While the Nifty remained flattish at nearly 8 per cent year-to-date gains in dollar terms, global indices in China, the US, the UK, France, and Germany advanced in the range of 3 per cent to 6 per cent.
ET Intelligence Group: Six months after the rupee touched an all-time low against the US dollar, Indian markets have staged a sharp rebound. The Nifty is up 12.4 per cent since then in dollar terms and is the best performer among the top 20 most followed global indices. From its October low (October 26), the Nifty is up 23 per cent in dollar terms, boosted by the 7 per cent gains in the rupee against the US currency.
Compared with six months ago, the majority of index constituents have advanced. Bajaj Finance, Axis Bank and ICICI Bank complete the list of top three gainers, with respective advances of 62 per cent, 48 per cent and 37 per cent.
However, RIL, HDFC Bank and HDFC contributed the most to Nifty, given their total weight of 28 per cent on the index. These stocks gained 34 per cent, 28 per cent and 31 per cent, respectively.
Year-to-date, however, India’s dollar performance dropped five ranks to 14th in the past one week. While the Nifty remained flattish at nearly 8 per cent year-to-date gains in dollar terms, global indices in China, the US, the UK, France, and Germany advanced in the range of 3 per cent to 6 per cent.
To be sure, the Nifty remains the best performing index in dollar terms over the past six and 12 months.
