2006 saw the Indian market go on a roller-coaster ride. From touching dizzy heights to tanking 1,000 points in a single session, trading in the domestic market has rarely been so choppy.
The year opened with a bang, the Sensex touching an intra-day all-time peak of 9,457 on January 2.
After that it seemed there was no stopping the bull run. On February 7, the Sensex closed above the 10,000 mark and by December 5 it had crossed the magic 14,000 mark.
It took 135 days for the Sensex to go from 12,000 to 13,000, and 123 days to climb from 12,500 to 13,000, but it took just 36 days for the Sensex to scale the next 1000 points!
What prompted the bulls to charge like this through Dalal Street? India's economic stability, encouraging growth figures released by India Inc quarter after quarter, and the world waking up to the strength of this emerging market. Seen to be the fastest among all emerging markets, it is no wonder that foreign institutional investors pooled billions into Indian equity markets.
Although high oil prices spoiled the Indian party to some extent, they were not enough to stall India's progress.
It’s not just the 30-share BSE Sensitive Index that broke all barriers. The NSE Nifty too scorched past the 4,000 mark. As FIIs and domestic funds continue to pump in money, will the bulls streak past 15,000 too? Experts say it is possible before the end of the fiscal year.
What were the big business events of 2006? Tell us!
Image: Stock dealers at Motilal Oswal Securities, Mumbai, exult as the Sensex crosses 12,000 points on April 20, 2006.
Photograph: AFP/Getty Images
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