Marksheet of market: A half-yearly performance review and what lies ahead

The Indian stock market has been resilient and comfortably trades within a range. The capital market is now at a mature stage, able to navigate the shoals of a global disruption

Till end-January 2018, returns in Indian equity markets were very good, driven by a broad-based rally in all sectors, apart from pharma. Companies dealing in industrial commodities and cyclicals, too, saw very good returns in FY 2017-18 (Apr 17 to Mar 18) as commodity prices bounced up from their lows. Also, chemicals companies benefitted from production cuts in China because of environmental concerns.

Come February, though, and global markets seemed to be in a tail-spin within a short span.  The introduction of long-term capital-gains tax in Budget 2018 on profits earned from investment in listed equity shares dulled the