2024-02-07 17:57:45 ET
Summary
- Last year’s Indian market rally has extended into early 2024.
- Valuations are up but so are earnings ahead of a catalyst-rich next few months.
- Playing the rally through equal-weighted NFTY continues to yield absolute and relative outperformance.
India’s interim budget has come and gone minus the usual freebies that typically come pre-election. Instead, it was as fiscally responsible as it gets, while also maintaining a status quo policy stance heading into the April/May election season. Fiscal prudence is a clear positive for bonds and the currency, though I’d argue the same might also extend to equities, given the deficit reduction path was driven mainly by robust tax collections and dividends rather than expenditure cuts....
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NFTY: The Equal-Weighted Approach Continues To Pay Off In India