Indian Stock Market Records its Best Month since 2009
With the lockdown end date approaching and signs of a vaccine emerging, the Indian stock market has clocked in its best month in a decade. On 30th April, Thursday, the domestic markets surged three per cent, ending the month on a positive note. Everything from the huge rise in Reliance share prices which was led by the Jio-Facebook deal to rising equities across India played a huge role.
Although crude oil in the US continues to suffer due to the sudden plunge in demand and declining storage capacity, experts expect the easing lockdown norms around the world to stabilise the commodity. This week saw markets across the globe rallying, owing to the easing lockdown in Europe and the USA along with expectations of a stimulus package from the European Central Bank.
The Indian stock market rallied despite the looming concerns over the extension of the lockdown. While the central and state governments work out a plan to ease up or end the nation-wide lockdown, a decision is yet to be made. Moreover, a stimulus package is also awaited, which could help Indian stocks to soar in month of May.
From recording a low of Rs884 on 23rd March 2020, Reliance shares have soared to Rs1464 in a little over a month. Several other stocks have also made a similar comeback after being severely hit in the last month of March.