"Indian markets fared far better than most global markets in 2022, although main equity and fixed income benchmark indices dropped in H1, they staged a remarkable recovery in the second half of the year. Tightening lending standards weighed more heavily on smaller firms, with the S&P BSE 500 MidSmallCap index underperforming the S&P BSE 200 by 4 per cent, the most since 2019," Benedek Voros, Director - Index Investment Strategy at S&P Dow Jones Indices, said.