Indian equity markets continued to move upward for the second consecutive month with the benchmark indices S&P CNX Nifty and BSE Sensex marginally gaining 3.6% and 3.25%, respectively in February. BSE Midcap and BSE Small Cap indices too made upward movements, rising 8.77% and 6.14% respectively. All BSE sectoral indices ended higher in February, with BSE Realty emerging as the topmost gainer, up 14.5% on strong buying in realty shares.
The markets rose over the month on the back of persistent foreign institutional investor (FII) inflows and firm global cues. FIIs bought equities worth Rs 25,217 cr in February, the highest monthly buying since records and compared to buying of Rs 11,089 cr in January 2012.
Positive global cues came in the form of strong US economic data including upbeat US job data and expectations that Eurozone debt crisis may ease. On the domestic front, encouraging corporate earnings and increase in India’s Purchasing Managers' Index (PMI) brought in more gains into the markets. Sentiments were also boosted after monthly inflation eased in January. India's 6.1% GDP growth in Q3 FY11 was the slowest quarterly growth in two-and-a-half years, especially compared with 8.3% growth seen in the year ago period.
We are approaching the end of the financial year and would like to remind all our investors who have not yet invested in ELSS funds for saving tax to consider doing the same by 31st March, 2012. Magnum Taxgain Scheme, the flagship ELSS fund from SBI Mutual Fund is one of the largest ELSS funds in the industry and is patronized by lakhs of investors and is a useful investment avenue for long term wealth creation besides being helpful in saving tax. You may think of investing through Systematic Investment Plan (SIP) that helps you to create wealth, by investing small sums of money every month, over a period of time reducing the burden of investing in lump sum.
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