Indian markets along with other emerging economies enjoyed the bull run in the last decade but now again US economy is picking up and so are the stocks.
US listed stocks have performed seemingly well in the last 12 months. Stocks like Facebook almost doubled in a year, Google gave 60% odd returns in the last 12 months.
Nasdaq is up 35 pc odd in the last 12 months:

NIFTY on the other hand is up just 5 pc odd:

QE announcement had led Indian markets in a free fall zone but it recovered substantially during Diwali.
FED’s decision on QE and FII’s movement will decide the fate of Indian markets. When FII’s can get 35% returns in US why will they come and invest in India??
*Chart Source: Google Finance