Sensex crosses record 16 milestones
With the Sensex plunging below 9,000-point mark on Tuesday, the benchmark index has passed through a record 16 milestones of 1,000 points each in the past one year.business Updated: Oct 24, 2008 13:42 IST
With the Sensex plunging below 9,000-point mark on Tuesday, the benchmark index has passed through a record 16 milestones of 1,000 points each in the past one year -- but as many as 13 of them were on the path downhill.
A year ago, the Sensex stood at 18,512.91 points on October 24, 2007, from where it has more than halved to slip below 9,000-point mark for the first time in about two and half years.
In the past one year, the Sensex scaled three milestones of 1,000 points -- from 19,000 points to 21,000 points between November last year and January this year -- but there after it has breached 13 thousand-point marks till now.
Last year, in the Mahurat trading on Diwali had been trading just below the 19,000 levels after which the index climbed two 1,000-point milestones to 21,000 on January 10, 2008.
However, after the peak the index started losing its grip which has seen it plummeting to 8,000 levels today -- falling by 13 milestones of 1,000 points.
The index has seen these levels two and a half years earlier on June 14, 2006, when the Sensex had slipped to 8,929.44 points. But it had made a sharp recovery and scaled the psychological 9,000 and 10,000 levels within a short span of six trading sessions in 2006.
Market analysts believe the bellwether index may see further downward 1000-points milestones till the end of this year as they expect Sensex to fall even below the 8,000 levels.