India underperforms Asian peers after six weeks; Nifty ends 1.23% down

Nifty has outperformed MSCI APAC index for 21 of the 26 weeks since May

Asian peers have managed to catch up on some underperformance vis-à-vis Indian equities. The benchmark Nifty ended the week with a 1.23 per cent loss, while the MSCI Asia Pacific Index rose close to a per cent. This was India’s first weekly underperformance to the Asian market gauge in six weeks. Notably, the Nifty has outperformed the MSCI Asia Pacific index in 21 out of 26 weeks since May.

The underperformance—although not very stark—comes amid concerns over domestic valuations relative to Asian peers.

In a note earlier this week, global brokerage UBS said the Indian market had turned “unattractive” due