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India Most Resilient Among Top Markets


India has emerged as the most resilient equity market among the top 20 global markets considering the respective benchmark movements since April, 1 2020 which encompasses the pandemic and the subsequent market volatility amid fears of a recession.


The Nifty 50 has gained 114% during the period, the highest among top markets, according to Bloomberg data.


Even after adjusting for the dollar, Nifty is the only index in the sample which has doubled — 101% return to be precise. Indonesian and Russian market indices (JCI and RTSI) are next in the pecking order with 76% and 67% returns, respectively.


The Dow Jones Industrial Average has given a return of 42%. European markets including Germany, the UK and France gained 20-28% while leading Asian markets including China, Korea and Japan gained 13-24% during the period.


The fastest growing economy, stable political scenario at the centre, a push for long-term infrastructure growth, and a rising clout of domestic and retail investors are some of major drivers for the stellar performance of Indian equities.


India is also the top performer across the two-, three-, five- and 10-year periods. However, it lags Indonesia and Brazil based on the returns over the past 12 months. While the Nifty is down 3%, Brazil is flat while Indonesia has gained 16%.


On Wednesday, Nifty closed 0.4% lower at 18,003.8 from the previous day’s close compared with a steep overnight fall in the US indices — Dow Jones and Nasdaq fell 4% and 5%, respectively.


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