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India growing in strengths among equity markets
By agencies
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Friday, 01 July 2005, 19:30 IST
MUMBAI: With a positive break out, Indian equity markets have begun the current fiscal on a strong note by outperforming all the major Asian indices in the first quarter of this fiscal.
The 30-share BSE Sensex leads the pack with gains of more than 10%, followed by the broader 50-share Nifty of the National Stock Exchange (NSE), which gained over 9% between March 31, 2005 and June 30, 2005.
FIIs have pumped in nearly $700 million in the last three months. One stockbroker said, The India growth story and the overall macro-economic scenario has provided buoyancy to the Indian markets. Monsoons have also played an important role. Also, there was some amount of skepticism or over-cautiousness relating to the earnings potential of the Indian corporates that has now been overcome.
Sensex closed at 7,193.85 on June 30, gaining 10.80 percent or 701.03 points, compared to its March 31 closing of 6,492.82. The highest gain in Sensex was witnessed in May when it gained 9.11 percent.
In June, Sensex gained 7.13% after losing ground by 5.21% in April. Similarly, the Nifty has gained 9.09% or 184.95 points in the last three months since March 31.
The index closed at its all-time high level of 2,220.60 on June 30, compared to 2,035.65 on March 31. The index closed at 14,201.06 on June 30, compared to 13,516.88 as on March 31.