MCX rising when Sensex is falling

Since start of this year Sensex has fallen 20% but MCX index has risen 18%.
Observers blame supply shortages esp crude oil,others see that fund buying is behind the spike price.
US has been lowering the lending rates which expect inflation to accelerate and commodities provide an hedge towards inflation. More over USD getting weak, investors get an easy access in holding the other currencies. After an initial inflow of the money, the emerging markets have not been doing well. Instead money is flowing to commodities.
With yields no the bond so low and unprotected from inflation, money is flowing into commodities.

While MCX Metal index has risen 22%, BSE Metal Index has fallen 21%(BSE Metal Index largely compose of steel companies while MCX Metal index includes precious metals and non-ferrous)