The Sensex rose 231.57 points (or 1.96%), to end at 12,009.59 in the fortnight ended 15 September 2006 from a closing of 11,778.02 on 1 September 2006. However, the BSE Sensex plunged 368 points on Monday (11 September), due to heavy selling by FIIs in the derivatives segment.
For the period between 1 September and 15 September 2006, banks, cement and construction companies were the biggest gainers in the A group on expectations that interest rates may not rise in the near term and that the cement prices will go up due to an increase in construction activity post monsoon.
The BSE's banking sector index, the BSE Bankex, rose 251.57 points, (4.67%), to close at 5,635.43 on 15 September from 5,383.86 on 1 September. The major gainers among the banks in the A group were Oriental Bank of Commerce (up 16.69% to Rs 226.5), Canara Bank (up 14.35% to Rs 260.05), Corporation Bank (spurted 14.12% to Rs 358.25), Indian Overseas Bank (soared 10.24% to Rs 105.5), Vijaya Bank (advanced 9.95% to Rs 51.90), and Union Bank of India (rose 9.57% to Rs 127.65).
Among banks in the A group that lost during the last fortnight, include Jammu and Kashmir Bank (less 7.76% to Rs 405.15), Kotak Mahindra Bank (dipped 2.25% to Rs 304.10), and ING Vysya Bank (lost 1.99% to Rs 95.50).
The other major sector to post gains in the fortnight was cement and construction. Birla Corporation spurted 17.75% to Rs 333.95, Jaiprakash Associates gained 10.64% to Rs 472.55, and Grasim Industries added 10.34% to Rs 2,486.05. Hope that cement prices will be hiked due to an increase in construction activity post monsoon aided the rally.
Watch maker HMT topped the list of gainers with a 33.72% jump to Rs 85.85, followed by Escorts at Rs 108.75, which sprung 26.23%. Other major gainers in the A group were battery maker Exide Industries, which spurted 26.18% to Rs 44.05, Jet Airways (India), climbed 25.19% to Rs 673.8, TVS Motor Company that surged 19.35% to Rs 114.70, Chennai Petroleum Corporation spurted 16.38% to Rs 231.20, Asahi India Glass increased 15.90% to Rs 102, and EIH, which was boosted 13.79%, to Rs 111.25.
Meanwhile, the top losers in the A group was IT company HCL Infosystems, falling 11.73% to Rs 151.60, followed by Godrej Consumer Products that dropped 8.29% to Rs 162.05. The other major losers in the A group were Nicholas Piramal India (dropped 6.98% to Rs 213.80), Tata Tea (slipped 6.74% to Rs 764.05), VisualSoft Technologies (lost 6.36% to Rs 86.05), GAIL (India) (decreased 6.11% to Rs 254.70), and Bharat Earth Movers (lost 6.11% to Rs 904.15).