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Sensex at its highest since Sept last year

business Updated: Jun 01, 2009 17:24 IST
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The BSE benchmark Sensex rose for the fourth day on Monday to a nine-month-high level, adding over 215 points, as positive manufacturing data in India and China boosted hopes that the global economy is on the mend and lifted sentiment.

The Sensex, which gained 1,036 points in the last three sessions, gained 215.38 points at 14,840.63, a level last seen in September. It touched the day's high of 14,906.81.

In similar fashion, the 50-share National Stock Exchange index Nifty crossed 4,500 points by gaining 80.95 points at 4,529.90, after touching the day's high of 4,545.40 points.

May saw the benchmark index record the biggest monthly gain in 17 years, a rise led by commodity producers, and realty and technology firms, on the back of a series of positive factors such as firming global trends, good GDP numbers and the flow of funds into the domestic markets.

Marketmen said the US stocks last week completed a second weekly advance, and surpassed a similar surge in 2007.

They said commodities posted the biggest monthly rally since 1974 on hopes that economic recovery would boost demand for fuel, metals and crops.

Asian stocks rose, extending the longest monthly winning streak since the financial crisis began in 2007, as expansion in Chinese manufacturing for a third month drove commodity prices higher, they said.

The realty sector gained the most, 5.65 per cent, to 4,035.59, with all the 14 stocks in the pack recording handsome gains. Unitech Ltd surged 15.61 per cent and DLF Ltd by 2.86 per cent.

The metal segment index was the second-best performer, rising 5.32 per cent to 11,457.27, as Sterlite Industries climbed 6.75 per cent after metal prices gained in overseas markets.

The IT index rose by 3.95 per cent to 3,115.97 on expectations that the recovery in the global economy would boost demand. Over 50 per cent of the Indian software companies revenue comes from the US markets.