I think I will start investing some money in this. Didn't want to start when it was at an all time high. @chetan, N100 is a mutual fund sort of a thing(ETF) which tracks the top 100 stocks in NASDAQ. When investors fear that indian markets will go down, they pull their money from indian markets and start investing elsewhere. During demonetization, more people invested in other markets (example Nasdaq via N100) there by taking the price high. When conditions in India are getting better, money is flowing in the reverse direction and N100 stock price is coming down. That's why the two are negatively correlated.