Taking Stock for 22 November 2009

Taking Stock for 22 November 2009
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First Published: Sun, Nov 22 2009. 07 00 PM IST
Updated: Sun, Nov 22 2009. 07 00 PM IST
Monday, November 16 2009
The Sensex started the week on a high note on Monday, November 16, climbing over 1%. Maruti Suzuki and Tata Steel led the gains after steel secretary Atul Chaturvedi said the country’s demand for steel grew 7% from April to October. Other auto and infrastructure related stocks also rose for the day. Rising demand for cars, refrigerators and air conditioners as well as increasing demand from rural areas are boosting steel sales in India.
Tuesday, November 17 2009
India’s benchmark index increased on Tuesday for a third day. IT service providers led the way on news that the US, which is their biggest export market saw higher retail sales. ONGC fell after reporting a drop in domestic crude oil production.
Wednesday, November 18 2009
The Sensitive index broke its 3-day winning streak on Wednesday, led by banks, on concerns that the new rules requiring lenders to increase their investment in government bonds may decrease credit in the global economy.
Meanwhile, the rupee continued to strengthen and the number of Indian stocks owned by funds abroad has risen 36% since March.
Thursday, November 19 2009
The gauge fell again on Thursday, the most in over two weeks, led by IT service providers on concerns that higher foreign capital inflows would cause the rupee to appreciate and hurt their competitiveness. The rupee has risen 6.7% against the dollar in the last year. Real estate related companies also took a dive, on concerns that interest rates may rise in the near future.
Friday, November 20 2009
The Sensex was up on Friday helped by strong cues in European markets, eliminating earlier losses. Top gainers were ACC, Hindalco, Jaiprakash Associates, Tata Steel, and HDFC. Top losers included Bharti Airtel, Reliance Infrastructure, M aruti Suzuki, and Bhel. Barring the Consumer Durables index, all other sector indices ended the day in the green.
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First Published: Sun, Nov 22 2009. 07 00 PM IST