Weekly Wrap: Sensex losses 0.27 per cent, Yes Bank major dragger

Indian equity benchmarks registered weekly losses after bouts of volatility triggered by a mixed bag of Q4FY19 results. Indices were mostly dragged down by Yes Bank which fell as much as 26 per cent over the week. Markets also had a short trading week as there were holidays on Monday and Wednesday.

Benchmark index BSE Sensex closed the week down by 0.27 per cent at 38,963.26, while the Nifty ended closed at 11,712.25, down by 0.36 per cent. As banking major Yes Bank saw sharp selling, HDFC Bank saw an opposite trend which extended its record run touching an all-time high of Rs. 2,378 after it gained for four consecutive days. Adding to the list of top performing banks, Kotak Mahindra Bank continued its positive trend which started after its results.

Market sentiments were dented by weak auto sales numbers for April month. The largest automaker, Maruti registered 19 per cent YoY drop in sales for April. M&M, Tata also followed the trend to show a drop of 9 per cent and 27 per cent in their respective sales figure.

Markets can be expected to remain volatile owing to election and earnings season. Next week, there will voting for the fifth phase of Lok Sabha elections and results of key stocks including ICICI Bank, SBI, Escorts and L&T etc.

On Friday markets closed marginally lower. BSE Sensex and NSE Nifty ended down by 0.13 per cent and 0.20 per cent down.