New Delhi, April 3 -- The Indian stock market has witnessed a sharp correction since the beginning of the US-Iran war in the Middle East, with the benchmark Nifty 50 declining nearly 10% in one month. Indian market was also a top underperforming key market in FY26, despite an improvement in the earnings revision trajectory from the depressing lows of FY25.

Indian market's underperformance can be attributed to a confluence of factors, including stronger growth visibility in other markets and a more compelling valuation differential in favour of other Emerging Markets (EMs). These markets have also benefited from improving prospects, driven by the global AI-led boom and rising commodity prices.

In contrast, India's limited participation i...