Nifty bulls may raise a toast in June quarter

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Nifty bulls may raise a toast in June quarter 


             The new financial year has begun on a good note for domestic equities as benchmark indices gained in 7 of the 8 trading sessions in the ongoing quarter, on the back of consistent buying by foreign institutional investors.





             Historical data shows that the first quarter of the financial year has by and large been positive for Dalal Street. The positive start to the quarter this time has, therefore, brightened prospects for the history to repeat itself.


            In the June quarter of 2020, the 50-stock index gained a whopping 20% as investors rejoiced the re-opening of the economy from the Covid-19 pandemic-induced lockdown. The June quarter of 2020 was the second best in terms of returns for the market in the last 15 years.

Historical returns of Nifty 50 in June quarter


             Some stability in the global markets and a surprise move by the Reserve Bank of India to pause interest rate hikes earlier this month brought a relief rally in the market, with the Nifty 50 gaining a little over 5% in the last 10 odd sessions.





            
          “The markets might be inching up but it is time to be cautious. There is still more pain to come and this is not the time to be aggressive with equity allocation,” Chanda said.

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