At first sight, the Indian market seems to be doing rather well in spite of all the problems weighing down the economy and the currency. The S&P BSE Sensex is up 3.15% year-to-date. But dig a bit deeper and we find that only 10 stocks in the Sensex are in positive territory. Year-to-date, two-thirds of the stocks in the Sensex are in the red. Heavyweights Oil And Natural Gas Corp. Ltd and Reliance Industries Ltd have kept the index up. Even among the 10 that have posted gains, HDFC Bank Ltd is more or less flat. Stocks of smaller companies have fared much worse—the S&P BSE Mid-cap index is down 15.4% year-to-date and the S&P BSE Small-cap index lower by 22.3%. No wonder the average investor has shied away from equities.