Emerging-Market Bulls Tout Modi Premium as Indian Election Nears

-- Under Prime Minister Narendra Modi, India’s stocks have commanded an unprecedented premium to emerging-market peers. As he seeks a third successive term, investors are betting that the performance can continue.Texas Warns of Possible Power Emergency Next Week

In 2019, the alliance led by the BJP won more than 350 of the 543 seats in the lower house of Parliament.“Modi has unlocked India’s potential,” said Mike Sell, head of global emerging equities at Alquity Investment Management Ltd. “Investors prefer stability and clarity. A majority government versus an unwieldy coalition would certainly be preferable.

Investor confidence in Indian markets still seems to have grown under Modi, with volatility plummeting across asset classes. For stocks, the median 30-day volatility in the benchmark NSE Nifty 50 Index dropped to 13 points over the last decade, from 18.5 points in the previous comparable period, data compiled by Bloomberg show.

Currency stability in turn has boosted the attractiveness of the nation’s sovereign debt for foreign investors, with Indian bonds seeing the longest monthly streak of inflows in almost a decade ahead of their inclusion in major global bond indexes.

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