Taking stock

Taking stock

Monday, 3 August 2009

The Sensex reached a new 52-week high on Monday led by auto companies, which posted strong sales for the month of July. Maruti Suzuki’s stock hit a record since going public 6 years ago after sales rose 33% from the previous year. Mahindra and Mahindra soared after sales increased approximately 22% from last July. The Nifty also crossed the 4700 level for the first time since June 2008.

Tuesday, 4 August 2009

On Tuesday, the Sensex fell after the weather bureau said monsoon rains might be on the lower end of the forecast, thus causing lower spending in rural areas. Jaiprakash Associates and ITC both fell for the day.

Wednesday, 5 August 2009

The gauge made up its for its Tuesday losses on Wednesday led by IT companies, on news they had won overseas contracts. Infosys went up after it said it won a 5-year outsourcing contract from cell phone operator T Mobile. Wipro gained on news that they won a 5-year contract to provide IT services to a US-based clothing retailer. In addition, Reliance Infrastructure also climbed after being awarded the Mumbai Metro project.

Thursday, 6 August 2009

The sensitive index plummeted 389 points on Thursday both on concerns that the government’s plan to sell shares in the PSU NHPC would take away liquidity from the market, and on falling commodity prices. Metals companies took a hit. 28 out of the 30 companies on the index fell for the day.

Friday, 7 August 2009

The markets continued their fall on Friday on concerns of poor monsoons, falling commodity prices, and weak global cues. Both the Sensex and the Nifty lost 3.3% for the week.

Top gainers were NTPC, Tata Steel and Wipro. Top losers included Reliance Communications, Jaiprakash Associates, Mahindra and Mahindra, Maruti Suzuki, and Tata Power. All sector indices took a hit and ended the week in the red.