4k pts: Sensex records the highest monthly profit
Mumbai: Driven by strong protests in pharmaceutical, software, financial and IT stocks, the sensex closed the month with a gain of 4,213 points - its best ever monthly rise - at 33,718 points, a six-week high. In terms of the 14.3% gain that the sensex notched up in April, it was the best in the last 10 years, official data showed.
Interestingly, the gains came despite the growing number of patients in India and the sale of foreign funds, as the country remained blocked for more than a month. However, for India's advantage, the price of the country's largest imported item is at a multi-year low.
According to Siddhartha Khemka, chief (retail investigation), Motilal Oswal Financial Services, for a few weeks, the rise in the main indices from the bottom of the panic during the end of March may continue in the short term. But investors need to be cautious as fundamentals remain weak, while valuations appear to be expensive. In addition to comments from central banks around the world, markets would closely follow earnings, coronavirus trends, oil prices, and currency movements alongside global events and development around the world. Covid-19, said Khemka.