India delivered the third-highest return among key global markets in local currency terms, with returns of 9 per cent. In US dollar terms, India’s performance was more subdued with returns of 3 per cent compared with 12 per cent for the S&P 500, 8 per cent for Japan, and 5 per cent for Taiwan, a report from Motilal Oswal Financial Services observed. Indian markets, however, outperformed the MSCI EM (1 per cent) and beat other emerging markets such as China, Russia, and Brazil, which gave negative returns. India has maintained its market capitalisation ranking at number 8 with an m-cap of $2.5 trillion after slipping to number 10 in 2015. China, which was at number 5 in 2010, is now at number 2 with an m-cap of $10.9 trillion. The world m-cap has nearly doubled in the past decade to $103 trillion.