Monday, 14 September, 2009
The Sensex fell on Monday 15 September, breaking its 7 day winning streak from the week before. Sterlite Industries led the decline in metals companies, after copper prices fell. Hindalco fell after aluminum prices declined and on concerns that the stock’s 22% gain over the previous week was excessive. The Sensex had gained 5.6% in over six days.
Tuesday, 15 September, 2009
The index reached a 15 month high on Tuesday, as investors judged recent losses as excessive, and Monday’s fall made some stocks attractive. DLF climbed 10% after losing 5.5%in the previous 5 trading sessions and Mahindra and Mahindra increased after a report said that it would make SUVs for the overseas market. Jindal Steel and Power also rose after it said it would sell a stake in Jindal Power to triple its electricity generation capacity.
Wednesday, 16 September, 2009
On Wednesday, the gauge rose for a second straight day, as US Federal Reserve chairman Ben Bernake, said the US may be out of its recession. Tata Steel rose on speculation that demand would rise on an economic recovery. State Bank of India also rose after the central bank indicated it wouldn’t raise interest rates in order to boost spending and investment. TVS Motor soared after the supreme court said it could sell its Flame motorcycle. And LIC Housing Finance also jumped to it’s highest ever after it raised $135 million dollars.
Thursday, 17 September, 2009
The gauge rose again on Thursday to a 16 month high, led by IT services companies, again on expectations that a global economic recovery would boost demand. IT services companies get 40% of their business from the US.
Friday, 18 September, 2009
The sensitive index closed relatively flat on Friday as investors remained cautious of the recent rally. Both the Sensex and the Nifty gained approximately 3% this week. Top gainers included Maruti Suzuki, Reliance Infrastructure, Jaiprakash Associates, Bharti Airtel, and ACC. Top losers were ICICI Bank, Sun Pharma, Reliance Communications, Sterlite Industries, and Tata Motors.
Barring oil and gas, all other sector indices, made gains for the week.