Salient to Investors:
Foreigners bought $292.1 million more of Indian stocks than they sold last week, the most since the period ended March 15.
Net inflows in 2013 are $10.6 billion, the second-largest amount among 10 Asian markets tracked by Bloomberg, behind Japan.
James Thom at Aberdeen Asset Mgmt said India will benefit from the lower oil prices as it is a net importer of oil and the drop in gold will help the current-account deficit.
14 of 16 economists expect the Reserve Bank of India to reduce its key rate by 0.25 percent at a May 3 review .
Barclays said declines in oil and gold may help cut India’s import costs by almost $7 billion in the 12 months ending March 2014.
43 percent of the 30 Sensex companies trailed analyst earnings estimates in Q4 2012 versus 40 percent in Q2 and Q3 2012. The Sensex is at 12.9 times projected 12-month earnings versus the MSCI Emerging Markets Index at 10.6 times.
Foreigners have been net sellers of Indian stocks in just two of the past 13 years.
Read the full article at http://www.bloomberg.com/news/2013-04-22/india-stocks-lure-most-flows-in-5-weeks-on-rate-cut-hopes.html
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