The renewed interest of foreign institutional investors in the Indian markets, strong corporate results, a good monsoon, and high GDP growth projections ensured the bull-run.

In contrast with other rallies in the past, this one was based mainly on the strong and sound fundamentals of the economy. This year's rally has been sustained and broad-based, with gains in almost all sectors, particularly among old economy stocks.

The BSE Sensex and the NSE Nifty outperformed other major world markets like Hong Kong's Hang Seng, Nikkei, and the Seoul Composite.

The Sensex bull-run saw the index cross 5,000 points -- for only the second time in its history -- on November 3. The index moved from 4000 to the 5000-mark in just 55 days.

Funds flow from FIIs in the current calendar year was the highest ever at $4.5 billion.

Though the index weakened in late November, analysts expect a much-improved performance in 2004.

Text: Adur Pradeep

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