Data collated by brokerage house Motilal Oswal showed India’s Nifty has gained 28 per cent year to date. In comparison, Russia’s MOEX and France CAC40 have added 23 per cent and 21 per cent, respectively.
Nifty’s peer index BSE Sensex hit the 60,000 mark for the first time on Friday. Analysts say the Indian market may hit many more such milestones in near future.
“Crossing the 60,000 mark is another milestone for the market. We could see many more positive surprises from the market in the next one-two years, as we are entering into a positive upcycle of earnings trajectory,” said Naveen Kulkarni, Chief Investment Officer, Axis Securities.
“The overall market trajectory continues to be positive, and dips should be utilised to build long-term positions in quality companies for more sustainable returns. A fully functional economy over the upcoming festival season and the sustenance of earnings momentum in Q2 FY22 are the near-term triggers for the market,” he said.
Among other major gainers are US-based S&P500, Taiwan Weighted, Germany’s DAX, Japan’s Nikkei 225 and the UK’s FTSE100 indices, which have added more than 10 per cent each.
However, there are some markets that have bled during the year. China, where authorities have cracked their whip on tech companies, is down 19 per cent year to date. The Chinese market has also been rocked by debt default by the Evergrande Group. There are fears that the realty giant’s collapse may result in a system-wide crisis in the country.
Brazil’s Bovespa and MSCI EM iShares are so far down 4 per cent and 1 per cent, respectively, for the current calendar.