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Sensex, Nifty among world's worst performers
By siliconindia
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Wednesday, 27 February 2008, 02:12 IST
Mumbai: This year has seen the bad performance from Indian equities market. Indices Nifty and Sensex are among the worst performers in the global markets since January 2008. Among the major markets, only Hong Kong markets have seen as much slowdown this year as Nifty and Sensex. Markets in Middle East, Latin America and Africa have been the best performers this year, reported Business Line.
FIIs' withdrawal is considered to be a major factor for this negative performance. Analysts attribute the fall to corrections of other major markets in the last quarter of 2007.
The 50-share S&P CNX Nifty index of the NSE registered a year-to-date negative growth of 17.91 percent while BSE Sensex was down by 15.67 percent.
However, Romanian, Vietnamese and Croatian market top the list of worst performing markets ahead of Nifty, Hang Sheng and Sensex.
India was the worst performer even among the BRIC nations that include Brazil, Russia, India and China. While Brazil gave out a positive return of 5.30 percent, China's Shenzhen dipped 2.6 percent and Russia-RTS declined 9.20 percent.
"The fall appears sharper because Indian market is the last where the FIIs pulled out while it began to happen earlier elsewhere," said Nipun Mehta, Co-founder & CEO of Unitis Tower Wealth Advisors, a private wealth management firm.
Adding to the worry, leading investment bank Goldman Sachs has predicted a further fall in the Indian market as Indian equities remain expensive despite its recent fall as compared to corporate earning potential in 2008 and 2009 based on various macroeconomic factors.
Muscat was the best performer in 2008 so far after it scored a return of 13.9 percent, followed by Mauritius 11.2 percent, Nigeria 11.01 percent and Kuwait 10.8 percent.
Even the Karachi 100 index has performed better and has shown a positive growth of 5.92 percent this year so far despite the political uncertainty in the country in recent times.