Miscellaneous
As markets staged a massive recovery post covid lows global brokerage firms have started raising their targets for Indian markets reiterating their bullish stance. Global brokerage firms such as Morgan Stanley, Goldman Sachs and Nomura feel that the Indian markets have more legs to the rally as economic indicators show recovery while corporate earnings are hinting that revival is on the track. Indian benchmark indices have rallied over 60% from the lows hit in March, while continuously hitting new record highs this week. Confidence of foreign investors have led to a massive supply of money into Indian equities at a time when domestic institutional investors are on the sidelines. So far in November, foreign institutional investors (FIIs) have pumped in $4.15 billion in Indian shares, highest in last three months with a total inflow of nearly $11 billon for the whole year. So, what does the oversupply of foreign money mean for Indian markets? To understand that I am in conversation with Anil Gupta, Sector Head - Financial Sector Ratings, ICRA.