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Canadian Stock Markets Followed By Indian Stock Indices Clock Most Gains
From March lows, Indian stock markets garnered gains to the tune of 76 percent, only after Canadian markets that clocked gains of 79 percent. The main factor propelling the surge is hopes around quicker availability of Covid 19 vaccine as well as increased weightage in MSCI indices.
After, Indian markets, the next in the huge rally has been the US markets, which gained 73 percent. And on huge gains, the m-cap of the Indian stock markets has been $2.3 trillion.
Risk-on sentiment improved as on strong foreign capital inflow, loose monetary policy as well as uncertainty around US-Presidential election waned.
"We have seen good traction in all segments as it continued the bullish momentum with strong buying from FIIs, along with MSCI weight increase flows of $5 billion into India, a positive global set-up, a decline in volatility, short-covering, with momentum in many heavyweights as well as mid-cap counters," said Chandan Taparia, vice-president, derivatives and technical equity research, Motilal Oswal Financial Services Ltd.
As per the data available, the cash transaction also saw a increase. Prominent factor pulling the indices higher is the FII. So, while the earnings are favourable there is expected a rally for some for more time.
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