At the other end of the spectrum, only four scrips performed in the red. Tata Power was the worst performer, down 7 percent, followed by Tata Steel, down 6 percent, Reliance Industries and Wipro ended flat.

Call it a positive concoction of bullish sentiments, the Indian markets really sparkled in 2014 thanks to the perceived reform-oriented approach of the new government, with some tough decisions like hikes in rail fares and deregulation of diesel prices, falling crude prices and reining in of inflation.

The scrips of domestically-oriented companies were the first to pick up on the back of policy reforms. The scrips of most export-oriented sectors companies also benefited from the strength of the US economy. But companies dependant on Europe or China suffered.

The markets saw a broader rally across the midcap, with sectors such as consumer durables (69 percent), auto (56 percent) and pharma (49 percent) gaining . But infrastructure and capital goods sectors under-performed.

"Sectors like pharma, consumer goods and auto have seen positive sentiments. We can see the first beneficiary of the feel good factor was from consumer demand whereas new capex is yet to improve," Vinod Nair, head of fundamental research at Geojit BNP Paribas, told IANS.

Till now, defence, railways and medical sectors have seen key reforms, while realty, manufacturing and allied sub-sectors have come in for regulatory easing.

Reforms, coupled with the reining in of inflation, and high expectations of a cut in interest rates in the near term led foreign investors investing nearly $42 billion into India's equity and debt markets this calendar year.                                        These funds had pumped in $19.9 billion in 2013. They have been net buyers of 1,000 billion in equity since January, with the preferred sectors being IT, pharma, auto and consumer goods.

"The way the market has performed it is quite evident that FII's investments have come predominantly into interest rate sensitive sectors like banking and infrastructure," Lalit Thakkar, managing director for institutions at Angel Broking, told IANS.

Going ahead, geo-political issues, crude prices and company results may be the biggest triggers till the apex bank takes some action at its next policy meet.

On the other hand, the US Federal Reserve's curtailling of its QE programme, while the ECB, China and Japan supporting theirs has left the world with higher liquidity and India in a comfortable, but not cushy place.

"India will stand to be a beneficiary of such quantitative easing by big global economies as liquidity will continue to be directed towards Indian equities," Thakkar added.

"India could see a higher share of global portfolio flows being allocated to it due to its strong prospects structurally, especially with Mr. Narendra Modi as the leader."     Others state that India's fundamentals are improving faster than most other emerging markets - and this should help attract flows into India.

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