How Indian Stock Market Fared In The First Six Months Of Virus-Hit Year: In Charts
India’s benchmark index ended the first half of 2020 lower even after recovering bulk of the losses triggered by the Covid-19 disruption.
The Nifty 50 and the broader Nifty 500 fell 15% and 14%, respectively, in the six months through June. The small-cap and bank gauges saw a steeper fall. About 70% of the stocks in the Nifty 500 Index fell.
Nifty 50 rebounded 38% from its March lows, aided mostly by Reliance Industries Ltd., which contributed almost 133 points to the recovery. Shares of Mukesh Ambani-led company surged as he went on a fundraising blitz by selling Rs 1.16 lakh crore worth of stake in Jio Platforms Ltd., the holding arm of the group’s digital and telecom businesses. The company also raised more than Rs 53,000 crore in a rights issue.
Banking stocks were the top laggards, contributing the most to the 1,866-point fall in Nifty 50 in the first six months.
Among sectoral gauges, NSE Pharma Index rose more than 24% as demand for medicines rose during the pandemic. FMCG Index was flat as demand for most items, barring essentials, suffered. PSU bank and realty indices tumbled the most.
Nifty Midcap 100
A third of the stocks in Nifty Midcap 100 rose, led by Vodafone Idea Ltd.’s 70% surge as data usage spiked during the lockdown as Indians worked from home.
Four out of the top five laggards in the index were banks and financial institutions. Future Retail Ltd. fell the most amid concerns about promoter pledge.
Nifty Smallcap 100 Index
A quarter of the stocks gained in the index. GMM Pfaudler Ltd., a supplier to pharmaceuticals sector, more than doubled. India Cements Ltd. surged almost 80% as billionaire Radhakishan Damani increased stake.
Lemon Tree Hotels Ltd. and SpiceJet Ltd. were among the worst performers in the small-cap index.