India avoids carnage in emerging markets as locals snap up stocks

As emerging-market stocks reel under the pressure of a rising dollar and fiery trade rhetoric, Indian equities are charting a different course.

The nation’s benchmark S&P BSE Sensex Index has risen 6.3 per cent this quarter in local-currency terms, the best performance among developing nations. That’s as the MSCI Emerging Markets Index has tumbled 11 per cent.

The world’s fastest-growing major economy is relatively insulated from trade risks due to its massive domestic market and burgeoning middle class. And while India hasn’t been immune to outflows, buying by local funds has more than made up for this and helped the