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Notwithstanding adverse factors like spiralling inflation, economic slowdown and uncertain global economic conditions, investors reaped rich dividends from the country's stock market in 2013 as their wealth jumped to over Rs 70 lakh crore, an Assocham study pointed out.
The 30-share benchmark BSE Sensex crossed 21,483 points in December while the key index has gained more than 1,653 points so far this year compared to its closing level of about 19,426 points in 2012, the study revealed.
Besides, the 50-share Nifty too gained significantly this year. The index reached as much as 6,415 points this month and has gained nearly 370 points in 2013 compared to closing levels of about 5,905 points last year, it said.
Moreover, the overall market capitalisation increased more than Rs 20,000 crore in 2013 with the total valuation standing at nearly Rs 70 lakh crore, the study found.
"Foreign investors continued to remain a key driver for the equities market even though the market witnessed wild swings occasionally amid continuing uncertainties over political developments and reforms activities," Assocham Secretary General D S Rawat said.
Despite concerns about prevailing investment climate in the country, foreign institutional investors (FIIs) put in at least 20 billion dollars in 2013. However, FIIs had pumped in more than USD 24 billion in 2012, the study highlighted.
"Overseas investors seemed to have preferred sectors such as pharmaceuticals, software and financial services in 2013," Rawat said.
"With hopes of stable government and improved business climate, 2014 is expected to be a much better year for the market," Rawat opined.
There are more than 1,740 registered FIIs in the country while the number of registered sub-accounts stands at around 6,400, the study pointed out.