If 2008 was the year of surprises and heart breaks for investors on Dalal Street, 2009 would go down as the year that witnessed the wildest swings in the fortune of those who deal in stocks and shares. The proof is in numbers: From a low at 8,100 in early March, the BSE sensex is now within touching distance of 17,500. A major part of this turnaround came on the back of foreign funds who pumped in nearly $17.5 billion. Domestic institutions too contributed handsomely, with Rs 26,200 crore. The extreme pessimism at the beginning of the year made way for hope when Manmohan Singh swept to power. For the first time ever, markets were closed for the day after just two minutes of trading as sensex hit the second upper circuit to end with a gain of 2,100 points. With Pranab Mukherjee back at the helm in North Block, markets rose further on hopes of better management of the economy by a group of highly qualified minds that included Montek Singh Ahluwalia, C Rangarajan and D Subba Rao. Since then, sensex has gained 22% to 17,465 now — a year high. Despite a rising fiscal deficit, double-digit food inflation and the Centre’s borrowings rising to Rs 4 lakh crore, investors kept their faith. Result: At year-end, they have nearly doubled their wealth with BSE’s market cap at Rs 61 lakh crore. With a 81% gain in 2009, veterans feel that 2010 could be a good year, but repeating the year just went by may not be possible.
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