The BSE Banking index ended down 0.6 percent on Friday as the top sectoral loser, with all but one stock in the index ending the day in red.
Top losers included Federal Bank, which slipped 2.3 percent and IDBI, which ended down 1.4 percent. Shares in SBI, India’s top lender, ended down 1 percent.
Thursday proved to be a good day for realty counters with many, including Unitech, posting decent gains.
The star performer in the index was Phoenix Mills, which gained 6.4 percent.
Unitech, one of India’s top listed real estate firms, rose 2.8 percent while rival DLF ended marginally in the green.
Technology shares rose on Wednesday as Indian firms cheered robust results and guidance from U.S. peer Cognizant Technology Solutions.
Cognizant on Tuesday reported a profit that topped market estimates for the sixth straight quarter, helped by a surge in discretionary projects, and also raised its 2010 revenue outlook.
Shares in Reliance Industries, India’s top listed firm, gained 1.1 percent on Tuesday, helping the benchmark index close marginally up.
The stock, which has the highest weight on the main index, closed at 1,026 rupees.
Shares in ICICI Bank rose as much as 4.2 percent in trade before closing 3.9 percent up after the lender posted a 17-percent rise in quarterly net profit on Saturday.
India’s top private lender also forecast a 15-percent credit growth in FY 2011 as loan demand from corporate and mortgage borrowers remain strong.
The BSE Auto Index fell 1.4 percent and was the top sectoral loser, with stocks like Hero Honda and Tata Motors slipping.
Hero Honda shed nearly 3 percent after it posted a 1.6-percent drop in quarterly net profit. JPMorgan cut its share price target for the stock.
The BSE Banking index rose nearly 1 percent on Thursday as banks shrugged off rising trend in rates and climbed on hopes robust economic growth will boost demand for loans.
Federal Bank shares gained 2.6 percent and ended as the top gainer in the index, followed by Bank of Baroda which gained 2.5 percent.
The BSE Oil & Gas Index closed as the top sectoral loser on Wednesday, falling 1.92 percent mainly on losses in Reliance Industries which saw brokerage downgrades.
Shares of Reliance Industries fell 3 percent after brokerages such as Edelweiss, Motilal Oswal and IIFL downgraded the firm saying the company would take longer to increase gas production at the KG-D6 block.
There is some bad news for people who have bought cashless health insurance policies.
Media reports say many insurance companies providing cashless health insurance have stopped direct payment of treatment charges to 150-odd high-end hospitals in New Delhi and surrounding areas from July 1.
Shares in Infosys Technologies, India’s second-largest outsourcer, rose as much as nearly 2 percent to a record high of 2,882 rupees on Friday on optimism about quarterly earnings next week.
The company unveils its quarterly earnings on June 13. Its earnings are often dubbed as a trendsetter for sectoral peers.