By Ankush Arora and Sankalp Phartiyal
The BSE Sensex had been headed for a week of gains until upbeat U.S. jobs data triggered fears of a soon-to-start tapering of the Fed’s monetary stimulus, pulling the benchmark down by a percent for the week ending Aug. 16. The broader Nifty slumped 4 percent on Friday, marking its biggest daily drop in almost two years.
The rupee also fell to a new record low of 62.03 versus the dollar on Friday despite the Reserve Bank of India (RBI) and the government’s continued efforts to prop up the currency.
New measures by the RBI to restrict how much Indian citizens and companies can invest abroad raised fears of outright capital controls that could spook foreign investors, hurting the rupee further.
The outlook remains bleak as Indian shares marked their fourth consecutive weekly fall, totalling a decline of 7.7 percent.
Here are the top five losers and gainers of the week:
BHEL: India’s top power equipment maker was the worst performing stock in the Sensex, with losses of nearly 10 percent for the week. The stock, which was downgraded to ‘sell’ by Deutsche Bank in the first week of August, touched its 52-week low of 104.75 rupees on Friday and closed 10.7 percent lower.
“Q1 numbers, which the company has declared a couple of weeks back, has added fuel to the fire because the numbers were very bad,” said S.P. Tulsian, an independent market analyst.