A key indication of that has been the rise in inventories at dealerships, now at a record 80 days. Using that benchmark alone, we have argued that there was a good chance this reflected a larger slowdown in the economy and also the end of a post-Covid spike in spending.
A Kotak Securities report that puts out stock picks for Diwali day trades says the brokerage is cautiously optimistic on India. The words sound strange and distant given that no brokerage has really used the word caution to describe the Indian markets even until a few weeks ago.
So what's changed?
Actually, it's the smart money. The first to hit the reverse gear were the foreign portfolio investors who have now reportedly sold a record $10 billion worth of stock this month. They were mostly heading to China in a desperate attempt to catch the market upside of the series of stimulus measures that the Government had unveiled in recent weeks.
This story is from the October 22, 2024 edition of The Free Press Journal.
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This story is from the October 22, 2024 edition of The Free Press Journal.
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