Hello David, Echoes of Japan's Government Pension Investment Fund's move into equities last year in this news from India of the Employees' Provident Fund Organisation to begin investing in equities for the first time: ocial security fund:

"India's state social security fund, undeterred by resistance from trade unions, will start investing in equity markets next month, the labour minister said, as part of a reform drive aimed at boosting the economy. With more than $100 billion of assets from some 80-million members, the Employees' Provident Fund Organisation (EPFO) is one of the world's largest. It will begin by investing in exchange traded funds, with the goal of earning higher returns."

David Fuller's view

Thank you so much for pointing this out.  Without your help I might have missed this topic last week, not least due to a computer virus problem which proved to be more complicated than anything I have experienced previously. 

This move by India’s EPFO mentioned above is likely to have contributed to its steadier stock market performance since mid-June.  A close above 8500 would add credence to its recent improvement in relative performance.

Other factors supporting India will be the relatively early onset of its correction in March, and the fact that China is no longer drawing international investment funds away from India.