Economy

One Month After Demonetisation, Indian Markets Among Worst Performing Globally

S&P BSE Sensex and Nifty50 lost nearly 3.5% each. Only Mexico, Brazil and Philippines did worse at the global level, data show.

Representative image. Credit: PTI

Representative image. Credit: PTI

It has been a choppy ride for the Indian equity markets that were hit by the double whammy of demonetisation and the surprise victory of Donald Trump in the US presidential elections exactly a month ago on November 8. India’s Nifty (down 3.5%) was the second worst performing index in Asia after Philippines and the fourth globally – after Mexico (down 5.9%), Brazil (4.3%) and Philippines (down 3.9%).

The frontline benchmark indices – S&P BSE Sensex and the Nifty50 – that lost around 7.5% during the month, though have managed to recoup some losses. The Nifty50 index, for instance, hit an intra-day low of 7,916 levels on November 21 has clawed back to 8,200 levels by December 08.

Percentage change between November 8 and December 8, 2016. Source: Bloomberg/Business Standard

Percentage change between November 8 and December 8, 2016.
Source: Bloomberg/Business Standard