BOMBAY, 4 January 2004 — The Indian stock markets began the New Year with a big bang. The Bombay Stock Exchange (BSE) Sensex crossed the 6,000 mark and created history. In one of its biggest rallies, the BSE Sensex rocketed 1,255.36 points from a low of 4,771.23 on Nov. 20, 2003, to 6,026.59 on Jan. 2, 2004.

The journey for the Sensex between 3,000 to 6,000 has been the fastest in its history, taking just 164 days. The previous movement between 3,000-6,000 took a good eight years - between 1992 and 2000.

On the first two trading sessions of the year, the BSE Sensex surged 187.63 points to settle at all-time closing high of 6,026.59 on Friday.

For the week ended Friday, Sensex gained 327.35 points.

Of the 2,299 issues traded on BSE, advances outnumbered declines with 1,353 gainers and 870 losers. Seventy-six issues ended unchanged.

There has been an air of optimism all around the bourses, an undying spirit of positive air. From a year back, when buying even blue chip stocks seemed to instill a sense of doubt, the mood has now undergone a sea change. Now, apart from the blue chip stocks, buying is seen in even the second rung stocks.

Economic rebound on the back of a solid monsoon, expectations of strong Q3 results and continuation of FII inflows, all these together have led to a sharp surge on the bourses over the past week days.

Reliance Industries was one of the big gainers of the week. Heavy buying from FIIs led to the surge. Foreign brokerage house, Merrill Lynch assigned a — buy — rating to the stock.

Hindustan Lever was also a gainer, on the reckoning that the overall FMCG sector will register solid growth in the current fiscal on the back of a good monsoon.

Steel and aluminum stocks also surged.

Public sector banking stocks were in the reckoning on expected recovery in credit offtake in the coming months.

Shipping stocks continued to rise as rumors of another hike in freight rates led to buying on the counters.

ONGC surged to a new high after the government appointed merchant bankers to manage the proposed offer of sale of equity stake of up to 10 — each in the energy company.

Zee Telefilms was also at its new 52-week high on reports that the company is increasing its subscription rates by Rs.20 to Rs.75 per subscriber for its bouquet of 15 channels.

Market punters expect a correction in the market soon. And analysts say that investors should keep a time span of three years and make the best in the current market condition. The best thing to do in the current scenario is to book a profit of 20 percent.

Gold was at Rs.6,200- per 10 gms and silver was at Rs.9,580/- per Kg.

US dollar against Indian rupee was at Rs.45.75, pound sterling at Rs.80.99, euro at Rs.57.35, UAE dirham at Rs.12.41, Kuwait dinar at Rs.154.70, Bahrain dinar at Rs.120.88, Saudi riyal at Rs.12.13, Qatar riyal at Rs.12.52 and Oman riyal at Rs.118.37.