Goldman cautious on ‘expensive’ Indian stocks before elections

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Low market volatility and polls suggesting the government retains power justify the conservative stance.

Goldman’s view follows overseas investors’ US$2.3 billion net selling of Indian stocks in September after six months of inflows.

“The sharp rally since end-March, expensive valuations and global macro risks warrant a tactically conservative stance over the next three to six months,” analysts including Sunil Koul and Amorita Goel wrote in a note. The polls are likely to have a bearing on economic policy and reforms at a time the world’s fastest-growing major economy is increasingly seen as an alternative to China.

Having climbed more than 15% from a March low, India’s NSE Nifty 50 Index is trading at 18.2 times its one-year forward earnings, making it the most expensive national benchmark among major Asian markets, according to data compiled by Bloomberg. The Nifty Midcap 100 Index has risen 37% in the period.

 

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