The country's Sensitive Index, or Sensex, was the worst-performing major stock-market benchmark in the region in 2011, sliding 24.6%.

WSJ: Asia as Investor Haven? Market Rout Says Not

But the Bombay Stock Exchange's Sensitive Index fell 1.4% to 17094.51.

WSJ: Asia Markets Finish Higher

Where he really separates himself from the MSCI EAFE Index of developed world stocks are in two sectors highly sensitive to the economy: technology and industrials with weightings nearly double those of the index.

FORBES: Shredding The EAFE By Tweaking Sector Weightings

The average duration in the index is 26 years, which means it is super sensitive to interest rate changes.

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Sectors most sensitive to the economy, such as financial and industrials shares, led declines across nine of the index's 10 sectors while defensive sectors such as utilities performed relatively better.

WSJ: Stocks Falter