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| Sensex doubles in Samvat 2065 |
| Sohini Sen & Peter Noronha / Mumbai Oct 17, 2009, 00:13 IST |
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The Sensex ended Samvat 2065 (the year according to the traditional Hindu calendar) with a gain of 8,812.80 points, or 103.56 per cent, at 17,322.82, over Samvat 2064.
When Samvat 2065 started on October 28 last year, the mood was distinctly downbeat. With revered financial giants disappearing in the blink of an eye and the global economy teetering on the brink, markets worldwide had gone into a tailspin. And the Indian markets responded like a falling knife, crashing to a trough of 8,160.
The markets actually took off only in March, with green shoots beginning to appear slowly but surely. It has been in a vertical climb thereafter. The electoral results proved to be a game changer. The Sensex hit the upper circuit, for the first time ever, twice on May 18, due to the absolute verdict favouring a Congress-led government. The markets have not looked back thereafter, climbing each technical barrier with elan and are now comfortably perched above the 17,000 mark.
In today’s trading session too, the last one in Samvat 2065, the Sensex rose 127.62 points to 17,322.82. Similarly, the NSE Nifty was also up 0.65 per cent, or 33.30 points, at 5,142.15.
“The markets are trading at comfortable levels, as implied volatility has dropped to around 25-per cent levels as against 70-per cent levels when the indices were at lower levels,” Motilal Oswal Financial Services Manager (Derivatives) Bhavin Desai said.
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