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Slides of March make FY20 worst year since 2009


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.

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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 last two months of FY20 changed everything. FY21 is beginning on a sober note as valuations have corrected, similar to October 2008 when valuations had corrected dramatically,” said Nilesh Shah, managing director, Kotak Mahindra AMC.

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The PSU bank index was the worst performing sector gauge followed by media, metal and auto sector.

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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.

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