While Pharma stocks saw some selling pressure from the top, the week clearly belonged to the old elephant Reliance Industries who secured yet another deal for its Jio Platform.

In Vista Equity, RIL found third high profile investor for its Jio platform, within a month. Vista Equity will pick up a 2.32% stake in Jio Platform for Rs 11,367 crore. The deal values Jio for an equity value of Rs 4.91 lakh crore, 12.5% premium over the deal with Facebook. Three deals over the month have helped Reliance Industries to raise Rs 60,000 crore for a cumulative 13.5% stake.

FIIs have been net buyers in Indian equity so far with inflow of Rs 17,800 crore in May so far. Mutual fund data for April, released during the week, a worrisome trend in the making. DII inflows are turning passive after staying robust throughout the volatile markets.

Net inflows into equity mutual funds, which stood at Rs 11,723 crore in March, crashed to Rs 6,212.96 crore. SIP inflows fell 3% to Rs 8,376.11 in April from Rs 8,641.20 crore in March.

Total number of SIP folios jumped marginally to 3.13 crore from 3.12 crore in April and growth of Assets under management from SIPs was also flat Rs 2.75 lakh crore from Rs 2.39 lakh crore in March.

On the earnings front, ICICI Bank's Q4 performance has been quite encouraging though the testing time for the entire sector still lies ahead.

Bank's Q4 net profit jumped 26% to Rs 1,221 cr despite the sharp surge in provisions. Bank provided for Rs 5,967 cr this quarter, including Rs 2,725 cr for the possible COVID 19 effect.

Asset quality has also shown drastic improvement with GNPA declining to 5.53% vs 5.95% QoQ while Net NPAs were at 1.41% vs 1.49% (QoQ). Domestic loan growth was at 13% YoY as against the industry growth of 6%. Retail loans grew by 16% YoY. Improving retail mix is a drastic shift for the bank from its older days of corporate heavy loan book, resulting in deteriorated asset quality.

ICICI Bank’s recent performance is very encouraging. With improving quality parameters, the Bank has shown significant reversal from its troublesome days of bad asset quality and management marred with scam allegations.