Monday January 18, 2010
The Sensex rose on Monday, January 18, led by Tata Consultancy Services, after it announced quarterly results that beat analysts’ expectations. Other IT service providers followed suit. HDFC Bank and ICICI Bank also climbed after Morgan Stanley upgraded their shares.
Tuesday, January 19, 2010
Shares fell the most in a month on Tuesday on concern that inflation could hinder the global economic recovery as central banks around the world consider hiking interest rates, challenging countries on how to balance growth and inflation. IT service providers dropped for the day. Tata Power, which is India’s largest electricity generator outside of state-run companies, also fell following a lower-than-expected third quarter profit after sales fell.
Wednesday, January 20, 2010
The Sensitive Index fell on Wednesday. Oil & Natural Gas Corporation slid after the government asked it to give state-run refiners a $762 million subsidy for losses from selling gasoline and diesel below cost, which raised concerns about the company’s profitability. NTPC, India’s largest power producer, gained after it announced plans to spend 250 billion rupees to build power plants to help decrease black outs.
Thursday, January 21, 2010
Stocks fell for a third straight day on Thursday, with Larsen & Toubro leading the losses after a decline in sales for the quarter. ICICI Bank also slumped even after posting a lower-than-expected drop in quarterly net profit. Despite reporting a 5.4% increase in December quarter profits that were in line with analysts’ expectations, Bharat Heavy Electricals also went down along with overall markets.
Friday, January 22, 2010
Markets closed sharply lower on Friday below the 17,000 mark, following weak global cues after US President Barack Obama proposed limits on trading practices of banks. However, Reliance Industries, ITC, and Bharti Airtel’s third quarter figures, which were in-line with expectations, helped the markets cut losses.
Top gainers were BHEL, ITC, Hero Honda, and Hindustan Unilever. Top losers included Tata Steel, Larsen & Toubro, DLF, Sun Pharma, and Jaiprakash Associates. Barring realty, all other sector indices ended the day in the red.