Taking Stock for 6 December 2009

Taking Stock for 6 December 2009

New Delhi: The Sensex snapped its 2-day fall of 3.3% on Monday, after news that India’s economy grew faster than expected last quarter and as fears about Dubai’s possible debt default eased. Stocks across sectors gained on the news.

Tuesday, December 1, 2009

India’s benchmark index continued its rise on Tuesday, as India’s GDP growth was above market expectations. Sterlite Industries, India’s largest copper producer, and Reliance Industries, India’s most valuable company, led the gains. Auto stocks also saw significant increases.

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Wednesday, December 2, 2009

On Wednesday, the Sensitive index broke its 2-day rally of 3.4%, as investor resistance surfaced. IT service providers led the losses as the rupee gained against the dollar. Some auto stocks however, continued their rise, on reports of strong sales for the month of November.

Thursday, December 3, 2009

Stocks rose on Thursday, after C. Rangarajan, the Prime Minister’s chief economic advisor, said the economy could grow at 7% in the year through March 2010, and after Goldman Sachs predicted that GDP could increase to 8.2% and 8.7%, respectively, in the following 2 fiscal years. Shares across sectors rose for the day. Tata Motors, however, fell over 3.5%. Tata Motors is this year’s biggest gainer on the Sensex.

Friday, December 4, 2009

The benchmark index fell for the day on Friday, after soft US data pulled markets down. Top gainers were Bharti Airtel, Reliance Infrastructure, TCS, Hindalco, and Tata Motors. Top losers included Maruti Suzuki, Mahindra & Mahindra, Hero Honda, ICICI Bank, and ONGC. Sector indices ended the day mixed.