Benchmark index flirting with lows seen in October-November

Benchmark index flirting with lows seen in October-November
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First Published: Wed, Mar 04 2009. 12 05 AM IST

Updated: Wed, Mar 04 2009. 12 05 AM IST
The Bombay Stock Exchange’s (BSE) Sensex index closed at 8,427.29 points on Tuesday, below the closing low of 8,451 in November, the lowest closing figure for the index last year. But a look at the table shows the difference in the various market indices as on 20 November, the date of the previous closing low, and Tuesday’s close.
Also See Then and Now (Graphic)
Auto stocks have moved up quite sharply since then, as recent sales data indicates a turnaround in the sector. Stocks in the oil and gas sector have improved as global oil prices have fallen and their losses have been trimmed. At the other end of the spectrum, the BSE Realty index has been the biggest loser, down 18.7% from the closing figure on 20 November. Information technology stocks, too, have been big losers as the news from the US continues to be very dismal. And, finally, bank stocks have also been hit badly, as the last quarter’s windfall gains are unlikely to be repeated and as fears of bad debts rise. The next wave of panic is closing in and it would be no surprise if the meltdown in Eastern Europe was to act as a trigger for another wave of selling that could take the Sensex below its intraday low of 7,697 points reached in October.
Graphics by Sandeep Bhatnagar / Mint
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First Published: Wed, Mar 04 2009. 12 05 AM IST