Indian stocks rally after political drama

Indian equity markets currently look expensive, but the pullback from September’s peak has unearthed some buying opportunities

Ruth Saldanha 14 December, 2018 | 7:00PM
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Two major news events have rocked India over the past week. Earlier this week on December 10, India’s central bank governor, Urjit Patel, unexpectedly resigned. One day later, the ruling right-wing BJP government, perceived as a business-friendly administration, lost power in three key states during the state elections – a significant development in the run up to the 2019 general elections.

Since then, the stock market has rallied over 1,000 points. Over the past week, the benchmark BSE Sensex has gained 1.75%, and is up 5.5% year to date, in rupee terms. Meanwhile, the S&P/TSX Composite index was down over 2.5% in the past week, and is down more than 6%, year to date.

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About Author

Ruth Saldanha

Ruth Saldanha  is Senior Editor at Morningstar.ca. Follow her on Twitter @KarishmaRuth.

 
 
 

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