Five Nifty Stocks That Were Top Performers This Week
For the week, the BSE Sensex logged a gain of 424 points, or 1.5 per cent, while the broader Nifty rose 118 points.
Written by Sandeep Singh | Last Updated: February 24, 2017 19:11 (IST) Sandeep Singh
The Nifty hit 8,982.15 during Thursday's session - a level last seen on January 30, 2015.
Indian stock markets finished on a positive note the holiday-shortened week, which concluded on the expiry of February derivative contracts. The BSE Sensex logged a gain of 424 points, or 1.5 per cent, while the broader Nifty rose 118 points. The 51-scrip Nifty hit 8,982.15 during Thursday's session, a level last seen on January 30, 2015. Traders witnessed high volatility in a week that saw Reliance Jio's move to start charging its customers from April and the TCS board announcing a share buyback of up to Rs 16,000 crore. Indian equity, bond and foreign exchange markets were closed on Friday for Maha Shivratri holiday.
Here are the five best Nifty stocks of the week:
Idea Cellular finished the week with a gain of 13 per cent. News agency Press Trust of India had last week said citing sources that Vodafone and Aditya Birla group firm Idea Cellular were likely to finalise their mega merger deal within a month. Analysts said telecom stocks also got a boost after Reliance Industries announced decision to charge its customers from April.
Reliance Industries settled 10 per cent higher for the week. Reliance Industries on Tuesday announced that its telecom unit - Reliance Jio Infocomm - will start charging its customers from April 1, 2017. A surge in Reliance Industries Ltd or RIL shares added Rs 39,000 crore to its market capitalisation on Wednesday.
3) BPCL (weekly gain 5.7%)
Bharat Petroleum Corporation Ltd or BPCL post-market hours last Friday said its proposed funding plan received nod of the shareholders. The company also said it is "planning to raise up to Rs. 2,000 Crores during the current financial year through private placement of secured non-convertible debentures subject to market conditions".
4) Axis Bank (8%)
Axis Bank dismissed reports on a possible merger with Kotak Mahindra Bank, saying they were "baseless and unsubstantiated".
5) Asian Paints
Asian Paints finished the week with a gain of Rs 47.85 or 5 per cent.