1 week ago
108
Apr 19, 2024 07:59 AM IST
Indian equities rose to record high this year owing to a rally driven by robust economic growth.
Swings in Indian stocks during the polling cycle in Lok Sabha elections should be seen as an opportunity to buy, JPMorgan Chase & Co.’s private banking unit said. This comes as India kicks off nationwide polls from today (April 19) with votes to be counted on June 4 ahead of which Indian equities rose to record high this year owing to a rally driven by robust economic growth.
Lok Sabha polls 2024: People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters) Alexander Wolf, head of Asia investment strategy at JPMorgan Private Bank wrote in a note, “We remain convinced of the structural growth opportunity in Indian equities. Long-term investors could be at least ‘neutral’ relative to the benchmark, and a strategic ‘overweight’ is warranted in our view.”
HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!
Read more: Elon Musk on layoffs: ‘Tesla needs a complete organizational overhaul’
Indian stocks are “not attractive valuation-wise but they also do not appear euphoric at the moment. For countries with high future growth potential and a track record of impressive earnings, a higher multiple makes sense," the note added.
Read more: Elon Musk apologizes to Tesla employees: Sent ‘incorrectly low’ severance
On April 18, the domestic equity indices closed lower for the fourth consecutive session and the Nifty fell below the 22,000 level. Sensex dropped 454.69 points to end at 72,488.99. The Nifty 50 index settled 152.05 points, or 0.69%, lower at 21,995.85.
- ABOUT THE AUTHOR
Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.
