The Sensex has risen nearly 14% so far in 2025, outperforming most emerging markets, as steady domestic demand and policy stability have offset foreign outflows and global growth concerns. Yet, India has lagged in relative terms: MSCI India is up 1.3% in dollar terms this year, against a 19.5% rally in the MSCI Emerging Markets Index – its weakest showing since 1995, according to Bloomberg data.
