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India emerges third-most profitable equity mart
By agencies
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Thursday, 18 August 2005, 19:30 IST
MUMBAI: The BSE Sensex beat almost all its peers in Asia and Europe to stay on top, resulting in 56 percent gains from August last year.
The continuous inflow from foreign institutional investors (FIIs) seems to have worked wonders for the domestic capital market.
While the Sensex is climbing new peaks every day, the Indian capital market has emerged as the third most profitable market in the world, posting 56 percent gains from its yearly low hit in August 2004.
The BSE Sensex beat almost all its peers in Asia and Europe to stay on top, considering the clime from the yearly lows to yearly highs. The only two countries, which outdid India on this count, were Argentina and Indonesia. Argentina topped the chart posting an annual return of 75 percent, while Indonesia was next in line gaining 64 percent.
In the past one year, the Sensex hit an all-time high of 7843.77 points, rising from a low of 5022.29. The 2821 points swing resulted in a 56 percent gain.
The Argentina index hit a high of 1619.26 points and a low of 924.11 points in the corresponding period, the difference being 695.15. The Indonesian benchmark index hit an years high of 1195.55 and a low of 728.35, a difference of 467.20 points.
The Mexico and South Korea markets posted 52 percent and 50 percent gains from their yearly lows. The Mexican Index had swinged between a high of 14897 and a low of 9789.
But based on the current market index, the gains are a notch lower at 50 percent. The South Korean Index is currently hovering around the yearly high. The index has risen from a yearly low of 751.26 to a high of 1129.92.
But if the more recent trends are any indication, the Indian equity market is soon poised for more surprises. Global indices are coming off their yearly peaks while India seems to be holding on to its gains.
If the figures of all the global indices as on 11 August are taken, the gains on Argentina index from the yearly low was lower at 63 percent. The index had closed at 1509.23, the difference from its yearly low being 585.12 points.
The Indonesian Index closed at 1167.97, with gains from its lows tapering to 60 percent. But the Indian benchmark index is still poised at more or less the same levels.
The Shanghai SSE Index had hit a 52-week high of 1464.77 and a low of 1011.49, ended 31 percent on the higher side. It has gained about 30 percent from its yearly low on August 11. The index is now currently poised at 1318.27 points.