Stock markets everywhere have had an interesting couple of years, but even so India’s wild ride stands out: a tech boom in 2021, an epic bust in 2022 and the short-seller attack on Adani Group, one of the country’s most powerful conglomerates, this year.

But in late 2023, the stars have aligned for Indian shares: India’s Nifty index, tracking the country’s top 50 companies on the National Stock Exchange, has soared by over a fifth since the end of March, outperforming the S&P 500 and most other major markets.