By Sankalp Phartiyal and Ankush Arora
India’s benchmark indexes ended lower this week after scaling fresh peaks on Tuesday. The Sensex ended the week down 0.26 percent in its second consecutive week of falls. Indian markets were shut on Monday for a public holiday.
While strong buying by foreign investors bolstered blue chips, profit-booking and worries U.S. interest rates would rise sooner than expected kept shares under pressure.
On Tuesday, Goldman Sachs upgraded Indian shares to “overweight” from “marketweight” and raised its target on the Nifty to 7,600, citing lower external vulnerabilities, and chances of gains ahead of general elections.
Here are the top five Sensex losers and gainers this week:
M&M: Shares in India’s biggest utility vehicle maker ended the week with losses of 5.4 percent.
“We believe M&M’s market share loss in the UV/SUV segment is likely to stem while tractor volume growth will remain sedate (at 8-10% yoy in FY2015),” Kotak Institutional Equities wrote in a March 18 research note. The brokerage has a ‘neutral’ rating on the stock with a target price of 1,200 rupees.