The BRIC (Brazil, Russia, India, China) markets completely fell apart during the downturn in commodities and global manufacturing over the last two years.  But 2016 has been a different story.  The first few weeks of the year saw continued pain, but once lows were put in, equities in all four BRIC countries staged massive rallies.

Below we take a look at short and long-term price charts for India’s Sensex equity index in local currency.  (Here are posts on China and Brazil.  We’ll be concluding with a post on Russia.)

India’s stock market surged 40% in 2014, but it gave much of that back in 2015.  After making a bear market low in February, we’ve seen a nice recovery and short-term downtrend break over the last few weeks.  Today’s action has pushed the Sensex to new rally highs.

Looking at the five-year chart, the Sensex still hasn’t managed to break above its longer-term downtrend channel.  We’ll need to see another 4-5% of gains for that to happen.

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