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Taking stock

Taking stock
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First Published: Sun, Jun 07 2009. 10 57 PM IST
New Delhi: The Sensex gains extended for a 4th day on Monday, 1 June, led by auto makers and commodity producers on higher metal prices. Hero Honda rose 2.2% after sales increased in May, and commodities posted the biggest monthly rally in 34 years as a falling dollar increased demand for metals, crops, and energy as a hedge against inflation. The index gained 28% in May, the best month since 1992.
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Tuesday saw the Sensex fluctuate throughout the day. Although it ended the day slightly higher, 17 of the 30 stocks making up the index ended lower. Some metal producers saw their stocks climb on higher copper prices and on signs that the global recession may be abating. In addition, new factory orders increased in the US, a sign that companies are gaining confidence that the slump may end this year.
Markets ended relatively flat on Wednesday. Gains were led by metal producers on high copper prices and on optimism that China, the biggest user of the metal, is showing signs of an economic recovery.
On Thursday, the Sensex rose the highest since 2 September after President Patil said the government would focus on developing the country’s bridges, ports, and roads. Construction companies led the gains.
On Friday, the index ended up marginally, but broader indices saw some pressure as investors booked profits in small and mid-cap stocks.
Top gainers included Grasim, Tata Motors, Bhel, Larsen and Toubro, and Infosys.
Top losers were ITC, Reliance Infrastructure, SBI, DLF, and Reliance Industries
Most sectors made good gains for the week. Capital goods led the gains, followed by IT, Auto, and Bankex. Power and metals ended relatively flat, while the FMCG index was down.
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First Published: Sun, Jun 07 2009. 10 57 PM IST