India’s stock market is still slightly underwater in the new year after a rough start, but it outperformed most of its global peers last year. The Bombay Stock Exchange’s Sensex index rose nearly 30% in 2014, its biggest annual gain in the past five years, while the CNX Nifty 50 index rallied 31%. Only Argentina and China topped India’s performance. By comparison, the Nasdaq composite and S&P 500 returned 13% and 11% respectively.