This report is from this week's CNBC's"Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribeThe investment world has quickly swapped its insignia over the past couple of weeks. But that's justifiable when one's allegiance is entirely geared toward investment returns.
In the short term, there appears to be some evidence linking China's gain to India's losses. Citi strategists cautiously observe that"when there were significant outflows from China, we have seen a similar pick up in inflows to India".
Could there be further pain for Indian equity investors if more of the rumored stimulus measures are confirmed? That would depend on whether the measures announced will likely target China's stock market or the real economy. Even if China's economy improves and its stock market soars, experts suggest it's unlikely to hurt the Indian equity market's growth outlook over the long term.