Hurt by profit-taking in blue chips, the BSE Sensex posted its worst weekly decline since August as it lost 2.7 percent in a holiday-truncated week.
On Thursday, shares were hurt after ratings agency Standard & Poor’s said it will review the rating of Asia’s third-largest economy after the new government lays out its policy agenda next year. The agency’s outlook on rating remains negative.
However, Goldman upgraded its view on India to “marketweight”, with a Nifty target of 6,900 points. The investment bank noted optimism over political change is trumping economic concerns.
Here are the top Sensex losers and gainers of the week:
STATE BANK OF INDIA: After posting a near double-digit return last week, SBI was the worst Sensex performer in the week ending Nov. 8. The stock lost 7.5 percent ahead of earnings announcement on Nov. 13.
SBI, which accounts for about a quarter of all loans and deposits in India, revised its base rate by 20 basis points to 10 percent on Wednesday.