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India offers a haven for global funds

Oct 27, 2024, 6:03pm EDT
A man walks inside the National Stock Exchange in Mumbai.
Francis Mascarenhas/Reuters
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Investors looking to avoid the volatility of the US election are seeking refuge in India’s markets. Foreign capital has boosted the country’s bonds, which are performing well compared to other developing markets, while its stock market hit a record high last month, Bloomberg reported.

India’s appeal, analysts said, is due to the country’s firm geopolitical ties with the US and Russia, and its relatively stable currency.

“In this world of uncertainty it ain’t a bad place to be,” an emerging market investor said.

But it’s not yet a global equity hotspot: Signs of a rebound in Chinese stocks led foreign investors to withdraw more than $7 billion from the Indian market earlier this month, though the selloff didn’t cause drastic market swings.

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