Taking Stock for 28 December 2009

Taking Stock for 28 December 2009

Monday, 21 December 2009

The Sensex fell to a 6-month low on Monday, December 21st, led by construction related stocks, as concerns over the RBI possibly taking liquidity out of the system to reign in inflation continued. Tata Consultancy Services rose to a record after Oracle reported better-than-expected profits and said customers are spending on technology again. Wipro also rose after the rupee fell against the dollar for a second day.

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Tuesday, 22 December 2009

Stocks rose from a 6-week low on Tuesday, led by telecom companies, after it was learnt that the auction of 3G licenses wouldn’t be delayed. Metal companies also rose after metal prices increased.

Wednesday, 23 December 2009

The Sensitive index soared on Wednesday after finance minister Pranab Mukherjee said India’s economy could grow 8% in the year ending March, up from it’s previous forecast of 6.5%. Lenders rose on expectations that demands for loans would increase and metal companies also surged on expectations that higher growth could increase metal sales.

Thursday, 24 December 2009

India’s benchmark index jumped again on Thursday, after news that foreign direct investment rose 61% in November compared to the same period last year. Companies across sectors gained on the news. ONGC also rose after the government made it easier for some state run companies to acquire assets and set up joint ventures.

Top gainers were Tata Motors, Hindalco, Reliance Infrastructure, Tata Steel, and Mahindra and Mahindra. Top losers included Jaiprakash Associates, Bharti Airtel, Reliance Communications, and Grasim. All sector indices ended the day in the green.

Friday, 25 December 2009

Markets were closed on Friday December 25th on account of the Christmas holiday.