India’s stock market is booming as investors take a chance on one of the few bright spots in a fragile global economy.
The country’s stocks are so hot that India is now home to the world’s fourth most valuable equity market, behind only the United States, China and Japan.
India’s benchmark Sensex index, which tracks 30 large companies, has soared 10% over the past three months, while the broader Nifty 50 index has jumped 11% in that time.
Both indexes hit all-time highs last Wednesday. This week they have shrugged off nervousness over instability in Russia, where armed mercenaries staged, and quickly called off, a rebellion last weekend.
The revolt fueled concerns that unrest in the world’s second biggest exporter of oil — and a major supplier to India — could upend the global energy market, heaping more pain on economies around the world.
Both Indian indexes have recently far outperformed their European peers. Since late March, the United Kingdom’s FTSE 100 (UKX) has risen just 0.8%, and France’s CAC 40 (CAC40) 2.9%. The pan-European Stoxx Europe 600 index has climbed 2.9%. The S&P 500, meanwhile, has gained 10% over the same time period, staying 8.8% below its record high reached in 2022.
Read More at https://edition.cnn.com/2023/06/28/investing/india-stock-market-boom/index.html
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