2012 has been a good year for the Indian markets, with Nifty gains of 24 per cent. The broader market, in fact, outpaced benchmark indices. The CNX Midcap gained 36 per cent and the CNX Smallcap 32 per cent. The year saw foreign institutional investors (FIIs) pour in $24 billion. At the start of the year, not many could have anticipated such strength. Gross domestic product (GDP) growth for much of 2012 has been in the sub-5.5 per cent range and inflation showed no sign of cooling meaningfully. But, then, such is the wisdom of markets. It tends to climb walls of worries and see opportunity in adversity.

><table width='100%' border=0 cellspacing=0><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 18px; FONT-WEIGHT: bold; COLOR: #0253B7;'>Opportunity in adversity</td></tr><tr><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 11px; '>India

Opportunity in adversity

Indias twin deficits are at elevated levels. The July-Sep CAD was at an alarming 5.4%, while the fiscal deficit touched 80% of the full-year target by November-end

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