Taking stock for 27 September 2009

Taking stock for 27 September 2009

Monday, 21 September 2009

Markets were closed on Monday, 21 September on account of the Muslim holiday Eid.

Tuesday, 22 September 2009

The sensitive index rose to its highest since 22 May 2008 on Tuesday, after finance minister Pranab Mukerjee, said interest rates should be kept low to help the economic recovery. India’s largest mortgage lender HDFC rose 5.1% on the news and ICICI Bank increased 1.3%. India’s auto companies rose the most after the Asian Development Bank increased it’s forecast for India’s growth this year from 5% to 6%.

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Wednesday,23 September 2009

The gauge broke its winning streak on Wednesday, falling the first time in 6 days, on profit booking. Jaiprakash Associates lost the most in a month. Bharti Airtel fell on news that its deal with South Africa’s MTN may face regulatory issues. HDFC Bank increased after news that the World Bank cleared a $4.3 billion loan for India, including $2 billion to be used to inject capital into public sector banks and maintain credit growth.

Thursday, 24 September 2009

The benchmark index rose on Thursday—banks led the gains, again on news that the finance minister would keep interest rates low. Wipro also gained after it said it won a 3 year contract with US-based company Aquarion Water Company. The index has risen about 74% this year.

Friday, 25 September 2009

The Sensex slipped on Friday, as investors stayed away from long positions ahead of the Dussehra holiday. Top gainers were Sun Pharma, Reliance Industries, ITC, ONGC, and DLF. Top losers included ICICI Bank, Tata Steel, Wipro, Tata Motors, and TCS. Sector indices ended the day mixed, with healthcare leading the gains, and metals leading the losses.