Skidding Monday, soaring Friday in Sensex drama

Skidding Monday, soaring Friday in Sensex drama
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First Published: Sun, Jun 28 2009. 06 29 PM IST
Updated: Sun, Jun 28 2009. 06 29 PM IST
New Delhi: The Sensex fell on Monday (22 June) after the World Bank said the global recession may be deeper this year than predicted in March. The bank expects the world economy to contract 2.9 %, compared with a previous forecast of a 1.7 % fall.
A fall then a rise in Sensex, watch it out
Mahindra and Mahindra and Tata Power fell, and Reliance Industries also declined after oil minister Murli Deora said any gas the company produced was owned by the government. The index has risen 49% this year on expectations that government stimulus worldwide will help to end the global recession.
The index ended relatively flat on Tuesday, led by metal companies, after copper prices slid. A gauge of six metals traded on the London Metals Exchange, which includes zinc, nickel, copper, aluminum, tin, and lead fell 5.4%.
Reliance Industries rose after NTPC said it was open to buying gas at market rates.
Stocks rose on Wednesday led by infrastructure stocks on speculation that the government would increase infrastructure spending.
The sensitive index fell slightly on Thursday after officials announced lower than expected rainfalls. Companies relying on rural sales saw declines.
The Sensex soared on Friday, gaining over 400 points at the end of the day. The Nifty and the Sensex were up 1.4% and 1.7% respectively.
Top gainers included ICICI Bank, Sterlite Industries, Larsen and Toubro, TCS, and Reliance Communications. Top losers were Sun Pharma, Tata Steel, and Mahindra and Mahindra. Sun Pharma fell significantly after the US FDA seized 33 drugs of one of its subsidiaries, which could impact Sun Pharma’s sales.
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First Published: Sun, Jun 28 2009. 06 29 PM IST