Date:16/06/2006 URL: http://www.thehindubusinessline.com/2006/06/16/stories/2006061604881400.htm

Back A massacre that left few survivors

D. Murali
Alagappan Arunachalam

Chennai , June 15

June 6 was significant for the `digital' breach, from five to four. That was when the Sensex plunged below 10,000. To depress the market moods further, June 14 was also important, for pushing the index below 9,000.

How did the BSE-100 stocks take the hit, after having seen better days since early February? Only nine stocks managed to remain in the positive zone, at the close of Wednesday.

The situation wasn't that grim, though, at the end of the `all 6' date June 6. Nearly a third of the stocks had held ground then. They could boast of a closing price that was still above the base price of February 7. If you remember, February 7 was the date when the index witnessed watershed movement, vaulting above the 10,000 mark.

Procession

However, as evident in the mapping of BSE-100's rise and fall when the Sensex plunged to sub-10,000 level, the cascade of stocks was like a procession, from right to left, from the positive to the negative zone, from top to bottom.

And the caravan moved faster when further pullback happened on June 14. Gain percentages, measured by comparing the closing price on Wednesday with the base value, showed a visible shrinking, as you can notice in the second mapping of the stocks when the Sensex plunged to sub-9.000 level.

Nine dots

What were the nine dots that lingered on the right side, without yielding to gravity? ACC, Bajaj Auto, Grasim, JSW Steel, Reliance Industries, Reliance Natural, SAIL, Ultra Tech, and ZEE Telefilms. With 24 per cent gain on the base value, Zee was the topper.

Thus, the month saw a twin massacre that left too few survivors. But Thursday was a different day, when one saw a splash of green on the ticker, reviving hopes of a comeback.