India stocks close fiscal 2025 higher as March gains bail out benchmarks
India stocks close fiscal 2025 higher as March gains bail out benchmarks
A rally in India's Nifty 50 stock index in March, its best jump in 15 months, helped the benchmark pull back from losses after a historic five-month losing streak and finish this financial year with gains.
The index of 50 bluechip stocks rose 6.3% in March, contributing to 5.34% gains for the fiscal year that runs from April to March, while the BSE Sensex advanced 5.1%. The benchmarks were in the red as recently as March 4.
The rally was driven by investors scooping up beaten-down stocks, the return of foreign inflows after a selling spree that began in late-September and improving economic indicators.
Although foreign investors poured $2.65 billion into Indian stocks in the last five sessions, it wasn't enough to offset foreign outflows of $15.57 billion for the fiscal year, the second-highest ever.
HDFC Securities' CEO Dhiraj Relli cited lacklustre earnings, U.S. tariff worries, foreign outflows, geopolitical tensions, a strong dollar, and Chinese stimulus as key events that fuelled volatility in the market.
