Financial Daily from THE HINDU group of publications
Friday, Sep 09, 2005
Financial Daily from THE HINDU group of publications Friday, Sep 09, 2005 |
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Markets
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Stock Markets The boom path of Sensex Virendra Verma
Mumbai Sept. 8 THE Bombay Stock Exchange 30-share Sensitive Index (Sensex), which has acquired a unique place among investors - both in the country and abroad, reached another milestone today as it crossed the 8,000-mark. The Sensex in its 20 years history has passed through various stages both in the bull and bear phases. Here are the milestones: January 2, 1986: The BSE launches first stock index (with 1978-79 as base year), comprising 30 highly liquid stocks from specified and non-specified group shares listed on the country's five major stock exchanges — Mumbai, Kolkata, Delhi, Ahmedabad and Chennai.
January 15, 1992: The benchmark index crosses the 2,000-mark and closes at 2,020.18 following the liberal economic policy initiatives undertaken by the then Finance Minister, Dr Manmohan Singh. February 29, 1992: Market-friendly Budget by the Finance Minister, Dr Manmohan Singh, leads the Sensex to cross the 3,000-mark. March 24, 1992: The index rises by 426.05 points (a gain of 13.14 per cent), the highest gain in a single day in the Sensex history till date, to close at 3,669.58 following the market-friendly Budget and active buying by `Big Bull' Harshad Mehta. March 30, 1992: Sensex, in just 30 days, rises by 1,000 points and crosses the 4,000-mark (closed at 4,091.43) on expectation of a liberal export-import policy. April 28, 1992: The 30-stock index falls by record 570.42 points (12.77 per cent) to close at 3,869.90 due to the exposure of securities scam. August 19, 1996: Major reconstitution of Sensex with the board of BSE deciding to replace 15 stocks from the index with new ones to have better representation of the market in the wake of changed economic environment. For the first time, index includes companies from the finance sector such as ICICI, IDBI and SBI. November 16, 1998: BSE replaces four stocks from the Sensex with new ones following investors' fancy for software, pharma and multinational stocks, which include Infosys Technologies, NIIT, Novartis and Castrol. October 8, 1999: Sensex crosses 5,000-mark as the BJP-led coalition gets majority in the 13th Lok Sabha election and revival of the Indian economy. January 3, 2000: The smooth passage of Y2K bug in India and across the globe pushes up Sensex by 369 points — the third highest rise in the history and closes at 5,375. February 11, 2000: The uptrend in the stock prices mainly in infotech sector lifts Sensex to cross the 6,000-mark to a high of 6,005.85. But profit-taking at that level brings back Sensex to 5,933.56. September 1, 2003: In line with the international trends, the BSE decides to move to free-float methodology for calculation of Sensex. November 10, 2003: BSE decides to revamp Sensex, for the first time after moving to free float; includes five stocks with higher market capitalisation. Castrol, Colgate, Nestle, GlaxoSmithKline Pharma and HCL Technologies were removed from Sensex. May 17, 2004: Sensex falls by 565 points, the second biggest fall, to close at 4,505.26. The index witnesses the highest intra-day volatility of 842 points due to NDA failing to emerge as the biggest coalition party. The statement by Left parties on economic reforms and privatisation spoils the mood. May 18, 2004: Sensex jumps 371 points, the second highest gain in its history, to close at 4877.02 on value buying. June 6, 2005: Within one year of listing NTPC and TCS added to Sensex as these stocks catch institutional investors' fancy. These stocks replaced HPCL and Zee Telefilms. June 21, 2005: Sensex closes above 7,000 for the first time at 7076.52 as FIIs put in billions of dollar in India. Foreign investors see India as the most undervalued emerging market in Asia. September 8, 2005: Sensex crosses 8,000-mark for the first time and closes at 8,052.56 as FIIs inflows continue despite international crude price touching new high.
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