Dalal Street Heads for Worst Ride in 4 Years; FPIs Spoil Party
Mumbai: After a roller-coaster ride, Dalal Street is headed for its worst performance in four years in 2015 – when foreign investors pushed the benchmark Sensex to a life-time high before puncturing the rally by pulling out billions of dollars from their “favourite” market.
With just four days of trading to go, the Sensex has lost 1,660 points or over six per cent in 2015, after gaining nearly 30 per cent in the previous year. The index had last registered an yearly loss in 2011 when it fell 24 per cent.
The index, which currently stands at 25838.71 points, is also sharply down from its life-time peak of 30,024 points it scaled in March this year on a rate-cut boost from RBI.
On the other hand, the year also marked the worst single- day loss on August 24 when the Sensex took a sharp plunge of 1,624.51 points (5.94 per cent) following a steep devaluation of Chinese currency yuan in the beginning of August.
However, listing of new companies in the stock market helped the total investor wealth, measured in terms of market capitalisation of all listed shares, retain its level close Rs 100 lakh-crore – albeit a shade below the mark.
There has not been much change on this front from the 2014-end level of Rs 98.4 lakh crore, although it mostly remained above Rs 100 lakh-crore mark till July in 2015.
The NSE’s Nifty is also down nearly 6 per cent for 2015.
The major losers this year include metal, banking, realty and PSU stocks. The BSE metal index is down more than 32 per cent, realty about 15 per cent, banks by over 10 per cent and the PSUs by over 18 per cent.
Read full article: NDTV
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