Indian stocks set for muted gains by year-end, correction likely: Reuters poll
India stocks are expected to trade only slightly higher by year-end, with analysts predicting a potential correction due to tightening global financial conditions.
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Posted 8/23/2023, 2:42:24 AM
reuters.com
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Oil India Ltd. has seen a significant increase in market capitalization, outperforming its peers in the oil and gas industry and the benchmark index, due to a surge in its stock and positive earnings reports, as global oil prices are expected to rise.
Indian shares advanced on Monday, driven by the metals sector supported by China's measures to boost its property sector and expectations of a U.S. Federal Reserve rate pause, with small-caps and mid-caps outperforming blue-chips on sustained retail inflows.
The stock market remains above mid-August lows, but higher highs are not expected yet, with the focus on upcoming earnings results and economic data.
India's record stock market valuation and increasing foreign inflows are positioning the country as a safe and attractive investment option, especially amidst the economic troubles and struggling financial markets of its neighboring rival, China.
India's stock market has seen a rally as strong macroeconomic fundamentals and China's economic slowdown keep foreign investors invested in Indian stocks, while a surge in retail investor interest continues to drive the market.