Positive returns in four out of five Samvats

More reforms and economic recovery-led earnings growth should see markets head higher in new Samvat

In four of the past five Samvats, the Indian equity markets have delivered positive returns. What's more, compared to the other key global markets, Indian markets have figured among top performers in three of the last five years. This tally would have been better but for the currency crisis India faced in mid-2013 due to the Fed's surprise announcement that it was looking at tapering the quantitative easing - the liquidity it had infused in the US system to prop up economic growth rates. Nevertheless, India still ended with healthy returns - Sensex and Nifty delivered 11-13 per cent in Samvat 2069. India's performance in the last five Samvats is commendable given that the world over, the markets and economies were struggling to recover from the recessionary phase post the Lehman Brothers fall. In India, too, the last few years had seen a policy paralysis, leading to anaemic GDP growth. The credit also goes to FIIs who kept their faith in India's growth story, except on a few occasions like currency crisis and during 2010-11 when key markets across the world were in the red. (SAMVAT: TAKING STOCK)

As the new government led by Narendra Modi was seen taking control, Indian markets have been on the rise and scaling new highs. Modi's government has started taking major decisions after emerging the single-largest party in the Maharashtra and Haryana elections this Sunday. And, experts believe there are more such decisions in the offing, which along with a recovery in economic growth and India Inc. earnings should lead the market to new heights in the coming years.(Click here for tables)