Stock mkt ends 2011 with 5,054 pts Sensex hit
As it has been the case for most part 2011, Reliance Industries Ltd (RIL) was the biggest contributor in Friday`s fall, which saw the stock market benchmark Sensex closing at 15454.92 points for the year. Incidentally, Reliance Industries Friday itself lost its position of the country`s most valued company to Tata group`s software company TCS, thus adding to the concerns that the polyster-to-energy-to-retail conglomerate was fast losing its charm among the stock investors.
A continuing downslide in the banking stocks, largely on concerns about rising bad debts due to a slowdown in economic growth, and apprehensions that the corporate profitability being hit due to increased interest rates and rising input costs also added to the market woes.
As a result, the Sensex fell by a total 5,054.17 points or 24.64 per cent in the entire 2011. In comparison, the index had gained 3,044 points (17 per cent) in the previous year 2010 and by even a wider margin of 7,817 points (81 per cent) in 2009. The only bigger loss was witnessed during the year 2008, when the Sensex had dropped 52.4 per cent or more than 10,600 points amid a major global financial crisis.