An unbelievable price recovery in stock prices after the Nifty made lows on March 23, 2020 has placed it at a kissing distance of a level of 15,000 by the end of FY21. Nifty recovered by almost 93 per cent from its lows it made for itself in March 2020. At the same time, Nifty Small-Cap 100 index recovered by 141 per cent and Nifty Mid-Cap 100 index recovered by 116 per cent. This goes to show that the broader markets outperformed when the markets recovered from the pandemic-related crash. Within Nifty, if we consider the performance of the top 15 stocks, the returns work out to an impressive 156 per cent from the March lows while that of the bottom 35 Nifty stocks stands at 76 per cent from the March lows. If we consider the global market performance in FY21, NASDAQ stands with its returns at 73 per cent. Nifty 50 was the second-best index in FY21, gaining 71 per cent, followed by MSCI Emerging Market index which was up by 55 per cent. S & P 500 was up by 54 per cent while the MSCI World index and the German DAX gained by 51 per cent each. This goes to show the broad-based rally in equity markets across the globe led by technology stocks and the Indian benchmark index. What is interesting to note is the speed at which the recovery took place.
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