India's stocks, the top performers among the world's 10 biggest markets, are set to extend gains amid the ''biggest wealth transfer'' from developed-nation equities, the country's largest money manager says.
From over 70 per cent in the mid-1980s, the Group of Seven nations will generate less than 50 per cent of the world's economy by 2012, as per International Monetary Fund data compiled by Bloomberg.
Overseas investment into Indian was up 68 per cent this year, at a record level according to the market regulator, helping to drive the 17 per cent rally in Bombay Stock Exchange's Sensitive Index or Sensex.
According to analysts the Indian economy is set to quadruple in the next 10 to 12 years and money would find its way. They add that there are two global blocs with one growing at 6 per cent with an appreciating currency and the other struggling to attain a growth of 2 per cent with a depreciating currency.
Developing nations will grow 6.4 per cent next year even as advanced nations grow 2.2 per cent, the Washington-based International Monetary Fund has forecast this month.
With India's gross domestic product expanding 8.8 per cent in the quarter ended June, Brazil saw a growth of 9 per cent in the first first quarter, the fastest pace in 15 years, and China expanded 9.6 per cent in the third quarter.