Indian benchmarks underperform top peers in 2024 as earnings gloom, foreign outflows weigh
The benchmarks rose about 21% each to hit record highs on Sept. 27. They slipped into correction territory — a 10% drop from all-time high levels — in November, hurt by record monthly foreign selling in October and a moderation in earnings growth.
The blue-chips are still in correction territory.
This decline resulted in the benchmarks underperforming the Nasdaq Composite, Dow Jones Industrial Average, S&P 500, Nikkei 225 and Shanghai Composite, which advanced 12%-32% this year.
However, inflows into equity mutual funds more than doubled year-on-year to a record high of 3.53 trillion rupees ($41.23 billion), cushioning some of the volatility in foreign flows.
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