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Business News/ Market / Mark-to-market/  Sensex back to where it was last November
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Sensex back to where it was last November

After last year's rally driven by expansion in valuations, investors are booking some profits, especially as earnings estimates are still being cut

After a stellar run last year, the Indian market is showing signs of exhaustion. Photo: BloombergPremium
After a stellar run last year, the Indian market is showing signs of exhaustion. Photo: Bloomberg

Monday saw a plunge in the Indian and Chinese stock markets, not echoed by other markets in either Asia or Europe. Provisional numbers from the National Stock Exchange (NSE) showed foreign portfolio investors were selling, while domestic institutions shored up the Indian market.

The fact of the matter is that after a stellar run last year, the Indian market is showing signs of exhaustion. A year-to-date performance comparison of various indices shows that the MSCI India index has been struggling to perform (see chart).

This data is as on 17 April and in local currencies for respective countries. After the benchmark Sensex shed 2% on Monday, India’s position would slip further. The Sensex is back to where it was at the beginning of November.

The markets have been moving in a range since then and a breakout has proved difficult because of the lack of fresh triggers. After last year’s rally driven by expansion in valuations, investors are booking some profits, especially as earnings estimates are still being cut.

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ABOUT THE AUTHOR
Pallavi Pengonda
Pallavi is a deputy editor at Mint and heads the Mark to Market team. This column covers wide-ranging topics related to the stock markets, offering an in-depth analysis of financial reports of companies. She writes and edits across verticals, covering the breadth of the Indian stock market. Pallavi has done her master of management studies, specializing in finance.
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Published: 20 Apr 2015, 07:12 PM IST
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