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Samvat 2059 gains 1,770 pts

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B G Shirsat Mumbai
Last Updated : Jan 28 2013 | 2:26 AM IST
 Between November 4, 2002, and October 24, 2003, the BSE Sensex gained 59.24 per cent to close at 4757.35.

 But for the four-day losing streak at the fag-end, Samvat 2059 would have staged the biggest rally ever in a year. The Sensex lost 282 points in four days but recovered 108 on the last day.

 The highest ever Samvat to Samvat gain occurred during Samvat 2056 when the information, communications and entertainment (ICE) sector drove the Sensex up 1797 points between October 19, 1998 and November 7, 1999.

 Prior to the ICE rally, Samvat 2051 was spectacular, with the Sensex gaining 1517 points between November 13, 1993 and November 3, 1994.

 Foreign institutional investors (FIIs) entered the Indian market in the second half of 1993. They pumped in a net $827 million in 1993 and $2.165 billion in 1994.

 The other driving factors for the markets were the government's opening up of the telecom sector. It also gave the green signal for divesting its stake in state-owned companies that year.

 In the last 10 years, investors lost money in as many as six years. The Sensex recorded the largest fall of 1053 points in Samvat 2055, followed by 893 points in Samvat 2057 and 644 points in Samvat 2058.

 Samvat 2059 was distinctively bullish as the rally was broad-based and encompassed many sectors. The FIIs broke all records by pumping in $ 4.460 billion in equities, of which $3.846 billion came in between April 1 and October 23, 2003.

 During Samvat 2059 the market capitalisation of all traded stocks on the Bombay Stock Exchange soared 70 per cent or by Rs 4 lakh crore to Rs 9,46,798 crore.

 The Sensex appreciated by 59.24 per cent in this period, the S&P CNX Nifty by 56.54 per cent and the BSE-500 by 71.11 per cent. The surge also created history with 156 stocks, including eight Sensex stocks, reaching life-time highs in October.

 

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First Published: Oct 25 2003 | 12:00 AM IST

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