India Rising Now Playing Uninterrupted on D-St
But some brokerages concerned valuations may have risen too high
Markets climbed to yet another record on Friday on brimming investor confidence ahead of Narendra Modi taking the oath of office on Monday as India’s next Prime Minister at the head of a team that’s expected to push for bold steps to revive economic growth, although there is some concern that valuations may have risen too high. Sentiment was boosted by better-than-expected results at SBI, the country’s largest lender. The stock rose 9.69% to .` 2,755, its highest in three years. The Sensex rallied 318.95 points or 1.31% to 24,693.35, its highest closing ever, with 726 companies hitting their 52-week high on the BSE. The broader NSE Nifty surged 90.70 points or 1.25% to 7,367.10. “Investors are anticipating a spate of reforms from the new government, which could lead to an economic re-rating,” said
Deutsche Bank has downgraded Indian stocks to neutral, citing expensive valuations
forms by the new government. Tata Power rose 6.33% to 105.75 while ONGC gained 3.68% to 407.50.