Investors on the Bombay Stock Exchange (BSE) have won Rs 35 lakh crore so far this year in March, with the Sensex rising more than 4,500 points to hover around 78,000. This is the latest success for the Indian stock markets after months of relentless selloff.
After a sharp decline following September’s record highs, the Indian markets have suddenly increased by almost 7.6 percent this month. The gains were mostly due to the rupee’s recovery from a prolonged free fall against the US currency.
In addition, broader markets recovered significantly, surpassing the benchmark indices. Up almost 10 percent so far, the Nifty Midcap index is currently trading at 52,520. Meanwhile, the Nifty Smallcap index increased by about 12 percent.
To stay among the top sectoral gainers in March thus far, the Nifty Metal index jumped by almost 13 percent. During that time, the Nifty Realty and Nifty Pharma indexes each saw gains of around 10%.
The Nifty Bank index has increased by about 7% so far in March. The Nifty Private Bank index rose more than 6.6%, while the Nifty PSU Bank index grew by about 12%. While the Nifty FMCG index increased by more than 5%, the Nifty Auto index surged by about 7%. Nifty IT deviated from the trend and fell by around 0.3 percent during that time.
ICICI Bank, JSW Steel, Bajaj Finance, and Kotak Mahindra Bank are some of the major companies that reached new 52-week highs in March.
