Monday, March 8, 2010
The Sensex gained its highest in more than 6 weeks on Monday March 8th, after Finance Minister Pranab Mukherjee said fiscal consolidation would help expand GDP as the nation aims to return to a 9% growth rate. Jaiprakash Associates and ACC climbed on the news. Mahindra and Mahindra surged after an industry report showed auto exports increased at their fastest pace in 15 months. State Bank of India also advanced for the day as the government seeks approval to reduce its stake in the bank to 51%.
Tuesday, March 9, 2010
Markets snapped a 3-day winning streak on Tuesday taking their signal from weak global cues. Jaiprakash Associates fell for the day. Hindalco led commodity companies lower as the price of metals dropped.
Wednesday, March 11, 2010
The benchmark index rose on Wednesday as investors remained optimistic that economic growth would enhance company earnings. The finance ministry has forecasted India’s economy could grow 8.2% in 2010-2011 from an estimated 7.2% this year. Shares across sectors rose for the day.
Thursday, March 11, 2010
Stocks continued their rise on Thursday as investors remained optimistic that any policy to withdraw liquidity from the market would not hinder earnings growth. Sun Pharma gained 3% after Emkay Global Financial Services advised investors to hold the stock. The country’s third largest IT services provider Wipro increased 1.9%
Friday, March 12, 2010
Markets closed flat on Friday, as investors remained concerned about a possible interest rate hike following firm industrial output data for January. Top gainers were Hindalco, Bharti Airtel, Tata Power, ITC, and Mahindra and Mahindra. Top losers included Hindustan Unilever, Sun Pharma, Reliance Communications, BHEL, and HDFC Bank. Barring the Tech, Metal, Oil & Gas, and Auto indices, all other sector indices ended the day in the red.