The benchmark Sensex
and the Nifty
posted a 12 per cent gain in November, but this was pale in comparison with global peers. On Monday, stocks in Asia (the Indian markets
were closed) swung from gains to losses, along with US futures and European equities as investors monitored progress on the path to a coronavirus vaccine on the final day of a record month for global equities. Oil retreated. India’s emerging market peers Brazil and Thailand gained 26 per cent and 22 per cent, respectively, in November, while most European markets
rose more than 20 per cent. China was the only major global market that India outperformed in November. However, Chinese equities gained 18 per cent on a year-to-date basis. On the other hand, India was up just 3 per cent in dollar terms. The US election results and the Covid-19 vaccine trial progress boosted risk appetite in November. Many believe the markets
are pricing in expectations of the economy returning to normalcy in the first half of 2021. However, experts say the markets could consolidate in December after the sharp up move.
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