• March of the stock markets

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The benchmark indices rallied about 10 per cent in March and are on course to post their biggest monthly advance in around four years. This has been a sharp reversal of fortunes for the market, which had fallen 12 per cent in the first two months of the year due to a near $3-billion sell-off by global investors.

March of the stock markets

Further, dovish steps taken by the global central banks, have improved investors’ appetite for risk, which has spurred a fresh bout of inflows into emerging markets. India has seen FII inflows of $2.5 billion in March, less than some peers like South Korea and Taiwan.

Experts believe the current rally might have a little more steam left. However, the gains might not be sustainable from a long-term point of view till corporate earnings improve.