{"id":118384,"date":"2019-04-11T08:40:19","date_gmt":"2019-04-11T08:40:19","guid":{"rendered":"https:\/\/www.bnreport.com\/as-india-goes-to-poll-heres-where-markets-stand\/"},"modified":"2019-04-11T08:40:19","modified_gmt":"2019-04-11T08:40:19","slug":"as-india-goes-to-poll-heres-where-markets-stand","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/as-india-goes-to-poll-heres-where-markets-stand\/","title":{"rendered":"As India goes to poll, here\u2019s where markets stand"},"content":{"rendered":"<p><strong> By Kartik Goyal and Ameya Karve<br \/><\/strong><br \/>If asset values are any indication, investors arent too concerned as India kicks off its elections that will decide whether Prime Minister <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Narendra-Modi\" rel=\"noreferrer noopener\" target=\"_blank\">Narendra Modi<\/a> retains power. <\/p>\n<p>The nations stocks are holding near a record hit last week, the rupee is Asias top-performing currency over the past month and bonds yields recently fell to this years lowest. While opinion polls show the ruling party winning with a reduced majority, the sentiment is being aided by a gush of foreign flows, prospects of a revival in company earnings and a further cut in interest rates. <br \/>\u201cThe prospect of a second term for Modi is a very good thing for the market,\u201d said Robert Marshall-Lee, an investment manager at London-based Newton Investment Management Ltd. \u201cThe Modi government has put in place numerous economic reforms that will have positive consequences over a number of years to come.\u201d <\/p>\n<p>The optimism is not predicated on a Modi victory alone. Investors, including Newton, say the underlying growth momentum in Asias third-biggest economy and the broad commitment to economic reforms across main political parties will stay even if the opposition wrests power. <\/p>\n<p>Here are some charts showing where sentiments stand as the worlds largest <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/democracy\" rel=\"noreferrer noopener\" target=\"_blank\">democracy<\/a> begins a marathon, six-week general election Thursday, with final results due May 23. <\/p>\n<p><strong>Rupee<br \/><\/strong>The currency advanced 2.3 percent in March, becoming Asias best performer from being among the worst at the end of February, as foreigners bought more than $8 billion of stocks and bonds this year. The rupee also got a boost from a drop in poll-related uncertainty after Modis strong response to the Pulwama terrorist attacks, according to Rohit Garg, foreign-exchange and rates strategist for Asia at Bank of America <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Merrill-Lynch\" rel=\"noreferrer noopener\" target=\"_blank\">Merrill Lynch<\/a> in Singapore. <\/p>\n<p><strong>Bonds<br \/><\/strong>After a wobbly start to the year, sovereign bonds turned a corner in March as the central bank set out on its most aggressive monetary easing in three years. Last week, it lowered rates for a second time in 2019 to support the worlds fastest-growing major economy in the face of risks both at home and abroad. The yield on most-traded bonds due in January 2028 has fallen from this years high of 7.67 percent in February to 7.51 percent on Wednesday. <\/p>\n<p>\u201cIndia fixed income yields currently offer a compelling carry to be availed of by domestic and foreign investors,\u201d said Lakshmi Iyer, head of fixed income at Kotak Mahindra Asset Management Co. in Mumbai. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/economictimes.indiatimes.com\/img\/68825483\/Master.jpg\" alt=\"Bond snip 4\" title=\"Bond snip 4\"\/><\/figure>\n<p><strong>Corporate Debt<br \/><\/strong>The nations top-rated company bonds also rose as the central bank looks to transmit its rate cuts into the economy. While average yields on the AAA five-year corporate debt have fallen 72 basis points in the past six months, some investors sa<a href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/news\/as-india-goes-to-poll-heres-where-markets-stand\/articleshow\/68825431.cms\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More \u2013 Source<\/strong><\/a><\/p>\n<p>[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/img.etimg.com\/photo\/60278104.cms\"\/><\/p>\n<h5><a href=\"https:\/\/economictimes.indiatimes.com\/\" rel=\"noreferrer noopener\" target=\"_blank\">ET Markets<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Kartik Goyal and Ameya Karve<\/p>\n<p>If asset values are any ind..<\/p>\n","protected":false},"author":1,"featured_media":118386,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-118384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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