After gaining as much as 8 per cent, the benchmark indices gave up half the gains to end October with a net 4 per cent gain.
At one point, the markets was less than 3 per cent shy of new record highs. However, rising infections in Europe and the US, coupled with a delay in US stimulus announcements, caused a pullback.
The high-beta banking and realty stocks were among major gainers. Index heavyweight Reliance Industries was the biggest drag on market performance, with shares dropping 8 per cent.
Overseas investors started off as aggressive buyers but turned net sellers during the fag end of the month.
Mutual funds pulled out nearly Rs 12,000 crore, amid outflows in equity schemes. The India VIX also surged ahead of next week's US elections.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU