Financial Daily from THE HINDU group of publications
Sunday, Feb 12, 2006
Financial Daily from THE HINDU group of publications Sunday, Feb 12, 2006 |
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Stocks Markets - Stock Markets Sensex stocks outperform Sensex! Sudhanshu Ranade
Chennai , Feb. 11 IT may seem paradoxical but Sensex stocks have outperformed the Sensex as it moved from 5,000 to 10,000. Take the case of L&T. Adjusted for stock splits, its shares simply went through the roof, from Rs 78.38 on October 8, 1999 when the Sensex first rose above 5,000 in intra-day trading to Rs 2,253.30 on February 6, 2006 when the Sensex indeed nosed its way past the 10,000-mark. A gain of 2775 per cent! ICICI Bank, though a distant second, was still way ahead of the rest of the field, with its share climbing 1577 per cent, from Rs 36.20 to Rs 607.15. HDFC Bank, Tata Power and BHEL came in third, fourth and fifth, registering gains of 659, 513 and 504 per cent, respectively. The really amazing thing is that only three Sensex companies, Dr. Reddy's, Hindalco and ITC, registered gains of less than 100 per cent. The overwhelming majority of companies for which the data is available, 16 of 19, outperformed the Sensex! The conclusion seems bizarre. But it is easily accounted for: overpeformers force their way into the Sensex; underachievers drop out of it. Sensex 1999 companies that no longer find a place in the index are: Castrol, Colgate Palmolive, Glaxo, HPC, Indian Hotels, IDBI, MTNL, NIIT, Nestle, Novartis and Tata Chemicals.
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