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Profits in India: Prospects for the Indian Stock Exchange |
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Tuesday, 24 July 2007 |
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This year, China continues to dominate India in the headline sweepstakes. Although India's economic growth rate has accelerated to 9%, it's China's eye-popping 11%+ rates that continue to entrance the press.
The breakneck performance of the Brazilian market this year has also shifted investors' attention away from India. Yet for a country -- which, like China -- boasts the Communist party among its ruling coalition -- India has proven to be remarkably lucrative for investors over the past five years. Since 2002, India's benchmark Sensex 30 has surged 457% in dollar terms, recently hitting an all time high.
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The market capitalization of the Bombay Stock Exchange also recently surpassed the landmark figure of $1 trillion, hot on the heels of China. As impressive as this chart is, thanks to the appreciation of the rupee against the U.S. dollar, U.S. investors have had it even better. But with the historic price/earnings ratio of the Indian market hitting the mid 20s, and the Indian market now twice as expensive as other Asian markets like Korea, the obvious question arises: Is the market overvalued?
Source: Global Bull Market
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