Taking Stock for 8 Nov 2009

Taking Stock for 8 Nov 2009

Monday November 2, 2009

Markets were closed on Monday, November 2nd, on account of the holiday Guru Nanak Jayanti.

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Tuesday, November 3, 2009

The Sensex fell for a sixth day in a row on Tuesday, making it its longest losing streak in a year. Reliance Communications and Hindalco led the losses and fell sharply after they reported a drop in profits. The country’s largest telecom operators, Bharti Airtel and Reliance Communications, are the two worst performers on the Sensex this year, as price wars among carriers is beginning to impact growth.

Wednesday, November 4, 2009

The benchmark index finally broke its losing streak on Wednesday, after Finance Minister Pranab Mukherjee said the government would not pull out from the stimulus package until the economy had fully recovered. DLF, India’s largest real estate developer, and infrastructure development company Jaiprakash Associates, soared on the news. Metal stocks rallied after the price of metals rose on the London Metal Exchange.

Thursday, November 5, 2009

The sensitive index was up again on Thursday, after reports that personal income tax collection went up 2.9%, and taxes from companies increased 4.6% for the April to October period, raising hopes that an economic recovery is in progress. Shares across sectors rose on the news

Friday, November 6, 2009

The gauge had another volatile day of Friday but finally ended the day with gains following positive global cues.

Top gainers were Jaiprakash Associates, Tata Steel, State Bank of India, Sterlite Industries, and Larsen and Toubro

Top losers included Tata Power, Hindustan Unilever, Hero Honda, ITC, and Tata Motors.

Barring the FMCG index, all other sector indices made gains for the week.