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India was the second best performing major global market in the first half of the financial year 2024-25 (H1FY25) after Hong Kong. Singapore, the United States and China were among the top five performing markets. Without a late surge from the Hong Kong market, India would have been the best performing market during this period. The Hang Seng rose 17.5 percent in September, including a 16 percent rise in the last five sessions of the month. India, on the other hand, made steady progress in the first half. Barring a marginal loss in May, the benchmark Nifty 50 index rose in each of the months. Gains in domestic markets were supported by strong investor flows, the government’s status quo after May’s general election and high economic growth prospects. In the first half of FY25, domestic mutual funds pumped in Rs 1.8 trillion, while foreign portfolio investors (FPIs) purchased shares worth Rs 92,400 crore. All sectoral indices compiled by NSE rose during the first half of the year. Consumer durable goods, autos and metals stocks were among the best performers.
First publication: October 1, 2024 | 11:18 p.m. STI