The Sensex ended 2018-19 with 17.3 per cent gains, the most since 2014-15. The gains were boosted by an 8 per cent jump in benchmark indices in March. A surge in foreign inflows, amid cooling off of US bond yields, is seen as the major reason behind the latest market surge.

Experts say the market performance has exhibited a high correlation to US bond yields. The rupee and government bonds also saw high volatility, with the former swinging about 13 per cent against the US dollar, while the yield on the 10-year benchmark bond saw an over 100-bps movement. Brent crude oil prices, too, had markets on the tenterhooks, especially in the September and December quarters, when it touched a high of $86 barrel a dollar and dropped to a low of $49.7 a dollar. The markets have been turbulent, with the Sensex dropping nearly 15 per cent from its highs and almost recouping the losses later.