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Sensex gains 1,000 points since April 25
B G Shirsat & Kishor Kadam in Mumbai |
August 14, 2003 10:06 IST
The 30-scrip BSE Sensex has gained a record 1,000 points in the last 80 trading days after April 25, 2003, the day it hit a six-month low. This is the fastest market rally after September 11, 2001.
The Sensex closed at 3,926.07 on Wednesday, up 1,002 points over the close of 2,924.12 on April 25, 2003. The Nifty rose 34.9 per cent to close at 1,246.90, up 332.60 points in the last 80 trading days.
The earlier 1000-point rally came in 100 trading days when the BSE Sensex, which had declined to a nine-year low of 2,600.12 on September 21, 2001 rose to 3,606.02 on February 15, 2002.
But the overall market has done one better, outperforming the Sensex and the S&P CNX Nifty. The market capitalisation of all traded stocks on the BSE soared by a whopping 48 per cent (Rs 2,75,572 crore) to Rs 8,49,614 crore (Rs 8,496.14 billion), between April 25 and Wednesday.
The market capitalisation of Sensex scrips has risen 34.3 per cent (Rs 80,611 crore) to Rs 3,21,506 crore (Rs 3215.06 billion). Stocks classified under the B1 group on the BSE were the biggest movers of the markets, recording an appreciation of 73.2 per cent.
The prices of B2 group stocks appreciated by 65.8 per cent while prices of stocks in the elite A group gained 43.8 per cent in the last 80 trading days.
The current stock rally seems to be broadbased as all 112 sectors, in the industry-wise classfication followed by the Business Standard Research Bureau, registered gains between April 25 and August 13.
As many as 96 per cent of the 1,500 actively traded stocks gained during the period. And of these, the prices of as many as 447 have appreciated by over 100 per cent.
The prices of 416 have gained by between 50 per cent and 100 per cent and those of 303 have risen by between 25 per cent and 100 per cent.
B2 group stock Visistha Trading tops the gainers list, with a mind-boggling 1,172 per cent appreciation in these 80 trading days. The stock moved up from Rs 2.35 on April 25 to Rs 29.90 on August 13.
Among notable B1 group stocks, Mercator Lines gained 522 per cent, Texmaco scrip is up 453 per cent and Kalyani Steel up 412 per cent.
Among the Sensex stocks, Tata Steel outperformed the others, gaining 87.6 per cent. The stock moved up from Rs 128.05 on April 25 to Rs 240.25 on Wednesday.
Zee Telefilms gained 76.1 per cent to Rs 119.60, Grasim gained 69.6 per cent to Rs 594.45 while Tata Engineering rose 64.3 per cent to Rs 248.15.
Scrips from the public sector undertaking stable emerged as the largest gainers in absolute value terms. The market capitalisation of PSU stocks increased 69 per cent (Rs 89,831 crore), from Rs 1,30,437 crore (Rs 1,304.37 billion) on April 25 to Rs 2,20,268 crore (Rs 2,202.68 billion) on August 13.
In the private sector, steel companies top the gainers' list with integrated steel and steel product manufacturing companies registering over 100 per cent gains.
Composite steel companies gained 193 per cent, sponge iron companies (up 187 per cent), mini steel (up 169 per cent) and steel strips companies gained 141 per cent in this period.