Domestic benchmark indices under-performed safer investment options such as fixed deposits and gold since January 2008 which saw several headwinds in the form of global financial crisis, slowdown in major economies including US and China to recent worries over Brexit – a term referred to likelihood of Britain leaving the European Union.

As an investor, if you had opened a fixed deposit of Rs 1,00,000 on January 1, 2008 then it must be nearing Rs 2,00,000 (assuming a rate of interest of 8.5%) now. Gold prices also soared 167 per cent during the same period till June 13. The yellow metal surged from Rs 11,009 on January 3, 2008 to Rs 29,496 per 10 grams on June 13, 2016.

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Equities as an asset class lagged behind as benchmark indices jumped 30 per cent during the period. The Nifty 50 index on the National Stock Exchange advanced to 8,110.60 on June 13, 2016 from 6,144.35 on January 1, 2008. The 30-share BSE Sensex rallied from 20,300 to 26,396 during the same period.

In the mid-cap and large-cap space, stocks like Suzlon Energy tumbled the most — 95.65 per cent to Rs 16.95 on June 13 from Rs 390.09 on January 1, 2008. Others such as Reliance Communications (down 93.53 per cent), GMR Infrastructure (89.94 per cent), Adani Enterprises (down 87.94 per cent), DLF (down 87.83 per cent), Jindal Steel & Power (down 87.80 per cent) and Reliance Capital (down 84.93 per cent) stood among other major losers since the global financial crisis.

On the other hand, 10 stocks defied this trend and soared over 1000 per cent during the same period. The list includes Ajanta Pharma which jumped 9762.14 per cent to Rs 1565.45 on June 13, 2016 from Rs 15.87 on January 1, 2008 and remained top gainers in the midcap and smallcap pack.

Eicher Motors, Page Industries, Bajaj Finance, Vakrangee and Natco Pharma surged 4423 per cent, 2714 per cent, 1708 per cent, 1542 per cent and 1411 per cent, respectively.

Aurobindo Pharma (up 1265 per cent), Torrent Pharma (up 1,230 per cent), Amara Raja Batteries (up 1177 per cent) and Lupin (up 1066 per cent) were among other major gainers in the list of midcap and large-cap stocks.

On the further movement of benchmark indices, Jayant Manglik, president, retail distribution, Religare Securities said, “This tussle between bulls and bears will only be over once we have some clarity from the global front. Meanwhile, maintain stock specific trading view and continue with buy on dips approach.”

In future, there are factors such as passage of GST, 7th pay Commission and monsoon progress that will give direction to the domestic equity markets.