The Nifty Bank index rose for the seventh week in a row Domestic stock markets finished the week on a flat note as a spike in pharma stocks countered losses in IT and consumer goods shares.
The S-P BSE Sensex index ended 2.72 points higher at 40,359.41, and the broader NSE Nifty benchmark ended up 18.95 points (0.16 per cent) at 11,914.40.
The 30-scrip benchmark index had risen for past three weeks, adding a total 1,298.63 points - marking a gain of 3.32 per cent.
In the week ended November 22, Zee Entertainment Enterprises shares climbed up 24.38 per cent to emerge the biggest percentage gainer on the 50-scrip index.
Here are 10 things to know about the week gone by:Besides ZEEL, the top percentage gainers on the 50-scrip index for the week were Sun Pharma (+8.61 per cent), Eicher Motors (+7.16 per cent) and IndusInd Bank (+6.62 per cent).
On the other hand, top Nifty laggards were Mahindra - Mahindra (-6.38 per cent), Yes Bank (-5.46 per cent) and Britannia (-5.34 per cent).Zee Entertainment Enterprises shares rose in four out of the five trading sessions this week.
The biggest spike during the week was on Thursday, which followed the announcement that its promoters planned to offload a stake up to 16.5 per cent in the media company to financial investors to meet loan obligations to certain lenders.Out of the 11 sectoral indices on the National Stock Exchange, the Nifty Media was the top gainer for the week - boosted by Zee shares.
The Nifty Pharma and Nifty PSU Bank indices rose 4.49 per cent and 4.16 per cent respectively.The Nifty Bank - which comprises shares in 12 major lenders in the country - finished the week with a gain of 0.33 per cent.
That marked the seventh straight weekly gain for the banking index.
Analysts expect the banking stocks to continue their upmove."Private sector banking shares are expected to consolidate over the next 3-4 months after a series of positive developments," said Jaikishan Parmar, senior equity research analyst, Angel Broking.In a ruling earlier this month, the Supreme Court cleared the way for steel giant ArcelorMittal to complete its purchase of debt-laden Essar Steel for Rs 42,000 crore.
The order came as a huge win for lenders who had challenged the bankruptcy appellate tribunal's order which had given financial and operational creditors equal right over the sale proceeds.Besides, the Reserve Bank of India (RBI) sent Dewan Housing Finance to the insolvency court, making the company the first shadow bank in the country to be sent to the bankruptcy-resolution process."Developments on the telecom sector will remain key to the momentum in banking sector going forward.
Although deferred payment of spectrum fees is a big positive for the sector, telecom companies will need government support to meet the adjusted gross revenue (AGR) obligations," Mr Parmar added.In a bid to ease the financial stress in the sector, the government has decided to give telecom operators an option to defer payment of spectrum-related instalments for next two financial years.
The move comes at a time when the telecom industry is struggling with pilesof debt and cut-throat competition."The Nifty Bank is expected to hit an all-time high by the end of December with upside potential in SBI, ICICI Bank and IndusInd Bank," said AK Prabhakar, head of research at IDBI Capital.
"November and December have been positive months for the Indian markets."Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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