 "Indian equity markets hit new highs to rub shoulders with developed ones")
Domestic equity markets are in elite company. In May, Indian markets joined select developed markets (DMs) such as the US, UK and Germany to record new all-time highs. Among emerging markets (EMs), Brazil is the other market to have logged new highs this month. Asian peers such as South Korea, Taiwan and New Zealand are currently between 2 per cent and 10 per cent below their previous highs made earlier this year.
The domestic markets were among the worst-performing major global markets in April amid a lethal second-wave of covid-19 infections. However, they have bounced back sharply in May amid
