Indian markets were among the best performing globally with the sensex ending fiscal 2021-22 with an 17% jump to 58,569 points. The Nifty gained 19% at 17,465. In the same period, the Dow Jones index in the US was up about 7% and FTSE in the UK 13%, official data showed.
The strong gains in the leading indices also made investors richer by Rs 58 lakh crore with the BSE’s market capitalisation now at Rs 267 lakh crore.
FY22 will be remembered for a number of milestones. After scaling the historic 50k milestone in FY21, the sensex built on the rally to scale 60k during FY22, but soon left investors jittery as global factors started weighing on sentiments. As a result, foreign funds started taking money off the Indian stock market at an unprecedented speed with the end-of-the-year figure at Rs 1.4 lakh crore — the highest annual net selling figure ever, data from CDSL showed.
Among the domestic factors, the weakness of the rupee to a near-record low of 77 to a dollar and strong foreign fund selling hit sentiment.
Among the top gainers were stocks from sectors like power, utilities and metals. Market players pointed out that these were the very sectors that had underperformed the overall market for several years. However, as the global supply chain was impacted again after the Russia-Ukraine war started, metals and utilities companies witnessed strong demand that translated into gains for stocks of companies in these sectors.
During FY22, BSE’s power index had gained 59%, the utilities index 56% and the metals index 48%.