Modi rally halted? India share benchmarks still beat global peers | business-news | Hindustan Times
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Modi rally halted? India share benchmarks still beat global peers

business Updated: Mar 21, 2017 07:39 IST
Raj Kumar Ray
Narendra Modi

(HT photo)

Indian share benchmarks continue to outperform global peers even though the market fall on Monday may have raised doubts on whether the rally started after Bharatiya Janata Party’s emphatic win at the Uttar Pradesh elections has come to an end.

Between March 10 and March 17, the Sensex has risen 2.4% while Nifty rose 2.5%.

In comparison, the US benchmark Dow Jones Industrial Average was up just 0.1% while UK’s FTSE-100 was up 1.1% and Japan’s Nikkei was down 0.4%

After investors factored in the UP election results that were out on March 11, the Indian markets zoomed on March 14, on hopes of political stability and faster reforms--the Sensex rose 496 points or 1.7% to 29,442.63 while the Nifty crossed the 9,000-level for the first time.

On March 16, the markets again rose as Federal Reserve signalled gradual rate hikes.

Last week end, the Sensex ended at life time high of 29,649 and the Nifty too was at its all-time high of 9,160.05.

On Monday, global markets have reacted on the lack of consensus among the G20 group of the world’s most power economies over free trade.

The Sensex and Nifty ended down 0.4-0.5% on global cues and as some of the telecom stocks fell after the Idea-Vodafone deal was announced that valued KM Birla’s telecom company at three-fourth of the market price.