Compared with a 23% slump for the MSCI China Index, the MSCI India Index rallied almost 10% in the just-ended quarter. The 33-percentage point outperformance by the India gauge is the biggest since March 2000.
The big divergence between the two stock markets started to take place in February 2021 as tightening liquidity conditions in China contributed to the unwinding of a two-year rally in equities. Indian stocks, meanwhile, kept hitting record highs thanks to an unprecedented retail investing boom.
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