While most global investors are consumed by the ascent of share prices in the world’s financial hegemon, the US, there is an even more intense bull market under way in India.

As the only two major sharemarkets that have recently rallied to all-time highs in dollar terms, the US and India are ahead of the pack in some obvious ways. Their markets are driven by relatively strong economies, and a large base of optimistic domestic investors. Beyond that general body type, however, these bulls look nothing alike.

Financial Times