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The Nifty has gained 7 per cent since the beginning of the year, reversing the trend from a negative 2 per cent a month ago, thanks to strong performance by heavyweight companies including Axis Bank, Reliance Industries and Infosys.
Their shares are up 22 per cent, 21 per cent and 12 per cent, respectively, in dollar terms since the beginning of 2019.
The performance of the index was also boosted by a 3 per cent gain in the rupee against the US dollar as a result of strong foreign flows into the Indian equity market.
The inflow in March touched Rs 28,000 crore, the highest in a month in two years.
Eleven out of 15 FII heavyweight stocks have given 5 per cent or more returns.
Maruti, HUL, LT and HDFC are the only exceptions, with negative returns.
Expectations of lower growth and expensive valuations are the main reasons for the underperformance of these stocks, according to analysts.
Despite a weak start in the current year, the Nifty remains the top performing index in the past six months and second-best performing index in the past one year, after the US.
Its performance in the past one year was marred by the weak performance of the rupee, which declined to 69 from 65 against the dollar.
China and Russia are the top performers since the beginning of 2019, with 28 per cent and 23 per cent gains, followed by the US which is up 11 per cent.
Stock Market
Nifty’s 2019 dollar returns turn positive on rupee’s recovery
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