A huge recovery on Thursday and Friday made the Nifty close just 2.4% below the May close, masking the crazy volatility in the month. The Nifty ended at 5842, with a 2.8% gain on the last trading day of the month.
Some might say this is an “end of the quarter” window dressing, where people would have to mark their portfolios to the prices, so it makes sense to buy. (or, at least, not sell) However this is probably not a very reliable thing, otherwise everyone would be rushing to buy a few days before a quarter ends.
The Sensex did something similar:
This was the first negative June move since 2009. However it would have been a lot more negative (-7%) if we hadn’t recovered so much the last two days. A statistic hides so many things.
