Indian stocks worst BRIC performers in '08

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Market bounces up 236 pointsRupee dips by 35 paise against dollarSensex ends below 17KCSE index slumps 1,128 points

New Delhi, July 13:: With the bears strengthening their hold on the domestic stock market, Indian equities have given the worst returns to investors compared to their peers in the three other BRIC nations Brazil, Russia and China so far this year.

According to an analysis of MSCI Barra indices, a measure of returns from various stock markets across the world for foreign investors, Indian stocks have given the highest negative return among the four BRIC countries till July 11.

Indian stocks have provided a negative return of over 41 per cent so far this year, while China and Russian markets have given losses of 25.55 per cent and 10.15 per cent, each.

At the same time, investors have actually gained in Brazil, although marginally, with stocks there rising 0.13 per cent since the beginning of this year, according to an analysis of performances of MSCI Indices for various nations.

"India was among the best performing markets last year, but the correction suffered by the domestic market this year has been very severe which has sent it into a downward frenzy," Arun Kejriwal Director of Kejriwal Research and Investment Services (KRIS) told PTI.

Another reason why Indian markets have performed badly is that all the macro economic indicators which were driving the bulls last year such as strong GDP growth, strengthening of the Indian currency and inflation at controlled levels, have all back-fired this year, Kejriwal added.