India’s benchmark Nifty reclaimed an all-time high after a 14-month grind—a stretch that has seen the index underperform most global peers. Many global indices, including those from South Korea, Hong Kong, China, Japan, the US (S&P 500, Nasdaq, and Dow Jones), and Taiwan, gained between 20% and 49% in this period.
Beneath the surface, the risk-off sentiment was sharper with small-caps and micro-caps falling sharply than the blue chips. Silver has been the top-performing asset class in these 14 months, up 66.6%, followed closely by Gold, which gained 55.8%. Among NSE’s sectoral indices, Nifty Capital Markets gained the most, followed by Nifty PSU Bank and Nifty India Defence indices, up 20-38%.
ET Bureau
