Not sure why the 8% difference but I would put more faith in the US data cause that goes all the way back to 1871. So it includes the 1929 great depression and other economic downturns. The Sensex data I could get was from 1986 so its not enough compared to the US data.
More then the exact number I was interested in the general trend which held, but yes I would assume the 88% would drop if we had data going back for India too.
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