Nifty outperforms MSCI EM for tenth quarter on the trot, shows data

India's 12-month forward price-to-earnings (P/E) multiple is nearly double the EM pack's

The Nifty rose 8.3 per cent during the quarter ended September 2022-23, even as the MSCI Emerging Markets (EM) Index fell 12.5 per cent. This domestic index has outperformed the MSCI EM Index for an unprecedented 10 straight quarters.

The gauge tracks equity performance, capturing large- and mid-cap companies across 25 EMs, including India.

The last time it had delivered superior returns vis-à-vis the Nifty was in the pandemic-hit January-March 2019-20 quarter. Since then, the Nifty has nearly doubled, while the MSCI EM has seen its entire post-pandemic gains getting wiped out.

India’s 12-month forward price-to-earnings (P/E) multiple is nearly