Global equity markets have been on a roll, with key indices rising between 11.3 per cent and 45.6 per cent between April 1, 2003 and August 19.

The only odd man out is Portugal's PT&BTA Lisbon index, which has risen only 5.5 per cent during this period.

The Bombay Stock Exchange's Sensex ranks third in the Asian region and has appreciated 30.1 per cent or 925.96 points in this period. The National Stock Exchange S&P CNX Nifty has moved up 29.8 per cent or 293.40 points during the same period.

Among the other Asian indices, Thailand's SET Composite has moved up 45.2 per cent or 163.72 points between April 1 and August 19, Korea's KOSPI has moved up 37.4 per cent or 201.57 points, Japan's Nikkei-225 has moved up 27.4 per cent or 2187.38 points, Singapore's Strait Times has risen 25.9 per cent or 332.70 points and Hong Kong's Hang Seng has gone up 22.2 per cent over the same period.

Global equity markets have reported a good growth in the last three and a half months after April 1, 2003.

A study of 42 indices, including the Asian, North American, European and emerging market indices, shows they have all delivered double digit returns after the end of the first calendar quarter.

As against this, the Nasdaq has risen 29.6 per cent or 182.37 points while Germany's Dax and UK's FTSE 100 index have risen 44.1 per cent (1081.61 points) and 15.9 per cent (584.40 points) respectively.

Also among the emerging markets, Russia's RTS 1 Interfax index has appreciated 45.6 per cent (164.44 points).

"Lots of Indian stocks are available at cheap valuations, keeping in mind the overall buoyancy in the economy and the good monsoons which have generated a lot of interest in old economy stocks. There has also been a re-rating of all the sectors that has helped the markets move up here," Rajeev Sampath, director, Parag Parikh Securities said.

"Most stocks are available a tax-free dividend yield of 6-7 per cent which has also been an attractive proposition for investors," he added.

Equity analysts said record low interest rates are driving the good performance of the global and domestic equity markets. This has prompted investors to move from debt markets to equity.

Portfolio investors have also pooling in money from developed markets and have been investing in the emerging and developing markets.

Since April 1, 2003, till date, the FIIs have invested Rs 8,168.50 crore (Rs 81.685 billion) in the Indian equity markets.

"The Indian markets have actually witnessed uninterrupted growth. There has not been too much of a correction," added another equity analyst from a domestic brokerage house.