Christopher Wood, CLSA' s Equity Strategist has expressed his free and frank opinion on Views on India and Indian stock market and one can get benefitted by reading the expert views as they are able to read between the lines. The opinion is as appended below.
India remains the best domestic demand story in Asia, while also acknowledging the fact that India has had Asia's worst inflation problem in 2011. India's headline WPI rose by 9.1%YoY in November while the more important core WPI of non-food manufactured products rose by 7.9%YoY, up from 7.6%YoY in October. India's underperformance relative to its regional peers has been worse than expected primarily because of the added catalytic negative introduced by the currency. The rupee is down 15% against the US dollar year to date and is among the worst performing currency in Asia. The MSCI India index is now down 36.8% in US dollar terms so far in 2011, compared with 18.8% decline in the MSCI AC Asia Pacific ex- Japan index. Most of India's problems are self-inflicted and the government was wrongly blaming European crises for it, adding a selloff to the 11,000-12,000 level on the Sensex, particularly if combined with a rupee move to the 60 level, should generate sufficient noise in India's always noisy media to wake the politicians in Delhi up.
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