India Stock Market Set to Continue Rally

India markets have made a stunning recovery from last year’s taper tantrum, with the Nifty index at record highs, and some analysts are calling the run up just the beginning.

“India has huge growth potential and it is a structural story. If you are not in it, buy it,” said Bhaskar Laxminarayan, chief investment officer at Swiss private bank Pictet, which has made the market a core holding in its Asian portfolios.

Indian assets have already seen a strong rally. Both the Nifty and Sensex indexes are tapping record highs after rising around 37 percent each so far this year. Last year during the taper tantrum, the rupee tumbled to a record low, with the U.S. dollar fetching nearly 70 rupees. This year, the currency has remained in a tighter range, with the dollar fetching around 58-63 rupees.

Laxminarayan believes India is on a structural upswing, offering a five to 10 year opportunity.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza