Indian equities

India’s cricketers have had the worst start to the year possible. India’s stock market, on the other hand, is having a belter, up 11 per cent in one month and recovering two-fifths of the value lost in last year’s rout. From being in the bottom quartile of 91 world indices by returns in 2011 it is now playing into the top 10 year to date. But steady on; India’s outlook hardly merits such a dramatic re-rating.

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