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Monetary Management and Financial Intermediation 143

INDIAN BENCHMARK INDICES

4.43 The benchmark stock market indices in India - Sensex and Nifty 50, increased by 17.7
per cent and 18.1 per cent, respectively during April-December 2021. Driven by good corporate
earnings, sharp rise in COVID-19 vaccination and opening up of business establishment across
the country, Sensex and Nifty scaled up to touch its peak at 61,766 and 18,477 respectively
on 18 October 2021 (Figure 18). The Sensex and Nifty benchmark indices fell after that, but
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started to rise again and stand at 61,223 and 18,256 respectively as on 14 January 2022.
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Figure 18: Movement of Indian Benchmark Indices

Source: BSE, NSE
4.44 Among major emerging market economies, Indian markets outperformed its peers during
April-December 2021. Among the select developed markets, S&P 500 index and NASDAQ
Composite index, recorded strong gains and rose by 20.0 per cent and 18.1 per cent, respectively
(Table 14).

Table 14: Performance of major stock market indices in 2021-22 across the World
As on As on % change in % change in
Index
31/03/2021 31/12/2021 Apr-Dec 2020 Apr-Dec 2021
Indian Markets
Nifty 50 14,691 17,354 62.6 18.1
S&P BSE Sensex 49,509 58,254 62.0 17.7
Emerging Markets
Taiwan TAIEX 16,431 18,219 51.8 10.9
FTSE/JSE All Share Index, S.
Africa 66,485 73,709 33.5 10.9
MOEX Russia Index 3,542 3,787 31.1 6.9
Shanghai Composite, China 3,442 3,640 26.3 5.7

KOSPI, S. Korea 3,061 2,978 63.8 -2.7
Brazil Ibovespa 1,16,634 1,04,822 63.0 -10.1