Rumble on the street...Sensex, Nifty falls 3.3% in the week

‘Sell in May’ seems to be the jingle on the street as the Indian markets witnessed another deep cut during the week. The Nifty and the Sensex both lost over 3% each. Sentiment remained fragile owing to concerns that the European debt disaster could disrupt the global economic recovery. The Nifty failed to rebound after slipping below its 200-day DMA after Germany spooked the world markets as it banned naked short selling in certain financial instruments. Many Indian stocks also slipped below their 200-day DMA, which is seen as a key technical level owing to relentless selling by FIIs.

The BSE Sensex hit an intra-week high of 17,000 and low of 16,187 while, the NSE Nifty hit an intra-week high of 5,105 and low of 4,842

The top gainers: The top gainers in the Sensex were L&T (up 5.2%), ONGC (up 4.8%), SBI (up 2.1%), ITC (up 1.2%) and Cipla (up 1.1%).

The Top Losers: The top losers in the Sensex were Tata Motors (down 13%), DLF (down 9.9%), Ranbaxy Labs (down 8.9%), ICICI Bank (down 8.4%) and Hindalco (down 7.2%).

The BSE IT Index (down 3.8%):The top losers in the IT sector were HCL Tech (down 9.4%), Sasken Communication (down 8.5%), Mahindra Satyam (down 7.4%), Financial Tech (down 7.1%), TCS (down 5.9%) and Wipro (down 3.7%).

The BSE Consumer Index: The top losers in the Consumer Durables sector were Samtel Color (down 10%), Videocon Ind (down 5.5%), Blue Star (down 3.1%), Mirc Electronics (down 3%) and Titan (down 2%)

The BSE Healthcare Index (down 1.6%): The top gainers in the Pharma space were Zandu Pharma (up 30.6%), Strides Arcolab (up 4.8%), Dishman Pharma (up 3.2%), Dr Reddy's Labs (up 1.4%) and Astrazeneca Pharma (up 1.3%).

The top losers were Suven Life Science (down 7.9%), Marksans Pharma (down 6.6%), Morepen Labs (down 6.1%), Aurobindo Pharma (down 5.6%) and Glenmark Pharma (down 5.5%).

In pharma news, Abbott Laboratories said it will buy Piramal Healthcare's (PIHC IN) healthcare solutions unit for $3.72bn to become the biggest drug company in India. Abbott will pay $2.12bn initially and $400m annually over the next four years. The Abbott stock rose over 15% during the week.

The BSE Banking Index (down 4.2%): The top gainers in the banking space were Karnataka Bank (up 15.6%), Federal Bank (up 11.2%) and SBI (up 2.1%).

The top losers were ICICI Bank (down 8.4%), OBC (down 7.5%), HDFC Bank (down 6.4%), Axis Bank (down 6.2%) and Andhra Bank (down 4.6%).

The BSE Auto Index (down 5.1%): The top losers in the auto space were Tata Motors (down 13%), Ashok Leyland (down 9%), Hindustan Motors (down 6.4%), Bajaj Auto (down 3.9%) and M&M (down 3.8%).

The BSE Oil & Gas Index (down 2%): The top losers in the oil & gas space were Gujarat NRE Coke (down 21.7%), Hindustan Oil (down 13.7%), MRPL (down 5.7%), Jindal Drilling (down 5%) and Essar Oil (down 4.9%).

The top gainers in the oil & gas space were IOC (up 6.9%), ONGC (up 4.8%), HPCL (up 4.5%), BPCL (up 1.8%) and GSPL (up 0.9%).

The BSE Capital Goods Index (up 1.2%): The top gainers in the Capital Goods space were ABB (up 22.9%), L&T (up 5.2%) and Carborundum Univ (up 0.7%).

The top losers were Jyoti Structures (down 12.5%), Crompton Greaves (down 8.8%), Dredging Corp (down 8%), Usha Martin (down 7.8%) and Elgi Equipments (down 7.8%).

The Cement Sector: The top losers in the cement sector were Dalmia Cement (down 12.6%), Mangalam Cement (down 8.7%), Prism Cement (down 8.3%), Madras Cements (down 7.3%) and Gujarat Sidhee (down 7.1%),

The Telecom Sector: The top losers in the telecom space were MTNL (down 12.4%), WWIL (down 9.4%), Idea Cellular (down 9.1%), Reliance Com (down 7.7%) and TTML (down 7.4%).

The Realty Sector (down 8.8%): The top losers in the realty space were HDIL (down 15.7%), Mahindra Lifespace (down 12%), Dlf (down 9.9%), Unitech (down 9.7%) and Peninsula Land (down 8.8%).

The Metals sector (down 5.1%): The top losers in the metals sector were Adhunik Metaliks (down 10.1%), JSW Steel (down 9.3%), Tata Sponge Iron (down 9%), Bhushan Steel (down 8.1%) and Jindal Stainless (down 8.1%).

The top gainers in the metals sector were Lloyds Metals (up 20.2%) and Bhuwalka Steel (up 1.6%).