India’s performance also compares poorly with several Asian markets. Japan is up 18%, while Korea and Taiwan have been among the strongest individual equity markets, with gains of 77.6% and 58%, respectively, in the table cited by BofA. China, however, has also remained weak, with Chinese equities down 8.1% in dollar terms.
| Market / Asset | 2026 YTD performance |
|---|---|
| Korea equities | +77.6% |
| Taiwan equities | +58.0% |
| Japan equities | +18.0% |
| Emerging-market equities | +20.6% |
| US equities | +13.3% |
| UK equities | +12.4% |
| Europe equities | +12.2% |
| Gold | +3.4% |
| China equities | -8.1% |
| India equities | -9.1% |
| Oil (WTI) | +49.5% |
| Industrial metals | +13.8% |
Source: BofA Global Investment Strategy/Bloomberg; data as of August 19, 2026.
The broader asset-class picture has been particularly striking. Oil has been the top-performing major asset, with Brent crude up 50.6% and WTI crude up 49.5%, while the broader commodities basket has gained 63.4%. Industrial metals have risen 13.8%, whereas gold has gained a more modest 3.4%.
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BofA’s data also shows that the weakness in Indian equities has been accompanied by continued investor flows away from emerging-market equities. Global equity flows stood at $40.1 billion for the latest week, but emerging markets recorded $0.4 billion of outflows. On a year-to-date basis, India recorded equity outflows of $10.5 billion, compared with strong inflows into the US and Japan.
The divergence is also visible in capital flows. BofA’s data shows that India recorded $10.5 billion of equity outflows year-to-date, while the US attracted $433.6 billion and Japan $21.6 billion. Emerging-market equities as a group saw $45.3 billion of YTD outflows. The latest week also saw $0.4 billion leave EM equities, even as global equity inflows remained strong. This suggests that India’s weak dollar-denominated performance is not simply a function of global risk aversion; investor allocation has also been tilted towards developed markets and select other emerging-market opportunities.
The figures underline a sharp divergence in global equity performance in 2026, with India trailing several major markets even as overall global appetite for equities remains strong.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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