India outperforms Asian and global mkts

India seems to be doing different, what the rest of Asia and World have been doing. Yesterday, India did quite the opposite, rather what it has been used to doing. India fell in line with what the Asian markets had been doing up till now.

CNBC-TV18 analysis reveals as to how is India stacked up against the Asian and global peers at this point in time.

Taking into account, the time when Dow Jones fell from 14, 000 to come back to 30, 000 levels and the entire sub-prime crisis and the write-down begin. India remained unaffected by everything. But after seeing some of the performances of the Asian markets from the recent highs. Hang Seng is still down 16% from the recent high, Nikkei is down 15%, Shanghai is down 15%, Taiwan and Korea are all down 14% from the recent highs. India is down 6.5% and still taking into account today's 2% fall. Still Indian markets are still outperforming, if you compare the Asian markets. Also amazing, is the fact that Dow Jones is down 8% considering the base of Dow Jones and the way it moves. And also the MSCI Asia Index is down 10.5% and MSCI emerging markets Index is 7.5%. So if you compare with any other market in the region, whether it is Asian market or MSCI index or Dow Jones, we have been outperforming all these markets.

If we compare with the emerging markets like Brazil and Russia , we are stacking inline. The most important thing here is that various media channels have come with the version that India is performing outstandingly well as compared to all other Asian markets. This is not the major index but all the trading stocks, all the double-digit stocks have been doing exceedingly well.

One of the technical reasons could be that the P-note selling has not come here. As it is known that P-notes are not selling at this point because they can't buy much into the Index because of the limit that SEBI has imposed to it. So there is not much of technical selling that is coming from P-note side.

They have been taking adequate hedge positions in the series and as it is known that all these hedge positions that FIIs are taking on, are already existing long positions. So there is not much of selling coming from the FII side. But there is selling coming from the PN and HNIs side or trading side, which is coming to this side. But still, India is outperforming the Asian markets. It is to be seen, how India will stack up or lose some more momentum that it has gained, as compared to Asian markets in the last 10 to 15 days.