MSCI India (US$) gained a meaningful 8% over the month outperforming the MSCI Emerging markets index by 4%. Materials,
Consumer Discretionary and Health care sectors were relative outperformers, while Telecom, Staples and Utilities underperformed.
Mid caps outperformed the large caps marginally, for the seventh consecutive month.
3Q09 GDP surprises on the upside was a surprise. Earnings upgrades for MSCI India continued over the month. The street now estimates earnings growth for FY10E and FY11E at 9% and 24% respectively.
Foreign Institutional Investors (FIIs) invested US$1.2 billion in equities, while domestic mutual funds were net sellers of US$230 million over Nov.