Half-yearly review: Here are top five events that shook Indian markets in H1CY19

The benchmark indices, BSE Sensex and Nifty50 rallied 9 percent each in the first half of this calendar year.

Indian stock market remained highly volatile in the first half of the current calendar year because of some major domestic and global event including election, earnings, global trade war, MPC meet, NBFC crisis, weak auto sales number, etc.

After hitting their highs on the election result day, the Sensex and Nifty continued their upward momentum and hit 40,312.07 and 12,103.05, respectively, on June 3.

Most brokerage firms have raised their target price for both Sensex and Nifty on a 1-year basis, but in the near term, expect the upside to remain capped. For FY20, the brokerage firms expect the Nifty EPS to grow around 26 percent to Rs 604.

The benchmark indices, Sensex and Nifty rallied 9 percent each in the first half of this calendar year. Nifty Media was the biggest loser in the period with a fall of 19 percent, while on the other hand, Nifty Realty gained 18 percent.

Indian indices got a major boost from the exit polls and results of the general elections. After the exit polls, the Nifty rallied 3.7 percent giving a clear mandate to the BJP government.

BJP won 303 of the 543 seats on its own and that brought an end to political uncertainty and instilled confidence among investors on continuity of reforms.

After rallying about 10 percent so far in the year 2019, most experts feel benchmark indices might take a breather till the full budget, which will be presented on July 5.

Umesh Mehta, Head of Research, SAMCO Securities said that there is a high probability that markets could make a top and then tread in a range till the Budget as Nifty is trading at extremely high valuations with upwards of 29x PE on the higher end of the band.

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