Chetan Sehgal, who manages the £1bn Templeton Emerging Markets Investment Trust, has been selling Indian stocks from his fund. “It’s too expensive,” he said. “The market has done well because it houses technology services companies that benefited from increased digital spending, despite a terrible second wave of Covid-19.”

Andrew Hardy of Momentum Global, a wealth manager, said DIY investors should turn back to China. A crackdown on companies offering public services this year has sent Hong Kong’s Hang Seng index down 10pc, while the, Shanghai market has risen just 2pc. 

“Chinese stocks are cheap,” he said. “The crackdown has hurt profits in the short term but it has also meant new start ups can’t enter the space and take market share. So when companies abide by the Government’s regulation their profits become more sustainable.” Chinese companies’ average PE stood at 14.6.

However, some industries’ fortunes had been irreversibly damaged by new policy and investors should not rely on the companies or funds that made the headlines and instead own stocks that are part of a green energy supply chain.