However, global investors have barely invested in Indian equities, he said.
Even emerging market (EM) investors, according to him, are moderately 'overweight' on India.
"Investors should be structurally invested here as tactically the markets have done well. Midcaps, obviously, are expensive, and India will be vulnerable to a Wall Street-correlated correction caused by higher bond yields," Wood cautioned.
Wood said the key thing the market regulator in India can do is to make it easier for foreign investors to invest here. "Most EMs are easier to invest for foreign investors than India," Wood said.
Indian stock markets, Wood believes, could see 25 per cent correction in 2024, if the Narendra Modi-led Bharatiya Janata Party (BJP) does not return to power in a working majority after the general elections scheduled for 2024. This, he said, is the biggest risk for the Indian stock markets as things stand. As a strategy, he suggests that investors should stay put for now, and 'buy the dips'.
Though he believes that India is the best domestic equity story among EMS, which has been accentuated by the problems in China, he would not take a leveraged trade on India before the general elections.
この記事は Business Standard の October 31, 2023 版に掲載されています。
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この記事は Business Standard の October 31, 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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