Taking stock for 11 Oct 2009

Taking stock for 11 Oct 2009

Monday, 5 October 2009

The Sensex fell on Monday, 5 October, led by telecom companies, after a report said the auction of high- speed cell phone service licenses may be delayed and the industry was downgraded by Kotak Securities. In addition, investors stayed cautious ahead of quarterly results.

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Tuesday, 6 October 2009

The gauge was up on Tuesday, helped by metal stocks, after metal prices rose. Telecom companies lost ground again, on concerns that lower call charges will impact earnings. Reliance Communications, which lost the most among telecom stocks, has charges that are between 17 and 100% lower than its competitors.

Wednesday, 7 October 2009

The benchmark index slid the most in 2 weeks on Wednesday, led by IT Services providers, which fell on the weakening dollar. IT service providers get 40% of their revenue, in US dollar receipts. Metal stocks gained on higher metal prices. Telecom stocks continued their fall, on speculation that lower call charges will hurt earnings. Bharti Airtel lost 18% for the week, and is the Sensex’s worst performer so far this year.

Thursday, 8 October 2009

On Thursday, the sensitive index rose, and shares across sectors increased after finance minister Pranab Mukerjee said that India’s growth would increase. IT services providers, however, slid again as the dollar continued to weaken. Distribution of the first bonus shares in twelve years led Reliance Industries higher for the day.

Friday, 9 October 2009

While Friday started the trading day on the back of positive global cues, the Sensex ended the day lower on a sell-off across sectors. Top gainers were Bharti Airtel, ONGC, Reliance Communications, and Hindustan Unilever. Top losers included Tata Motors, Sterlite Industries, Reliance Infrastructure, and Grasim. While all sector indices ended Friday in the red, they ended the week mixed. FMCG, Metal, Pharma, and Power ended the week in the green, while Telecom and IT led the losses among sector indices.