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Sudhanshu Ranade

Chennai , March 4

TAKING the high points of the Sensex over the past 13 years in conjunction with the implicit GDP deflator (i.e. the ratio between GDP at current and constant prices for various years), it turns out that the highest ever real or inflation-discounted value achieved by the Sensex was on April 2, 1992, when its nominal value was 4547.

Its second highest level in real terms was on September 12, 1994, when its nominal value was 4643.

The third place goes to February 14, 2000, when the Sensex touched the then all time high of 6151.

According to this scale, the real value of the Sensex on Friday was only 3670, the nominal value being, of course, 6785.

The nominal and real values of this index for other important peak dates are given in the accompanying table, with inflation between March'04 and March '05 taken, arbitrarily, at 6 per cent.

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