As many as 62 per cent of stocks are still quoted below their eight-month-ago levels. This is despite the Bombay Stock Exchange(BSE) sensex crossing the 8-month high 3600 mark at 3602.02 on February 15, 2002.
The barometer had touched 3631.91 on May 31, 2001. Out of the total 1,848 actively traded stocks 1,148 are currently quoted at discount to their May 31 price.
There are 96 gainers out of 173 in group 'A', group, 296 of 526 in B group and 702 (1,054) in B2 group.
In the Z category of stocks 54 are gainers out of 95. Surprisingly, information technology has not been a part of this rally witnessed on the bourses.
The sector posted its lowest-ever performance in terms of growth during the quarter ended December 2001, which is the reason ascribed for the bearish trend in IT counters.
Interestingly, stocks in sectors such as cement products, tea, domestic appliances, hotels, paper, petrochemicals, steels and telephone and power cables are still available cheaper compared to their markets value at eight months back.
DSQ Software, GTL, Hughes Software, NIIT and SSI are down over 50 per cent from their May 31 level.
Sterlite Optical Technologies is today quoted at Rs 139.70 compared with its price of Rs 440.70 on May 31.
Shyam Telecom is available at Rs 60.25 (Rs 118.80) and Himachal Futuristic at Rs 78.55 (Rs 153.80).
Hindalco, Larsen and Toubro, Reliance Industries, Reliance Petroleum and Tata Steel, which are BSE sensex stocks, are currently quoted below their May 31 level.
Reliance Petroleum traded at a 42 per cent discount at Rs 31 against Rs 53.40 8 months ago, Tata Steel by 22 per cent at Rs 109.80 (Rs 141.60) and Reliance Industries by 20 per cent at Rs 315.50 (Rs 393).
Adani Exports, Amara Raja Batteries, E Merck, Escorts, German Remedies, Indian Hotels, Jindal Steel, Max India, Nirma, SAW Pipes and Saregama India the others notable stocks which are currently traded more than 30 per cent lower to their eight-months-ago price.
