India's benchmark Nifty50 rose over 12 percent in November, however, it has underperformed major global peers for the month.
For November, Greece and Cyprus markets were the top performers, up over 30 percent each. Notably, both these markets have performed terribly in 2020, on a YTD basis.
Athens Composite index (Greece) is down 14 percent YTD while Cyprus Main Market index has lost 21 percent in 2020.
India is on the 39th position among the global markets in November, however, it is comparatively higher on a YTD basis, up nearly 6 percent in 2020.
Among other emerging market peers, Brazil rose 25 percent in November and Thailand added 23 percent. Most European markets were also up over 20 percent, US' Dow Jones and South Korea advanced 18 percent, and Japan was up around 17 percent.
India outperformed China in November, With the Shanghai Composite index down 9 percent. However, the index has beaten India on a YTD basis, up 18 percent.
US' Nasdaq and S&P500 also underperformed Indian indices in November.
The progress in the COVID-19 vaccine trial and US election results boosted market sentiment in November. Hopes of the economy returning to growth also pushed the markets higher. However, some analysts continue to advise caution and expect consolidation in markets after such a run-up.