India stocks 'quite fully priced' — but watch for the country's vaccination push, says JPMorgan

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India's BSE Sensex on Thursday briefly soared to a record high, crossing the 50,000 level for the first time.

JPMorgan Asset Management's Alexander Treves said investors should watch India's plan to vaccinate its population for the near-term outlook for stocks.

India's BSE Sensex on Thursday briefly soared to a record high, crossing the 50,000 level for the first-time ever.A pedestrian speaks on a mobile phone as he looks at share prices on a digital broadcast outside the Bombay Stock Exchange in Mumbai on November 10, 2020.SINGAPORE — A major Indian stock market hit a record high last week — and analysts say the share valuations are looking fair at the moment, though developments on the vaccine front could affect the near-term outlook.

India's BSE Sensex on Thursday soared to a record high, crossing the 50,000 level for the first-time before shedding those gains. "Indian equities are already quite fully priced," according Alexander Treves, investment specialist for emerging markets and Asia-Pacific equities at JPMorgan Asset Management.

He pointed out that "the near-term outlook for India depends to some extent on India's success in rolling out a vaccine for COVID," and added that the market is already factoring in "some good news" on this front.

 

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