GREED & fear, Nov. 17 -- Indian equities have turned into a "relative-return disaster" in 2025, according to Christopher Wood, Global Head of Equity Strategy at Jefferies, who flagged persistent foreign selling, stretched valuations and rising political populism as key risks to the market's stability.

In his weekly GREED & fear note, Wood said India's underperformance versus emerging markets this year has been stark, even though domestic inflows have prevented the market from slipping into deeper losses.

"India has only been a relative-return disaster this year, in terms of underperforming the MSCI Emerging Markets Index by 27 percentage points year-to-date, as opposed to an absolute-return disaster. This is because of the continuing re...