Monday, October 19, 2009
India’s Benchmark Index was closed on Monday, October 19, on account of the holiday Bhai Dooj.
Tuesday, October 20, 2009
The Sensex slid on Tuesday, the first time in three days. Mukesh Ambani’s Reliance Industries fell the most in a month as the court case over gas supplies began. The company is looking to overturn a court ruling that would make Reliance Industries sell gas to his brother’s company RNRL, at 44% below government prices. NTPC gained after the government announced it planned to sell 5% of the utility company. Edelweiss Capital also fell heavily after founder Raj Rajarathnam of the US hedge fund Galleon Group was arrested on alleged insider trading charges. Galleon Group owns 7% of Edelweiss Capital.
Wednesday, October 21, 2009
The gauge continued its slide on Wednesday, led by banks, on concerns that a new proposed interest rate system would intensify competition between lenders. IT Service providers rose after the rupee fell, making sales abroad more valuable when repatriated. Sesa Goa plummeted after profits declined from a year earlier.
Thursday, October 22, 2009
Stocks fell again on Wednesday, once again with banks leading the way, after Moody’s cut the ratings of 13 banks. Reliance Industries fell as the Supreme Court continues to hear the case over gas supplies. Jaiprakash Associates fell almost 7%, as profit before exceptional items decreased 38%. Larsen and Toubro also fell because earnings excluding one-time gains for the September quarter fell short of expectations.
Friday, October 23, 2009
The sensitive index rose for the first time in 4 days, led by Dr. Reddy’s Laboratories and ITC, both beating earnings estimates. ITC, the nation’s largest tobacco company, rose to a record. The Sensex ended the week down by 3% and Nifty closed lower by 2.8%.
Top gainers were ITC, M&M, Tata Power, Hindalco, and Infosys. Top losers included Reliance Industries, Grasim, Larsen and Toubro, Tata Motors, and Tata Steel.
Barring the PSU and Oil and Gas indices, all other sector indices ended the day in the green