Monday, July 20 2009
Strong corporate earnings led stocks higher on Monday, 20 July. Technology stocks led the gains on news that demand from financial companies is rebounding. TCS surged after profits went up 23%, beating analyst expectations.
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The Sensex fell on Tuesday on news from the government that below average rainfall may hurt agriculture especially in the northwest region, where rain has been 43% below normal. Agriculture makes up about 20% of India’s economy. Mahindra and Mahindra fell on the news. ITC fell 2.6% and TCS also fell after the stock surged on Monday.
Wednesday, July 22 2009
Profit booking led stocks lower on Wednesday. HDFC fell after earnings came out lower than expected. Bhel took a dive after posting a lower than estimated Q1 profit of 23% and Hindustan Zinc declined on news of a 15% drop in Q1 profits because of lower prices. ICICI Bank, Tata Steel and Reliance Industries also closed lower by end of trading.
Thursday, July 23 2009
More positive corporate earnings news drove the Sensex up over 387 points on Thursday. Maruti Suzuki climbed to a record after a 25% surge in Q1 profits as a result of higher exports and demand for its Ritz and Swift cars. ITC’s earnings also beat analyst expectations and the stock rose to an 18 month high.
Friday, July 24 2009
The Sensex went up for a second straight day on Friday on strong global cues from US and European markets as well as Asian markets. Both indices gained over 4% for the week.
Top gainers were Tata Motors, DLF, Maruti Suzuki, Tata Steel, and Jaiprakash Associates.
Top losers included Sun Pharmaceuticals, HDFC, SBI, Reliance Industries, and ACC.
Most BSE sector indices ended in the green, except for Banking, which ended a little below 1%. Auto led the gains, followed by realty, metal, IT and telecom.