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Taking stock for 31 August 2009

Taking stock for 31 August 2009
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First Published: Tue, Sep 01 2009. 12 30 AM IST
Updated: Tue, Sep 01 2009. 09 42 PM IST
Monday, 24 August 2009
A rally in metals led the Sensex higher on Monday, 24 August, and raised hopes that commodity producers would benefit from an economic recovery. Tata Steel, Sterlite Industries, and Hindalco, all saw strong gains. Stocks also rose after US Federal Reserve Chairman Ben Bernake said the global economy is beginning to emerge from the recession. Auto stocks gained on expectation that a recovery would boost demand for cars and motorcycles.
Tuesday, 25 August 2009
The gauge gained modestly on Tuesday after the India Meteorological Department said they expected better rains over MP, Maharashtra, and Gujarat—India’s largest cotton growers. Stocks across industries rose on the news.
Wednesday, 26 August 2009
On Wednesday, the index rose to a 3-week high, led by IT service providers on news that consumer confidence in their largest market, the US, surged. Sterlite Industries also rose to it’s highest in 2 years after copper prices rose in Asia.
Thursday, 27 August 2009
The Sensitive Index continued it’s winning streak on Thursday swinging between gains and losses at least 12 times before ending the day with a modest gain. Bharti Airtel climbed to its highest in a month on news that the merger deal with South Africa’s MTN may go through sooner than expected. Wipro gained for a second day while Infosys had closed at it’s highest in 2.5 years.
Friday, 28 August 2009
The markets ended up for the week on Friday. Both the Sensex and the Nifty were up over 4% for the week, and the Nifty reached a 2009 high.
Top gainers: DLF, Jaiprakash Associates, Bharti Airtel, Hindalco, and Reliance Infrastructure.
Top losers: Tata Power, ITC, Sun Pharma, Wipro, and TCS.
All sector indices made strong weekly gains. Realty led the gains, increasing over 10% for the week, followed by IT, Smallcap, Telecom, Capital Goods, Midcap, Auto, and Oil and Gas. Pharma, Metal, Power, FMCG,and the Banking indices also saw good gains.
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First Published: Tue, Sep 01 2009. 12 30 AM IST