BSE SENSEX - Wikipedia, The Free Encyclopedia

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    The Bombay Stock Exchange

    building located on Dalal Street,

    Mumbai

    BSE SENSEXFrom Wikipedia, the free encyclopedia

    The BSE SENSEX(Bombay Stock Exchange Sensitive Index), also called the BSE 30(BOMBAY STOCK

    EXCHANGE)or simply the SENSEX, is a free-float market capitalization-weighted stock market index of 30

    well-established and financially sound companies listed on Bombay Stock Exchange (BSE). The 30 component companies

    which are some of the largest and most actively traded stocks, are representative of various industrial sectors of the Indianeconomy. Published since January 1, 1986, the SENSEX is regarded as the pulse of the domestic stock markets in India.

    The base value of the SENSEX is taken as 100on April 1, 1979, and its base year as 1978-79. On 25 July 2001 BSE

    launched DOLLEX-30, a dollar-linked version of SENSEX. As of 21 April 2011, the market capitalisation of SENSEX

    was about 29,733 billion (US$541 billion) (47.68% of market capitalization of BSE), while its free-float market

    capitalization was 15,690 billion (US$286 billion).

    Contents

    1 Components2 Calculation

    3 Milestones

    3.1 May 2006

    3.2 May 2009

    3.3 Effects of the subprime mortgage crisis in the U.S

    3.4 Participatory notes issue

    3.5 January 2008

    4 Major crashes since 2000

    4.1 Effects of the subprime crisis in the U.S.

    4.2 Participatory notes issue

    4.3 January 2008

    4.4 2012

    5 Major falls

    6 References

    7 External links

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    Components

    Main article: List of BSE SENSEX companies

    The BSE Sensex currently consists of the following 30 major Indian companies as of 17 February 2012.[1]

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    # Company Industry Scrip

    1Housing Development Finance

    CorporationConsumer finance

    500010 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500010)

    2 Cipla Pharmaceuticals500087 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500087)

    3 Bharat Heavy Electricals Electrical equipment500103 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500103)

    4 State Bank Of India Banking500112 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500112)

    5 HDFC Bank Banking500180 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500180)

    6 Hero Motocorp Automotive500182 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500182)

    7 InfosysInformation

    Technology

    500209 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500209)

    8 Oil and Natural Gas Corporation Oil and gas500312 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500312)

    9 Reliance Industries Oil and gas500325 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500325)

    10 Tata Power Power 500400 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500400)

    11 Hindalco Industries Metals and Mining500440 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500440)

    12 Tata Steel Steel500470 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500470)

    13 Larsen & Toubro Conglomerate500510 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500510)

    14 Mahindra & Mahindra Automotive500520 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500520)

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    # Company Industry Scrip

    15 Tata Motors Automotive500570 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500570)

    16 Hindustan Unilever Consumer goods500696 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500696)

    17 ITC Conglomerate

    500875 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500875)

    18 Sterlite Industries Metals and Mining500900 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=500900)

    19 WiproInformation

    Technology

    507685 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=507685)

    20 Sun Pharmaceutical Pharmaceuticals524715 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=524715)

    21 GAIL Oil and gas532155 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=532155)

    22 ICICI Bank Banking532174 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=532174)

    23 Jindal Steel & Power Steel and power 532286 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=532286)

    24 Bharti Airtel Telecommunication532454 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=532454)

    25 Maruti Suzuki Automotive532500 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=532500)

    26 Tata Consultancy ServicesInformation

    Technology

    532540 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=532540)

    27 NTPC Power 532555 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=532555)

    28 DLF Real estate532868 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=532868)

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    # Company Industry Scrip

    29 Bajaj Auto Automotive532977 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=532977)

    30 Coal India Metals and Mining533278 (http://www.bseindia.com/bseplus/StockReach

    /AdvanceStockReach.aspx?scripcode=533278)

    Calculation

    The BSE constantly reviews and modifies its composition to be sure it reflects current market conditions. The index is calculated based on a free float

    capitalization method, a variation of the market capitalization method. Instead of using a companys outstanding shares it uses its float, or shares that are readily

    available for trading. The free-float method, therefore, does not include restricted stocks, such as those held by promoters, government and strategic investors.

    Initially, the index was calculated based on the "full market capitalization method". However this was shifted to the free float method with effect from

    September 1, 2003. Globally, the free float market capitalization is regarded as the industry best practice.

    As per free float capitalization methodology, the level of index at any point of time reflects the free float market value of 30 component stocks relative to a base

    period. The market capitalization of a company is determined by multiplying the price of its stock by the number of shares issued by the company. This marketcapitalization is multiplied by a free float factor to determine the free float market capitalization. Free float factor is also referred as adjustment factor. Free float

    factor represents the percentage of shares that are readily available for trading.

    The calculation of SENSEX involves dividing the free float market capitalization of 30 companies in the index by a number called index divisor.The divisor is

    the only link to original base period value of the SENSEX. It keeps the index comparable over time and is the adjustment point for all index adjustments arising

    out of corporate actions, replacement of scrips, etc.

    The index has increased by over ten times from June 1990 to the present. Using information from April 1979 onwards, the long-run rate of return on the BSE

    SENSEX works out to be 18.6% per annum, which translates to roughly 9% per annum.

    Milestones

    Here is a timeline on the rise of the SENSEX through Indian stock market histry

    1000, July 25, 1990- On July 25, 1990, the SENSEX touched the four-digit figure for the first time and closed at 1,001 in the wake of a good monsoon

    and excellent corporate results.

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    The graph of SENSEX from July 1997 to March 2011

    2000, January 15, 1992- On January 15, 1992, the SENSEX crossed the 2,000-mark

    and closed at 2,020 followed by the liberal economic policy initiatives undertaken by

    the then finance minister and current Prime Minister Dr Manmohan Singh.

    3000, February 29, 1992- On February 29, 1992, the SENSEX surged past the 3000

    mark in the wake of the market-friendly Budget announced by Manmohan Singh.

    4000, March 30, 1992- On March 30, 1992, the SENSEX crossed the 4,000-markand closed at 4,091 on the expectations of a liberal export-import policy. It was then

    that the Harshad Mehta scam hit the markets and SENSEX witnessed unabated

    selling.

    5000, October 11, 1999- On October 8, 1999, the SENSEX crossed the 5,000-mark.

    6000, February 11, 2000- On February 11, 2000, the information technology boom helped the SENSEX to cross the 6,000-mark and hit and all time

    high of 6,006.

    7000, June 21, 2005- On June 20, 2005, the news of the settlement between the Ambani brothersboosted investor sentiments and the scrips of RIL,

    Reliance Energy, Reliance Capital and IPCL made huge gains. This helped the SENSEX crossed 7,000 points for the first time.

    8000, September 8, 2005- On September 8, 2005, the Bombay Stock Exchanges benchmark 30-share index the SENSEX - crossed the 8000 level

    following brisk buying by foreign and domestic funds in early trading.

    9000, December 9, 2005- The SENSEX on November 28, 2005 crossed 9000 to touch 9000.32 points during mid-session at the Bombay Stock

    Exchange on the back of frantic buying spree by foreign institutional investors and well supported by local operators as well as retail investors.

    10,000, February 7, 2006- The SENSEX on February 6, 2006 touched 10,003 points during mid-session. The SENSEX finally closed above the

    10,000-mark on February 7, 2006.

    11,000, March 27, 2006- The SENSEX on March 21, 2006 crossed 11,000 and touched a peak of 11,001 points during mid-session at the Bombay Stock

    Exchange for the first time. However, it was on March 27, 2006 that the SENSEX first closed at over 11,000 points.

    12,000, April 20, 2006- The SENSEX on April 20, 2006 crossed 12,000 and touched a peak of 12,004 points during mid-session at the Bombay Stock

    Exchange for the first time.

    13,000, October 30, 2006- The SENSEX on October 30, 2006 crossed 13,000 for the first time. It touched a peak of 13,039.36 and finally closed at

    13,024.26.

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    14000, December 5, 2006- The SENSEX on December 5, 2006 crossed 14,000.

    15,000, July 6, 2007- The SENSEX on July 6, 2007 crossed 15,000 mark.

    16,000, September 19, 2007- The SENSEX on September 19, 2007 crossed the 16,000 mark.

    17,000, September 26, 2007- The SENSEX on September 26, 2007 crossed the 17,000 mark for the first time.

    18,000, October 9, 2007- The SENSEX on October 9, 2007 crossed the 18,000 mark for the first time.

    19,000, October 15, 2007- The SENSEX on October 15, 2007 crossed the 19,000 mark for the first time.

    20,000, October 29, 2007- The SENSEX on October 29, 2007 crossed the 20,000 mark for the first time.

    21,000, Jan 08, 2008- The SENSEX on January 8, 2008 touched all time peak of 21078 before closing at 20873. [2]

    November 5, 2010- The SENSEX on November 5, 2010 closes at 20,893.6 with highest peak in two years.

    January 18, 2013- The SENSEX on January 18, 2013 closes at 20,039.04 with highest peak in two years.

    [3]

    May 2006

    On May 22, 2006, the SENSEX plunged by 1100 points during intra-day trading, leading to the suspension of trading for the first time since May 17, 2004. The

    volatility of the SENSEX had caused investors to lose Rs 6 lakh crore(US$131 billion) within seven trading sessions. The Finance Minister of India, P.

    Chidambaram, made an unscheduled press statement when trading was suspended to assure investors that nothing was wrong with the fundamentals of the

    economy, and advised retail investors to stay invested. When trading resumed after the reassurances of the Reserve Bank of India and the Securities and

    Exchange Board of India (SEBI), the SENSEX managed to move up 700 points, still 450 points in the red.

    The SENSEX eventually recovered from the volatility, and on October 16, 2006, the SENSEX closed at an all-time high of 12,928.18 with an intra-day high of

    12,953.76. This was a result of increased confidence in the economy and reports that Indias manufacturing sector grew by 11.1% in August 2006.

    13,000, October 30, 2006- The SENSEX on October 30, 2006 crossed 13,000 and still riding high at the Bombay Stock Exchange for the first time. It

    took 135 days to reach 13,000 from 12,000. And 124 days to reach 13,000 from 12,500. On October 30, 2006 it touched a peak of 13,039.36 & closed at

    13,024.26.

    14,000, December 5, 2006- The SENSEX on December 5, 2006 crossed 14,000 and touched a peak of 14028 at 9.58AM(IST) while opening for the day

    December 5, 2006.

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    15,000, July 6, 2007- The SENSEX on July 6, 2007 crossed another milestone and reached a magic figure of 15,000. it took almost 7 month and 1 day to

    touch such a historic miles

    May 2009

    On May 18, 2009, the SENSEX surged 2,110.79 points (from its previous closing of 12,174.42) up 17.33%. This sharp surge was a reaction to the resounding

    victory of the United Progressive Alliance (UPA) in the 15th General Elections. The historic rise also marked the first ever time an Indian benchmark index was

    locked up on an upper circuit. The first limit was hit within 25 seconds after the markets were opened for trade that day at 9:55 AM. After remaining shut for 2hours, the markets resumed for trading again at 11:55 AM only to be locked up again at a higher limit 30 seconds later. The markets were open for trade for

    only 55 seconds on that day.

    Effects of the subprime mortgage crisis in the U.S

    On Monday July 23, 2007, the SENSEX touched a new height of 15,733 points. On July 27, 2007 the SENSEX witnessed a huge correction because of selling

    by foreign institutional investors (FIIs) and global cues to come back to 15,160 points by noon. Following global cues and heavy selling in the international

    markets, the BSE SENSEX fell by 615 points in a single day on Wednesday August 1, 2007.

    16,000, September 19, 2007- The SENSEX on September 19, 2007 crossed the 16,000 mark and reached a historic peak of 16322 while closing. Thebull hits because of the rate cut of 50 bit/s in the discount rate by the Fed chief Ben Bernanke on September 26, 2007 crossed the 17,000 mark for the first

    time, creating a record for the second fastest 1000 point gain in just 5 trading sessions. It failed however to sustain the momentum and closed below

    17000. The SENSEX closed above 17000 for the first time on the following day. Reliance group has been the main contributor in this bull run,

    contributing 256 points. This also helped Mukesh Ambanis net worth to grow to over $50 billion or Rs.2 trillion. It was also during this record bull run

    that the SENSEX for the first time zoomed ahead of the Nikkeiof Japan.

    18,000, October 9, 2007- The SENSEX crossed the 18k mark for the first time on October 9, 2007. The journey from 17k to 18k took just 8 trading

    sessions which is the third fastest 1000 point rise in the history of the SENSEX. The SENSEX closed at 18,280 at the end of day. This 788 point gain on

    October 9 was the second biggest single day absolute gains.

    19,000, October 15, 2007- The SENSEX crossed the 19k mark for the first time on October 15, 2007. It took just 4 days to reach from 18k to 19k. This

    is the fastest 1000 points rally ever and also the 640 point rally was the second highest single day rally in absolute terms. This made it a record 3000 point

    rally in 17 trading sessions overall.

    Participatory notes issue

    On October 16, 2007, SEBI (Securities & Exchange Board of India) proposed curbs on participatory notes which accounted for roughly 50% of FII investment

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    in 2007. SEBI was not happy with P-notes because it was not possible to know who owned the underlying securities, and hedge funds acting through P-notes

    might therefore cause volatility in the Indian markets.

    However the proposals of SEBI were not clear and this led to a knee-jerk crash when the markets opened on the following day (October 17, 2007). Within a

    minute of opening trade, the SENSEX crashed by 1744 points or about 9% of its value - the biggest intra-day fall in Indian stock markets in absolute terms till

    then. This led to automatic suspension of trade for 1 hour. Finance Minister P. Chidambaram issued clarifications, in the meantime, that the government was not

    against FIIs and was not immediately banning PNs. After the market opened at 10:55 AM, the index staged a comeback and ended the day at 18715.82, down

    336.04 from the last days close.

    This was, however not the end of the volatility. The next day (October 18, 2007), the SENSEX tumbled by 717.43 points 3.83 per cent to 17998.39. The

    slide continued the next day when the SENSEX fell 438.41 points to settle at 17559.98 at the end of the week, after touching the lowest level of that week at

    17226.18 during the day.

    After detailed clarifications from the SEBI chief M. Damodaran regarding the new rules, the market made a 879-point gain on October 23, thus signalling the

    end of the PN crisis.

    20,000, October 29, 2007- The SENSEX crossed the 20k mark for the first time with a massive 734.5 point gain but closed below the 20k mark. It took

    11 days to reach from 19k to 20k. The journey of the last 10,000 points was covered in just 869 sessions as against 7,297 sessions taken to touch the

    10,000 mark from 1,000 levels. In 2007 alone, there were six 1,000-point rallies for the SENSEX.

    21,000, January 8, 2008 Business Standard (http://www.business-standard.com/common/storypage_c_online.php?leftnm=10&bKeyFlag=IN&

    autono=32206)

    January 2008

    In the third week of January 2008, the SENSEX experienced huge falls along with other markets around the world. On January 21, 2008, the SENSEX saw its

    highest ever loss of 1,408 points at the end of the session. The SENSEX recovered to close at 17,605.40 after it tumbled to the days low of 16,963.96, on high

    volatility as investors panicked following weak global cues amid fears of a recession in the US.

    The next day, the BSE SENSEX index went into a free fall. The index hit the lower circuit breaker in barely a minute after the markets opened at 10 AM.

    Trading was suspended for an hour. On reopening at 10.55 AM IST, the market saw its biggest intra-day fall when it hit a low of 15,332, down 2,273 points.

    However, after reassurance from the Finance Minister of India, the market bounced back to close at 16,730 with a loss of 875 points.[4]

    Over the course of two days, the BSE SENSEX in India dropped from 19,013 on Monday morning to 16,730 by Tuesday evening or a two day fall of 13.9%. [4]

    9,975, October 17, 2008- SENSEX crashes below the psychological 5 figure mark of 10K, following extremely negative global financial indications in

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    US and other countries. Exactly one year back in October 2007, SENSEX had gone past the 20K mark.

    8701.07, October 24, 2008 lost 10.96% of its value on the intra day trade, the 3rd highest loss for a one day period in its history

    Major crashes since 2000

    On May 22, 2006, the SENSEX plunged by 1100 points during intra-day trading, leading to the suspension of trading for the first time since May 17, 2004. The

    volatility of the SENSEX had caused investors to lose Indian rupees 6 lakh crore ($131 billion) within seven trading sessions. The Finance Minister of India, P.Chidambaram, made an unscheduled press statement when trading was suspended to assure investors that nothing was wrong with the fundamentals of the

    economy, and advised retail investors to stay invested. When trading resumed after the reassurances of the Reserve Bank of India and the Securities and

    Exchange Board of India (SEBI), the SENSEX managed to move up 700 points, still 450 points in the red.

    The SENSEX eventually recovered from the volatility, and on October 16, 2006, the SENSEX closed at an all-time high of 12,928.18 with an intra-day high of

    12,953.76. This was a result of increased confidence in the economy and reports that Indias manufacturing sector grew by 11.1% in August 2006.

    Effects of the subprime crisis in the U.S.

    On July 23, 2007, the SENSEX touched a new high of 15,733 points. On July 27, 2007 the SENSEX witnessed a huge correction because of selling by ForeignInstitutional Investors and global cues to come back to 15,160 points by noon. Following global cues and heavy selling in the international markets, the BSE

    SENSEX fell by 615 points in a single day on August 1, 2007.

    Participatory notes issue

    On October 16, 2007, SEBI (Securities & Exchange Board of India) proposed curbs on participatory notes which accounted for roughly 50% of FII investment

    in 2007. SEBI was not happy with P-notes because it was not possible to know who owned the underlying securities, [5]and hedge funds acting through P-notes

    might therefore cause volatility in the Indian markets.[6]

    However the proposals of SEBI were not clear and this led to a knee-jerk crash when the markets opened on the following day (October 17, 2007). Within aminute of opening trade, the SENSEX crashed by 1744 points or about 9% of its value - the biggest intra-day fall in Indian stock markets in absolute terms till

    then. This led to automatic suspension of trade for 1 hour. Finance Minister P. Chidambaram issued clarifications, in the meantime, that the government was not

    against FIIs and was not immediately banning PNs. After the market opened at 10:55 AM, the index staged a comeback and ended the day at 18715.82, down

    336.04 from the last days close.

    This was, however not the end of the volatility. The next day (October 18, 2007), the SENSEX tumbled by 717.43 points 3.83 per cent to 17998.39. The

    slide continued the next day when the SENSEX fell 438.41 points to settle at 17559.98 at the end of the week, after touching the lowest level of that week at

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    17226.18 during the day.

    After detailed clarifications from the SEBI chief M. Damodaran regarding the new rules, the market made a 879-point gain on October 23, thus signalling the

    end of the PN crisis.

    January 2008

    In the third week of January 2008, the SENSEX experienced huge falls along with other markets around the world. On January 21, 2008, the SENSEX saw itshighest ever loss of 1,408 points at the end of the session. The SENSEX recovered to close at 17,605.40 after it tumbled to the days low of 16,963.96, on high

    volatility as investors panicked following weak global cues amid fears of a recession in the US.

    2012

    The BSE Sensex rose above the 19,000 for the first time since July 15, 2011 while the broader Nifty headed to the 5,800 mark Thursday. The rupee, too, hit a

    five-and-half month high against the dollar.

    The next day, the BSE SENSEX index went into a free fall. The index hit the lower circuit breaker in barely a minute after the markets opened at 10 AM.

    Trading was suspended for an hour. On reopening at 10.55 AM IST, the market saw its biggest intra-day fall when it hit a low of 15,332, down 2,273 points.

    However, after reassurance from the Finance Minister of India, the market bounced back to close at 16,730 with a loss of 875 points.[4]

    Over the course of two days, the BSE SENSEX in India dropped from 19,013 on Monday morning to 16,730 by Tuesday evening or a two day fall of 13.9%. [4]

    Major falls

    Some major single-day falls of the SENSEX have occurred on the following dates: [7]

    January 21, 2008 --- 1,408.35 points1.Oct 24, 2008---1070.63 points2.

    March 17, 2008 --- 951.03 points3.

    July 6, 2009 --- 870 points4.

    January 22, 2008 --- 857 points5.

    February 11, 2008 --- 833.98 points6.

    May 18, 2006 --- 826 points7.

    October 10, 2008 --- 800.10 points8.

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    March 13, 2008 --- 770.63 points9.

    December 17, 2007 --- 769.48 points10.

    January 7, 2009 --- 749.05 points11.

    March 31, 2007 --- 726.85 points12.

    October 6, 2008 --- 724.62 points13.

    October 17, 2007 --- 717.43 points14.

    September 15, 2008 --- 710.00 points15.

    September 22, 2011 --- 704.00 points16.January 18, 2007 --- 687.82 points17.

    November 21, 2007 --- 678.18 points18.

    August 16, 2007 --- 642.70 points19.

    August 17, 2009 --- 626.71 points20.

    June 27, 2008 --- 600.00 points21.

    February 24, 2011 --- 545.92 points22.

    February 27, 2012 --- 477.82 points23.

    November 16, 2010 --- 444.55 Points24.

    February 4, 2011 --- 441.92 Points25.

    November 12, 2010 --- 432 Points26.

    References

    ^ "BSE Sensex" (http://www.bseindia.com/about/abindices/bse30.asp) . Bseindia.com. 2003-09-01. http://www.bseindia.com/about/abindices/bse30.asp. Retrieved

    2012-02-19.

    1.

    ^ "Sensex hits 21,000; ends up 61 points - Rediff.com Business" (http://in.rediff.com/money/2008/jan/08sensex.htm) . In.rediff.com. 2008-01-08. http://in.rediff.com

    /money/2008/jan/08sensex.htm. Retrieved 2011-09-19.

    2.

    ^ http://timesofindia.indiatimes.com/business/india-business/Sensex-closes-above-20k-first-time-in-two-years/articleshow/18078078.cms?utm_source=twitter&

    utm_medium=tweets

    3.

    ^ a b c d

    rediff Business Bureau (2008-01-21). "The 10 biggest falls in SENSEX history" (http://www.rediff.com/money/2008/jan/21spec1.htm) .MarketWatch. Archived(http://web.archive.org/web/20080127113508/http://www.rediff.com/money/2008/jan/21spec1.htm) from the original on 27 January 2008. http://www.rediff.com/money

    /2008/jan/21spec1.htm. Retrieved 2008-01-23.

    4.

    ^ "What are P-Notes?" (http://www.rediff.com/money/2007/oct/17spec.htm) . October 17, 2007. http://www.rediff.com/money/2007/oct/17spec.htm. Retrieved February

    21, 2011.

    5.

    ^ Vaidyanathan, R. (Oct 24, 2007). "Why Participatory Notes are dangerous" (http://www.thehindubusinessline.in/2007/10/24/stories/2007102450800800.htm) . The

    Hindu. http://www.thehindubusinessline.in/2007/10/24/stories/2007102450800800.htm. Retrieved February 22, 2011.

    6.

    ^ "The Hindu News Update Service" (http://www.hindu.com/thehindu/holnus/001200801221826.htm) . Hindu.com. http://www.hindu.com/thehindu/holnus

    /001200801221826.htm. Retrieved 2011-09-19.

    7.

    BSE SENSEX - Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/BSE_SENSEX

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