The Sensex does not seem to let down its rollercoaster ride which it has been witnessing since the past 4 days. Backed by positive global cues the markets the Sensex soared 215 points to close at 14840, Nifty closed at 4529, up an odd 80 points.
Oil & gas, technology, power and realty were the sectors which saw handsome gains.
Suzlon was up 16.2% post its revised payment schedule to Martifer for stake in REpower. In the realty space Unitech was up 15.7% and in the metal space Tata Steel was the major gainer, up 8.4% after lenders agreed to reset covenants.
Today, however was a gloomy day for the US auto sector as GM filed for bankruptcy. The company lost $82 billion and had spent $13.4 billion taxpayer money. Filing for chapter 11 was the natural course of action to wipe out the $46.5 billion of debt GM had at the end of 2008. The reaction of the market was unlike to the Lehman bankruptcy which had painted the wprld markets red. The news was already factored in and hence failed to deter the world markets which surged backed by strengthening commodity prices.
Monday, June 1, 2009
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