The stock markets ended on a bullish note yesterday with
the BSE sensex crossing another milestone of 6,600. The
undertone of the market remained bullish, with an 80-point
rise of the BSE sensex, which closed at 6,602.69 and a
20.7-point gain for the S&P CNX Nifty which closed
back at 2004, the upward move maintained from January
was halted for some time in May, but the heavy inflows
from FIIs kept the undertone bullish for the larger part
of the year.
pumped $8.51 billion (Rs38,965 crore) into the equity
market during the year compared to $6.59 billion (Rs30,458
crore) during the previous year.
IPOs like TCS and NTPC hit the primary market for the
first time ever, validating the existence of a huge appetite
for big issues, with most of them providing good returns
on listing too.
though the benchmark indices did not gain much in 2004,
the most distinctive feature during the year was the attraction
and small cap stocks held for investors, mainly due to
the lowering of short-term capital gains tax and introduction
of zero long term capital gains tax.