Indian stock market post 11.49 pc gain in Apr

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New Delhi, May 9: After suffering a double-digit loss in March (-12.35 per cent), Indian stock market bounced back strongly in April, posting a 11.49 per cent gain, a market analysis agency said today. Standard&Poor's, in its monthly global stock market review, said China, like India, also recorded a double-digit gain in April. It gained 15.10 per cent after suffering a decline of 12.36 in March.

The world's leading index provider said equity markets recovered last month in both developed and emerging markets, shaking off fears triggered by slump in March. It said developed markets posted a 5.15 per cent gain in April after losing 8.95 per cent in March. Likewise, emerging markets climbed 7.49 per cent in April after falling 5.11 per cent the month before.

''Global equity markets reversed direction in April as optimism prevailed based on the hope and belief that the world, and especially the United States, is near the bottom of the problems facing the credit market,'' said Howard Silverblatt, the agency's senior index analyst.

The market intelligence agency attributed April's gains by developed world markets to higher returns by Japan (+6.61 per cent) and the United Kingdom (+5.85 per cent). It said 24 of 26 developed markets went up in April, while only Finland (-1.34 per cent) and Denmark (-0.21 per cent) suffered slight losses. Norway recorded double-digit gain of 11.25 per cent.

S&P's said six of the 26 emerging markets posted double-digit gains, 16 earned profited, while ten declined. Turkey rebounded from its 20.09 per cent loss in March to lead all markets with a 15.75 per cent gain in April.

Of various sectors, energy profited the most in April posting a 12.05 per cent monthly gain, with materials (+6.61 per cent) and financials (+6.64 per cent) also rebounding during the month.

However, consumer staples performed the worst, posting a gain of just 0.44 per cent, the agency added.

UNI

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