While most global investors are consumed by the ascent of stock prices in the world’s financial hegemon, the US, there is an even more intense bull market under way in India.

As the only two major stock markets that have recently rallied to all-time highs in dollar terms, the US and India are ahead of the pack in some obvious ways. Their markets are driven by relatively strong economies, and a large base of optimistic domestic investors. Beyond that general body type, however, these bulls look nothing alike.

The US is a historic anomaly. It’s all about one big sector — tech — and within that sector, the few giants that have gone by many different nicknames, most recently the Magnificent Seven. These companies are getting older and larger and sucking the life out of other stocks.