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Indian ETFs Jump As Indian Stocks Rise To Monthly Highs

Tuesday, January 10, 2017 9:17
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Indian stocks are being led higher today by auto companies and metal producers, and the most important benchmark index is nearing a key technical level that could signal much larger gains ahead.

Today’s bullish move is also spurring Indian-focused ETFs higher here in the U.S. markets. The rally isn’t just being led by large cap plays, either. From Bloomberg:

The rally on Tuesday extended to small- and mid-cap shares as local funds have canceled out a sustained selling of Indian shares by overseas investors in the past few months. The S&P BSE MidCap index closed at a one-month high and the S&P BSE SmallCap index rose to the highest in two months.

The benchmark Sensex index — which is the most closely watched in India — is now approaching its 200-day moving average. That’s important because, according to Bloomberg, “the last time the Sensex decisively cleared the 200-day average level was in May 2016, and it went on to rally about 12 percent over the next four months.”

That’s great news for Indian market bulls, and could signal a true bottom forming in major Indian-focused ETFs. These funds have been hit hard by India’s recent decisions to ban large denomination bills, along with potential plans to limit gold holdings.

It’s prudent to watch this price action closely over the next few sessions for a potential breakout to the upside, and we’ll be sure to bring readers more insight into these developments as they continue to progress.

The iShares MSCI India ETF (BATS:INDA) was trading at $27.21 per share on Tuesday morning, up $0.20 (+0.74%). Year-to-date, INDA has gained 1.49%, versus a 1.23% rise in the benchmark S&P 500 index during the same period.

INDA currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #55 of 80 ETFs in the Asia Pacific Equities Ex-China ETFs category.

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