Taking stock

Taking stock
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First Published: Sun, May 24 2009. 08 28 PM IST
Updated: Sun, May 24 2009. 08 28 PM IST
India’s benchmark sensitive index jumped a record 17% in two short sessions lasting less than a minute on Monday before trading was halted as it breached upper limits. The Sensex’s year to date gains climbed to 48% from 26%. ICICI Bank rose by a record 25%, while Tata Motors, the nation’s largest manufacturer of trucks, added 15%, the most in 16 years. But despite the surge, both the stocks remained off their 52-week highs.
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Tuesday saw the Sensex’s record climb extended on speculation that the UPA’s election win would speed up reforms to boost economic growth. Both Larsen &Toubro , the country’s largest engineering firm, and BHEL, the nation’s biggest power equipment maker, made big gains.
On Wednesday the markets dropped after advancing 20% since the beginning of the week, as investors judged the gains that were triggered by the outcome of the elections as excessive. DLF fell 7% while ICICI bank fell 6.3%.
Thursday saw the Sensex fall for the second consecutive day as a correction from the gains of 18 May continued. ICICI Bank’s year-to-date gains pared down to 50%. Larsen and Toubro lost 9%, while ONGC led energy stocks on reports that the new government may ease curbs on fuel pricing, which would help boost earnings.  
The markets came back slightly on Friday, but saw huge swings throughout intraday trading. The week ending 22 May saw the Sensex surge over 14.07%, while the Nifty shot up over 15% for the week.
Top gainers included Larsen & Toubro, ICICI Bank, Reliance Industries, NTCP, and Sun Pharma.
The top losers were Sterlite Industries, Mahindra and Mahindra, Tata Motors, ONGC, and Hindalco.
Sector indices came in mixed. The BSE capital goods index rose the most, followed by Bankex, Healthcare, Oil and Gas, IT, Power, and FMCG. The Auto Index fell, followed by Realty and Metals.
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First Published: Sun, May 24 2009. 08 28 PM IST
More Topics: Stock | Sensex | BSE | Tata Motors | ICICI |