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Journalism of Courage
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This is an archive article published on March 31, 2007
Sensex rose 16% in 2006-07
Shares rose 0.71 per cent on Friday to end 2006-07 up 15.9 per cent, clocking their fourth straight fiscal year of gains although the increase was well below the 73.7 per cent rise in 2005-06.
Shares rose 0.71 per cent on Friday to end 2006-07 up 15.9 per cent, clocking their fourth straight fiscal year of gains although the increase was well below the 73.7 per cent rise in 2005-06.
The 30-share benchmark BSE index rose 92.44 points on Friday at 13,072.10, but was down 1.6 per cent on the week.The index, which is 11.2 per cent below a lifetime high of 14,723.88 set on February 9, has fallen in six of the past seven weeks. It weakened 5.2 per cent in the January-March quarter.
“It has been so good that now it’s in our DNA to expect returns way above the normal levels,” said Jayesh Shroff, a fund manager with SBI Mutual Fund.
“But I think going forward we’ll have to learn to live with returns in the range of 15-25 per cent.”
Of the 30 stocks on the main index, 17 gained over 2006-07.
Notable blue chip gainers during the fiscal year include top mobile services firm Bharti Airtel which gained nearly 85 per cent, followed by top private sector firm Reliance Industries gaining almost 72 per cent.
The stocks that posted the biggest falls in 2006-07 were top aluminium producer Hindalco, which fell 28.6 per cent, and consumer goods maker Hindustan Lever, which lost 24.6 per cent.
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The 50-issue S&P CNX Nifty rose 0.62 per cent to 3,821.55, to end the fiscal year up 12.3 per cent.
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