India’s stock markets are expected to power on if Narendra Modi wins a third electoral victory this year, even as investors grow fearful that the index gains are built on stretched valuations.
The country’s enviable economic performance, which has underpinned strong corporate earnings, and political stability under the prime minister are fuelling bullish sentiment among investors, with the IMF forecasting India will grow at 6.5 per cent this year and next.
The BSE Sensex index hit a record high this month, having risen every year since 2016, while the total value of its equity market has now eclipsed Hong Kong. Some analysts see no reason why years of market gains should not continue.
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