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India’s Economic Resilience and Stock Market Prospects

By Samir Al Khoury,

India is considered the third largest economy in Asia after China and Japan in terms of gross domestic product, which currently records about 3.5 trillion US dollars.

Recent Indian economic data shows that the Indian economy is truly resilient as:

  • Both the manufacturing and services PMIs rose, recording growth of 59.1 points and 61.2 points, respectively, in March, which are higher percentages than previous readings.

  • The industrial production index rose on an annual basis in February, recording a growth of 5.7%, which is higher than the previous reading (4.1%).

  • The trade balance index rose in March, recording a deficit of $15.60 billion, which was higher than the previous reading (-18.71B) and its highest percentage in 11 months.

The CPI fell on an annual basis in India a week ago, recording 4.85% for the month of March, which is lower than expectations (4.91%) and the previous reading (5.09%), but still far from the target rate of 4% by the Reserve Bank of India.

As for Indian stocks, the Nifty 50 index rose by about 8% from the bottom of January 24 this year, which recorded 21,137 points, to the peak that it recorded on April 10, 22,775 points. The index is currently hovering near the 22,000 point level. The GOLDEN CROSS crossover between the 50-day moving average in blue at 22,169 points and the 200-day moving average in yellow at 20,640 points remains in place, indicating upward momentum for the Nifty 50 index.

Although Indian stocks recorded record levels in addition to high valuations of about 20 times, it seems that the upward trend for Indian stocks will prevail in the next stage, especially with the expectations of continued foreign investment flows into the Indian markets.

According to JP Morgan Chase, investment flows in India may reach $100 billion in the coming years.

It is worth noting that the Indian Stock Exchange surpassed the Hong Kong Stock Exchange in terms of market capitalization during this year to become ranked fourth globally.

India is preparing for the largest parliamentary elections in the world starting today and lasting for 6 weeks.

Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.

Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.

Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.

Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.

Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.

Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.

*All trading involves risk.

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