While the nation has been in a lockdown since March, many investors used the time to invest in equity markets, according to top brokerage firms. According to them, there has seen a rise in new accounts being opened during March-May period, especially from Tier-2 and Tier-3 cities.
Nifty50 made an intermediate bottom at 7,500 in March and since then the index has rallied over 30 percent. Money invested in the market in March has already reaped returns.
Ajay Menon, CEO, Broking & Distribution, Motilal Oswal Financial Services told Moneycontrol monthly acquisition is up 50 percent compared to last year’s average during the March to May period.
Angel Broking, which is India's largest independent full-service digital broking firm, witnessed average monthly new accounts of over 1 lakh since the lockdown started in March.
The lockdown might have had a negative impact on the economy, but investment via equities as well as through mutual funds has only increased. The reason behind this – financialisation of savings amid record-low saving rate in banks, say experts.
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