The benchmark Nifty ended the June quarter with gains of nearly 20 per cent — the best quarterly showing in 11 years — helped by a surge in foreign flows. Supportive action taken by global central banks boosted investors’ appetite for risk even as coronavirus infections continued to climb at a steady pace. The mid- and small-cap indices logged their best quarterly gains in six years.
The gains, however, come on the back of a 30 per cent plunge in the preceding quarter, when the Covid-19 pandemic and the virtual lockdown in the economy triggered the worst-ever sell-off. Not just India but most global markets recorded strong gains during the June quarter.