In a note to clients, Morgan Stanley analysts including Ridham Desai wrote last month that India has become a “much larger macro asset class.” The less volatile inflation data in recent years support equity valuations and turn the market into one of defensive growth that can withstand global shocks better than it used to, they said. Over the past decade, the Nifty 50 almost tripled, delivering annual gains of more than 10% on six separate years.