India’s stock market outperformed major global peers in the financial year ended March 31. The Nifty gained 18.93% in FY22 despite foreign portfolio investors selling Rs 1.38 lakh crore worth of stocks on account of aversion to riskier emerging markets amid worries about tighter monetary policy by the US Federal Reserve and geopolitical tensions.
Aggressive purchases by domestic investors partly helped the markets hold fort. Domestic institutional investors put in more than Rs 1.71 lakh crore in the financial year ended March 31.
Indonesia, Mexico and Canada are the only other markets that have gained between 13% and 18% in this period. The Down Jones gained 7% during this period while Nasdaq rallied 9%.
The set of stock gainers and losers in the financial year was different from the previous ones. In FY22, the gainers list mostly comprised technology, metals and the so-called old economy stocks. Consumer stocks — the stars of the decade — were among the underperformers as investors cut exposure to expensively valued companies.
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