magic expected to last in indian stocks amid foreign flows
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Magic expected to last in Indian stocks amid foreign flows

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Magic expected to last in Indian stocks amid foreign flows

Indian stock market
Mumbai - Arab Today

Prime Minister Narendra Modi’s election-win magic looks to be casting a spell on the Indian stock market.

The S&P BSE Sensex index will climb more than 8 per cent to 32,000 by the end of December from 29,513.27 on Monday, according to a median estimate of eight traders and investors surveyed by Bloomberg News on March 14, three days after Modi’s landslide victory in state elections. Financial companies and drugmakers are among their top picks on optimism the result will open the gates to foreign cash. 

"India will get $15-$20 billion a year from emerging-market allocations, which will partly get a boost due to political stability after Modi’s win in state elections,” said Samir Arora, Singapore-based founder of hedge-fund firm Helios Capital Management. "I would buy even now, but be selective. The market is in good hands.”

The optimism comes even after the post-election rally made Indian stocks the most expensive in Asia, according to data compiled by Bloomberg, as their one-year forward price-to-earnings ratio climbed to the highest since 2010.

The benchmark fell 0.4 per cent 10:08am in Mumbai, after marking its highest level since March 2015 on Friday. Its relative strength index has risen above 70, a level some investors see as a signal to sell.

India’s price-to-earnings premium to MSCI Asia Pacific ex-Japan Index has come down to 26 per cent versus an average 40 per cent and a peak of 50 per cent over the past two years, Goldman Sachs Group Inc. analysts led by Sunil Koul wrote in a note on Friday. Risk from foreign positioning is low as emerging market and Asia ex-Japan mutual funds’ overweight on India has come down to 330 basis points from 550 basis points during the 2015 peak, according to the note.

Overseas investors bought a net $1.56 billion of Indian shares in February, ending a four-month selloff. They have already purchased another $2.43 billion in March, with $867.6 million of it coming in just two days following the state-election results.

Foreigners began 2017 looking for reasons to sell India, but capitulation has begun, and the election result would further accelerate that trend, Christopher Wood, CLSA’s Hong Kong-based equity strategist, wrote in a note Thursday. Renewed weakness in oil prices may act as another positive for India in the emerging-market context, Wood added.

Respondents in the survey are from Equinomics Research & Advisory, IDBI Capital Market Services, Motilal Oswal Asset Management, Religare Capital Markets, India Infoline, Guiness Securities, OmniScience Capital and Kotak Mahindra Bank.

Source :Times Of Oman

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

magic expected to last in indian stocks amid foreign flows magic expected to last in indian stocks amid foreign flows

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

magic expected to last in indian stocks amid foreign flows magic expected to last in indian stocks amid foreign flows

 



GMT 13:10 2017 Thursday ,04 May

Russia, Turkey, sign pact on safe zones in Syria

GMT 07:32 2012 Tuesday ,24 January

Inkless Graphite Quill, last up 9 years

GMT 12:38 2014 Wednesday ,04 June

Messi world's most valuable player

GMT 08:42 2012 Thursday ,06 September

Latest Gigaset touch phone now in Qatar

GMT 14:56 2017 Monday ,31 July

Daesh claims attack on Iraq embassy in Kabul

GMT 11:13 2016 Wednesday ,12 October

And it’s a wrap at Arab Fashion Week!

GMT 09:56 2018 Wednesday ,17 January

Tripoli flights still suspended after fighting

GMT 10:52 2017 Friday ,29 September

May says 'very good progress' on citizens' rights

GMT 15:40 2018 Monday ,01 January

Dora: Her role in new drama is surprise

GMT 07:54 2017 Thursday ,23 November

Saeed Hasban hails achievement

GMT 09:13 2017 Saturday ,16 September

Facebook to decide who can cash in on ads

GMT 12:14 2017 Tuesday ,07 November

New York marathon showcases city's resilience

GMT 18:07 2017 Tuesday ,28 November

Kuwait Integrated Petroleum Industries Company

GMT 19:01 2016 Saturday ,26 November

OIC: Women need to be effective partners in progress

GMT 07:57 2017 Thursday ,16 February

Bahrain, Moroccan cooperation discussed

GMT 16:16 2012 Thursday ,22 November

Zayed University want world ranking
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice