Rising higher, falling harder

The Indian equity market has had a terrible beginning in 2008. The Morgan Stanley Capital International (MSCI) India Index has been the second biggest loser among all indices across the world. Till March 11, 2008, the MSCI India Index has lost nearly 25 per cent.

But despite this, over a period of one year, the Indian index remains among the top performers, with a gain of 39 per cent.

Only nine countries, including Egypt, Taiwan and Thailand, have gained in 2008. Barring a 28.5 per cent rise in the Moroccan index, the other eight countries registered gains in the range of 2.3 per cent to 11.5 per cent.

— Mahesh Nayak