India’s main stock indices in FY20 logged their worst performance in a financial year since the fiscal ending March 2009 as the turmoil in the market since February 19 triggered by the global outbreak of the Coronavirus erased all the gains made in almost 11 months. The Sensex and the Nifty in March recorded their worst month since November 2008 after overseas investors offloaded a record ₹58,000 crore plus from the local equity market during the month.
Dragged down by a decline of nearly 23% in March, the Nifty fell 26% and Sensex fell 23.8% in FY20.
Sentiment in stock market in the last one year has been cautious on account of sluggish economic growth but the Sensex and Nifty enjoyed a record breaking run till January thanks to outsized gains in a few bluechips.
The PSU bank index was the worst performing sector gauge followed by media, metal and auto sector.
With FY21 beginning on a sober note, money managers believe the markets will keenly track developments surrounding a cure for coronavirus and impact of shutdowns on the country.
