Rain Time, Gain Time

On June 28, after a gap of almost seven months, the Indian frontline equity indices once again touched their lifetime high and in doing so became the only major equity market to cross its earlier high. And this despite of our indices being dwarfed by the year-to-date gain as compared to some other indices such as Nasdaq that have gained more than 30 per cent against Indian indices’ 6 per cent gain. This phenomenon primarily happened because our indices were able to contain their fall earlier while other major indices fell much more. Besides, a deeper analysis shows that most of the gain in the US’ market has been due to six stocks.