India’s stock market hit a fresh record high this week, propelling its value above $4 trillion for the first time and leaving it in a close battle with Hong Kong for fourth spot in the global ranking.
The S&P BSE Sensex
IN:1,
India’s benchmark equity index, is up more than 7% in just the past month and has gained 14.3% for the year-to-date as investors seek exposure to the world’s most populous nation and fifth biggest economy. The MSCI China index, in dollar terms, has dropped 13.6%, while the MSCI World Index is up 16.1% over the same period, boosted by an 18.5% gain for the S&P 500 in the U.S.
The iShares MSCI India ETF
INDA
has climbed 13.4% this year.
“It’s been a fantastic decade for Indian blue chips, with the Sensex hitting a new all-time high in 9 of the past 10 years, for a cumulative total of 243 times,” noted Benedek Vörös, director, index investment strategy at S&P Dow Jones Indices.
The long rally has left the India market behind the U.S., (which is some ten times bigger), China and Japan but with a similar valuation to Hong Kong, which has faltered of late amid concerns about…
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