Taking Stock for 8 February 2010

Taking Stock for 8 February 2010

Monday, February 1, 2010

The Sensex dipped slightly on Monday, February 1st. Bharti Airtel led the gains in telecom companies after the Credit Suisse Group upgraded the industry. The country’s largest FMCG company Hindustan Unilever fell after Citigroup slashed its rating from “hold" to “sell".

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Tuesday, February 2, 2010

The gauge fell on Tuesday, led by NTPC as investors withdrew funds and held cash ahead of the government starting to sell shares in the company on February 3rd. The stock fell to a 3-month low after it said it would sell the stock for less than the previous day’s closing price. Reliance Industries fell for the day. Copper and zinc maker Sterlite Industries also dipped after prices of copper on the London Metal Exchange declined.

Wednesday, February 3, 2010

Stocks gained on Wednesday, rallying the most they have in six weeks. Metal companies did well after some analysts advised investors to buy shares citing the benefit of higher metal prices. Tata Consultancy Services led IT service providers higher for the day. The country’s largest engineering company Larsen & Toubro climbed after reporting that it bagged new construction orders totaling $239 million.

Thursday, February 4, 2010

India’s benchmark index slipped on Thursday. Lenders lost ground after reports showed food inflation increased to a near 11-year high. NTPC declined as investors offered less for the company’s equity than forecasted. Construction companies fell as a result on worry that the government would raise less money than expected, thus impacting infrastructure projects.Bharti Airtel took a hit after the government said it would delay the auction of 3-G cell phone licenses without giving a new date. IT services providers also slumped after a report showed that the U.S.’s services industry expanded less than expected.

Friday, February 05, 2010

Markets took a plunge on Friday, falling below the 16,000 mark following global cues on concerns of Europe’s sovereign debt problems and US job worries. The index fell 3.5% for the week, its third straight weekly decline. The top gainer for the day was Tata Power. Top losers included Hindalco, Tata Steel, ONGC, Jaiprakash Associates, and Mahindra & Mahindra.

All sector indices ended the day in the red.