Sensex took a while longer to peak

The Bombay Stock Exchange Sensex has taken a bit more time to race past 6000 levels this time round, compared with the January rally.

The current run can be traced back to Black Monday, May 17, when the Sensex closed at a 7-month low of 4,505.16. The Sensex took 101 days thereafter to cross the 6000 mark.

In the first instance this year, the Sensex had managed to reach the coveted mark in just 94 days "" rising from 4,552.92 on October 3, 2003, to 6026 on January 2, 2004.

In the current rally, the Sensex took 21 days after May 17 to cross the 5000 mark. It then took 40 days to go from 5000 to 5500 and then another 40 to reach 6000 levels from there.

In the earlier rally, the Sensex took 33 days to go from 5000 to 5500, but took only eight days to top 6000.

Information technology, telecommunications, banks, steel, textiles, non-banking financial institutions (NBFC), engineering, personal care products, shipping, cigarettes and cement have been the major gainers in last six months in which the Sensex has rallied from 4500 to 6250.

Refineries, power, automobiles, metals and fertilisers, which fuelled the earlier rally, are among the major underformers in current market rally.

The technology sector is the major driver this time. The sector has gained 69 per cent in terms of market capitalistion from Rs 98,493 crore on May 17 to Rs 1,66,739 crore today.

In the earlier rally the sector had gained 40 per cent in terms of total market captialisation.

The steel sector has reported a 107 per cent appreciation in the current market rally, while the engineering sector recorded gains of 88 per cent, textiles 116 per cent, organic chemicals 85 per cent, NBFC 50 per cent and cigarettes 54 per cent rise in last six months.

The automobiles (cars) sector has appreciated over 84 per cent in the last one year's Sensex rally, gain by just 6 per cent in its market capitalisation in current rally.

Power sector has gained over 36 per cent against 70 per cent appreciation in the total market value in the earlier rally. Metals rose by 60 per cent against 90 per cent, refineries 38 per cent (29 per cent) and fertilisers 44 per cent to 39 per cent.

Infosys Technologies, the major contributor in the current rally, rose 90 per cent from Rs 1,132 on May 17 to Rs 2,148.35 today.

In the earlier rally it had gained 25 per cent from Rs 1,138 on October 3, 2003, to Rs 1,425 on January 14, 2004.