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The benchmark Bombay Stock Exchange index, the Sensex, is heading for its worst fiscal performance in five years. The index, which traded below 15,000 points at the end of March is just 13 percent above the point at the close of last fiscal year ending March 31, 2007.
The Sensex gained over 15% in 2006-07, 74% in FY06, 16% in FY05 and 83% in FY04. The index touched an all time high of 20,582 points on Jan 10, 2008, doubling over a two year period. But it has dipped 25 percent since. Analysts say the Sensex rises higher and falls harder than other global index. In the most recent meltdown in the market, for example, the Sesex tumbled by 25%, when the Dow Jones fell by 5.76%.
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