The S&P BSE Sensex defied history in the year 2018. The index rose 5.08 percent in November to post its best month since 2012 when it rose 4.1 percent. It rallied 9.8 percent in the year 2009, and 2.99 percent in 2014.
The bears were largely in control of D-Street in October and in September but fall in crude oil prices towards $60/bbl as well as sharp appreciation in the rupee which rose 5.5 percent against the Dollar, and not to forget dovish commentary from US Fed which led to money flowing into risky assets.
Morgan Stanley’s overweight stance, as well as HSBC upgrading to Neutral from Underweight, also added to optimism. Another factor which contributed to the rally was foreign investors which turned net buyers in November.
Source- Money Control
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