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  • Business Today

    Scary On The Top

    Nov 26, 2020 7 minutes
    BY RASHMI PRATAP
    ILLUSTRATION BY RAJ VERMA

    Covid-19 was just a seven-month event for equity markets. From a three-year low on March 23 to fresh high on November 6, the 30-share BSE Sensex and its broader peer, NSE Nifty 50, have shown that the only thing certain in stock markets is uncertainty.

    While the sharp decline in February and March this year was triggered by fear of a sharp contraction in economic activity and corporate earnings, the rise has been driven by hope of a quicker-than-expected recovery in headline macroeconomic and corporate parameters.

    The Sensex climbed 315 points to reach a fresh high of 43,952 on November 17, while the Nifty moved up 94 points to a new high of 12,826. Nifty has risen 1,231 points, or 10.6 per cent, in November.

    Indian stock markets had been rising steadily after the slump on September 24 that was caused by warnings from US Federal Reserve officials regarding sluggish economic recovery. The rally got a shot in the arm from victory of Joe Biden in US Presidential elections on November 7. As a result, the combined market capitalisation (m-cap) of all listed and traded companies on the BSE reached an all-time high of ₹170.6 lakh crore, as against the pre-Covid high

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