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Global stock markets scaled up nearly 15% with benchmark indices in five countries including India seeing the movement of above 20%, in the five months ended May 2017, and the momentum is expected to stay going forward, says a report.
According to Care Ratings analysis of movement in stock market indices for 33 countries, the median value of the change in these indices was 14.9%, for the five month period December-end 2016 to May-end 2017.
Of these, five countries — Poland (30.2%), Argentina (29.6%), South Korea (25%), Turkey (24.2%) and India (23%) — saw upswing of more than 20% in their respective indices.
While Indian securities have been buoyant this year with the stock indices scaling new heights, the analysis shows that the phenomena is not quite singular and is being observed in a large number of countries.
"While the (Indian) performance has been impressive, it is also interesting to note that stock markets world over have also been witnessing impressive upswings as the global environment too has turned positive with both World Bank and the IMF projecting better prospects for 2017 though no major turnaround is expected," Care Ratings said.
India is followed by Denmark (19.9%) Mexico (17.8%), Chile (17.2%), Germany (17.1%) and Singapore (16.4%), in the top 10-list.
Besides, benchmark indices in Taiwan, Hong Kong, France, Netherlands, Switzerland, Belgium, Italy, Sweden, Malaysia, Israel and Britain, have also seen double digit growth, for the period under review.
The report noted that the "overtly buoyant sentiment" in India was driven by some positive economic numbers in the areas of GDP growth and industrial production, large foreign flows in both equities and debt, powerful show by the Narendra Modi-led government in the state elections, passage of critical reforms including GST and forecast of good monsoon, among others.
"These pointers have more than offset the negative fallout of the demonetisation policy undertaken last year as well as low investment rates in the economy," Care said.
Comparatively, India's neighbour China figured among the bottom three countries on the list with its indices rising meagre 2.4 per cent, for the period under review.
China is followed by Canada (32nd rank) and Russia (33rd rank) as their indices declined by 0.3% and 8.6% respectively.