The domestic equity markets have delivered more than 10 per cent returns in April so far, with the 30-scrip BSE Sensex gaining 11.67 per cent since April 2.

In comparison, benchmark indices worldwide gained between 2.89 per cent (Nikkei-225) and 6.47 per cent (Germany’s DAX) during the month. Only Chinese equity markets have outperformed all with 15.60 per cent returns.

Gains in the domestic equity markets have come despite stock prices nosediving over four per cent on April 2. The markets had declined sharply On APril 2 as a reaction to the hike in cash reserve ratio and repo rates affected by the RBI on March 30.

In the last sixteen trading sessions, the S&P CNX Nifty, the Sensex and many other sectoral indices have delivered returns in excess of 10.50 per cent.

Individual stocks rising more than 20 per cent were Tata Steel (34.6 per cent), Reliance Industries, State Bank and HDFC.

The BSE Metals Index gained the most by over 19.6 per cent on firm metal prices and a rise in Tata Steel shares after the announcement of rights issue for part-funding of its Corus acquisition. The BSE Oil Index gained 13.5 per cent, thanks to Reliance Industries.

The BSE Bankex gained 15.19 per cent as the credit policy maintained status quo on interest rates.

Even underperformers such as cement, sugar, auto, two-wheelers and others have delivered marginal returns.

Mid-caps and small-caps have posted double-digit returns, while IT, healthcare and consumer durables have been laggards with modest single-digit returns. With double-digit gains, the Sensex hovering around 14,000 and the Nifty at 4000, markets are looking for new clues to remain bullish.