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Journalism of Courage
MUMBAI, NOV 7: If you think software sector is the top gainer on the stock markets, you8217;re wrong. It was the casting and forging sector which topped the gainers list, followed by the telecommunication equipment industry. The textile industry topped the losers list, followed by oil exploration, machine tools, hotels, shipping and power.
The India Index Services and Products Limited IISL which tracked the share movements at the National Stock Exchange NSE said the casting forging industry index registered a whopping gain of 471.34 per cent to 1448.29 points from 253.40 points during Samvat 2055 from October 19, 1998 to November 5, 1999. The Samp;P CNX telecommunications index too recorded a handsome gain of 445.10 per cent to 669.22 points from 122.77 points.
The industry indices which posted over 100 per cent gain during the year were trading, chemicals organic, cement and cement products, electronics industrial, pharmaceuticals, paper and paper products, metals, packaging, tyres, petrochemicals, automobiles 4-wheelers, transmission towers and photographic products.
The textile sector was a major loser during the year. The Samp;P CNX textile industry index recorded a loss of 38.83 per cent to 381.06 points from 622.99 per cent during Samvat 2055 whereas the oil exploration production industry index moved down by 25.97 per cent to 498.71 points from 673.65 points. The machine tools industry index eased by 18.81 per cent to 777.43 points from 957.49 points, hotels index is down by 8.23 per cent to 575.41 points from 626.99 points, shipping by 2.26 per cent to 240.08 points from 245.62 points, power by 1.65 per cent to 492.29points from 500.53 points.
Indicating the bullish trend, the Samp;P CNX Nifty index at the NSE registered a phenomenal rise by 60.41 per cent to 1364.55 points on November 5, 1999, the last day of Samvat 2055 as against of 831.25 points on the first day of Samvat 2055 on October 19, 1998. The rise also reflected the growth of market capitalisation at the country8217;s largest bourse during the period. The total market capitalisation total value of all listed shares at the NSE registered an increase of Rs 2,70,750 crore to Rs 6,66,163 crore from Rs 3,95,413 crore.
Meanwhile, the scripwise movement on the NSE during Samvat 2055 revealed that software shares made unprecedented gains of more than 500 per cent. Infosys Technologies registered a gain of 562.63 per cent to Rs 7600 from Rs 1146 during Samvat 2055 followed by Satyam Computer Services by 442.12 per cent to Rs 1485 from Rs 274, Cipla by 323 per cent to Rs 1265 from Rs 299, grasim Rs 453 from Rs 139.95, Ranbaxy Rs 914.1 from Rs 285, Gujarat Ambuja up by208.06 per cent to Rs 573 from Rs 186 and Reliance Petroleum by 203.58 per cent to Rs 55.1 from Rs 18.15.
