Old economy stocks managed a remarkable turnaround in 2003, pulling up in the process the National Stock Exchange S&P CNX Nifty to its life-time high of 1,808.70 on Wednesday.

On February 23, 2000, the Nifty had hit an intra-day high of 1,818.15, but had closed lower at 1,696.40.

In 2000, the information, communication and entertainment stocks had led the rally, but this time the old economy stocks are the frontrunners.

Reliance Industries, Steel Authority of India, State Bank of India, Gail India, HDFC and Tata Steel are the main drivers in the 50-scrip S&P CNX Nifty.

Reliance Industries has been the most significant contributor, adding 82 points to the Nifty's rise between 2000 and 2003. The stock appreciated 60 per cent, from Rs 329.80 on February 23, 2000, to Rs 528.95 on Wednesday. As a result, the stock, which had a 7.39 per cent weight in 2000, now has a 11.95 per cent weight.

The SBI scrip added 45 points as its price increased 117 per cent from Rs 234.05 to Rs 508.20. BPCL gained 167 per cent at Rs 433.25 (Rs 162.50), Gail 162 per cent at Rs 219.45 (Rs 83.70) and National Aluminium 171 per cent at Rs 189.35 (Rs 69.95).

Bajaj Auto, BPCL, Gail, HDFC, HPCL, National Aluminium, Tata Motors and Tata Steel, which had a weight of below 1 per cent each in 2000, now have a weight of over 2 per cent in the index.

Wipro's stock price declined 79 per cent from Rs 8,114.85 to Rs 1,678.85, Zee Telefilms 90 per cent to Rs 152.70 (Rs 1,476.55), VSNL 84 per cent to Rs 135.95 (Rs 830.50) and HCL Technologies 77 per cent to Rs 288.85 (Rs 1,274.40). While Satyam Computer Services declined 64 per cent to Rs 357.05 from Rs 993.31, Infosys Technologies fell 41 per cent to Rs 5,423.40 (Rs 9,214.95).

Wipro's weight has declined from 21 per cent in 2000 to 6.56 per cent now and Infosys Technologies' from 10 per cent to 6 per cent.