‘Sell in May and go away' did not play out as the adage suggests. May set two new records for India's benchmark S&P BSE Sensex Index. It was the only month in each of the last five years to give positive returns. The benchmark index has also posted gained in each of the five months in 2017 so far, a first in at least 30 years.
Global Comparison
Sensex gave the fourth highest returns compared to major global peers, not too far behind the South Korean Index which led the chart with more than 6 percent gains in May.
Top Movers
The index was driven by quarterly and full-year earnings during the month. Pharmaceutical companies ended up as top losers, while the country's largest private sector lender ICICI Bank Ltd. led the winners' chart.
Fund Flows
The gains were backed by strong fund flows with close to Rs 15,000-crore institutional investments in equities.
Key Events To Track
With the quarterly earnings out of the way, the market will now focus on the next monetary policy and the progress of the monsoon.
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