Taking Stock for 08 March 2010

Taking Stock for 08 March 2010
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First Published: Mon, Mar 08 2010. 12 52 AM IST
Updated: Mon, Mar 08 2010. 12 52 AM IST
Monday, 01 March, 2010
Markets were closed on Monday, 1 March on account of the holiday Holi.
Tuesday, 02 March, 2010
Stocks saw their steepest climb in more than 2 months on Tuesday, after reports showed India’s exports and manufacturing output accelerated, raising hopes that sales could increase. Tata Motors soared 12% after the company reported a 58% climb in February sales. Mahindra & Mahindra also saw its stock rise after reporting a 40% increase in sales last month while Maruti Suzuki rose after sales increased 22% in February.
Wednesday, 03 March, 2010
The Sensex rose for a 3rd day on Wednesday hitting the 17,000 mark. A report by bank Normura predicted India’s economy may expand 9% in the next fiscal year, an increase from its previous prediction of 8%. In addition, a report by HSBC Holdings and Markit Economics Purchasing Manager’s Index, said the services sector grew at its fastest pace since January 2009.
DLF, State Bank of India, and HDFC all rose on the news. Jaiprakash Associates climbed after reporting cement sales rose 60% in February from a year ago. The gauge has risen 4.6% since Finance Minister Pranab Mukerjee announced in his budget speech that 10% economic growth was a possibility in the near future.
Thursday, 04 March, 2010
Shares fell on Thursday snapping a 3-day rally after the finance minister said rising prices are a concern and after food inflation stayed above 17% for a sixth week. Jaiprakash Associates and ICICI Bank saw losses for the day.
Friday, 05 March, 2010
The benchmark index rose on Friday after the finance ministry said India’s tax revenue collection from companies increased 10.9% in the April to February period from a year ago. The Sensex has added 3.4% during the week.
Top gainers were DLF, Hero Honda, Bharti Airtel, Sun Pharma, and Jaiprakash Associates. Top losers included Tata Motors, Wipro, BHEL, Hindalco, and NTPC. Barring the Auto, Consumer Durables, and the Public Sector indices, all other sectors indices ended the day in the green.
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First Published: Mon, Mar 08 2010. 12 52 AM IST
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