By Ravil Shirodkar and Adam Haigh India’s economy may be faltering, but its $2.1 trillion stock market has been powering to new highs as foreign investors pile into country’s shares, betting the worst may have already passed. Economic growth is at the lowest since before Prime Minister Narendra Modi came to power in 2014. The economy expanded 4.5% in July-September, slowing for a sixth straight quarter as deteriorating local consumption, troubled banks and a weak global outlook all took their toll. But the equity market? Now, that’s a different story. The S&P BSE Sensex Index surged 13% from a low on Sept. 19 as it rose to all-time highs. Foreigners purchased a net $5 billion, give or take, of the country’s shares so far this quarter, while domestic investors have remained buyers of equity funds. The bull case is that nothing here is out of whack. Stocks are simply acting as a leading indicator for the economy. “Growth has likely bottomed out,” Timothy Moe, chief Asia Pacific regional equity strategist at Goldman Sachs Group Inc., said in Mumbai Tuesday. “We see it as one of the top three Asian markets for earnings growth next year.” Moe said he expects profit… Read full this story
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