-- Overseas funds are piling money into Indian stocks, marking a strong return to the $5 trillion market after election-related uncertainty earlier this year triggered a brief hiatus.Belfast’s Grand Central Station Creates New Era for Northern Ireland’s Public TransportAt $8.5 billion, net foreign purchases this quarter are poised to be the highest since the middle of 2023, data compiled by Bloomberg show.
India has increasingly been touted as the next engine of global growth as China’s economy falters amid a lack of strong stimulus, a property crisis and persistent deflationary pressures. The International Monetary Fund expects India to become the third-largest global economy by 2028, while Bloomberg Intelligence says it can be the top contributor to worldwide growth by then.The South Asian nation’s gross domestic product expanded 6.7% from a year earlier last quarter.
The Indian measure, on course for a sixth straight quarterly gain, is twice as expensive as the MSCI Emerging Markets Index based on one-year forward earnings valuations. The Nifty 50 Index is trading at a multiple of about 21 times, versus a 10-year average of 18 times, data compiled by Bloomberg show.Overseas money is also chasing returns in India’s booming primary market, the world’s busiest this quarter.
Market watchers are also on guard for any signs of populism as Modi’s party has announced cash handouts in some states ahead of regional polls. Some advisers to India’s rich investors, such as Avendus Wealth Management Pvt. and Julius Baer Wealth Advisors Pvt., say they have advised clients to trim allocations to pricier pockets of the market.
WASHINGTON — With President Joe Biden away from the White House, it was left Friday to another man with Oval Office experience to stand at the front of the Rose Garden and give a rousing call to service.
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