Reading India’s Position in the Global Equity Cycle

 

The India / ACWI (All Country World Index) ratio has once again drifted to levels last seen during earlier global stress phases. The current reading places India close to the same relative zone seen around 2013, 2020, and earlier cycle troughs. Each of those phases coincided with heightened global uncertainty and scepticism around emerging markets.

Relative performance charts often reflect positioning, capital flows, and macro narratives more than long-term fundamentals. When narratives turn uniformly cautious, relative ratios compress. That compression has historically created the backdrop for future relative gains.

Importantly, this chart is not a timing tool. It is a cycle-awareness signal.

Markets move in cycles, but leadership rotates within them. Periods of relative underperformance are not signals to disengage from equities, but moments to reassess positioning with a disciplined balance in sectors where there is visibility of growth.

At Itus Capital, we follow a growth-oriented strategy built on a core belief: markets move in cycles, and portfolios should adapt accordingly.

 

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