It was a great month for stock markets across the globe. And this was inspite of food riots in many parts of the world and inflation emerging as a global epidemic. What did hold a key trigger for many markets was the robustness in corporate earnings.

Indian bourses fared extremely well over the past month, doing better than most other emerging markets. Investors who have seen better returns from their global funds will find their domestic portfolio to have fared much better over April. The change in direction of US markets, a key determinant for global markets helped pull up Indices across the world as well. A 4.54 per cent leap of the Dow Jones did much to improve sentiment. In the US softer than expected economic indicators calmed frayed nerves and improved sentiment. Owing to this all round improvement gold prices corrected drastically, with money flowing into stock markets again.

While the month of April did mark a turnaround for the first time during the year, there is a clear and present danger on the horizon. It may not yet be time to cheer in the bulls given that the credit crisis has not yet blown over, inflation threatens stability of countries across the globe and all time high oil prices that remain sticky.