The S&P 500 Is No Longer Best-Performing Global Index Since March 2009

The S&P 500's 180% surge since the bottom in March 2009 is one of the most impressive bull market runs in world history.

However, it is no longer the strongest ongoing rally in the world.

Ever since India caught Modi fever, India's BSE Sensex index has been on a huge tear. And after Narendra Modi secured a huge victory last week, the market only went higher.

Since March 2009, the Sensex is up 195%.

"We considered a decisive majority as probably the best scenario, or our bull case for the market," wrote Ridham Desai, Morgan Stanley's India equity strategist. "This election result could herald a sea change for India's economy, which has struggled with stagflationary-type conditions over the past few years. We think the incoming government will have to de-anchor inflation, raise capital productivity, improve the investment climate and de-lever private balance sheets to engineer a new growth cycle."

Advisor Perspectives' Doug Short charted the major world indexes since March 9, 2009. As you can see, the S&P 500 and Sensex had been jockeying for position for a while. But now, the Sensex is the clear leader.