 per cent to Rs 240.80 on June 8 against Rs 227 on June 1.
The company tweeted, “JSPL produced 6.86 mn dmt of pellet in 2017-18, up by 6 per cent from 6.46 mn dmt in 2016-17. During Q4 FY18, production of pellets increased by 15 per cent YoY to 1.84 mt and the company achieved external sales of pellets of 0.74 mt.”
Sugar stocks waver
Sugar stocks settled the week on a mixed note even as the Cabinet okayed a Rs 8,000 crore bailout package for mills, which is seen to benefit 5 crore sugarcane farmers.
The government fixed minimum selling price for sugar at Rs 29 per kg. The average ex-mill price of sugar is in the range of Rs 25.60-26.22 per kg. That's below cost of production.
For the week ended June 8, Bajaj Hindusthan declined 2.71 per cent, followed by Balrampur Chini (down 6.43 per cent) and EID Parry (3.73 per cent). Shree Renuka Sugars settled 0.63 per cent higher at Rs 16.10 for the week.