Rising for the second session on the trot, Sensex closed the fiscal at 18,836, up 8.2% on the year while the nifty gained 7.3% to 5,683. However, compared to the gains in frontline stocks, midcap and smallcap stocks were sold heavily by Dalal Street investors with BSE’s midcap index down 3.2% and smallcap index down 10% during the same period.
As a result of the push and pull between frontline stocks and the second rungs, the rise in investors’ wealth during the year was limited to Rs 1.5 lakh crore, or just 2.4% with BSE’s current market cap at Rs 63.6 lakh crore.
Institutional dealers pointed out that a major part of the gains in the frontline stocks could be attributed to the foreign flows with Sebi data showing net inflows in excess of $25 billion (nearly Rs 2 lakh crore). They said that foreign fund managers are concentrating their portfolio with frontline stocks and getting out of those companies in which the promoters have pledged their shares and also those stocks in which speculators are active.
In the currency market during FY13, the rupee fell to a record low against the dollar, to below 57 level, but closed the year at a much better level of 54.28. On an annual basis, it depreciated 6.7% to the greenback.
Call rates hit over 4-yr high of 17%
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