Indian markets may see 25% correction if BJP loses in 2024: Chris Wooden

Jefferies world strategist Chris Wooden on Monday stated Indian fairness markets may see a correction as a lot as 25% if the ruling Bharatiya Janata Social gathering (BJP) loses the overall election subsequent yr, in keeping with a Enterprise Normal report.

Talking on the BS BFSI Summit, Wooden additional stated BJP not returning to energy can be the most important danger for Indian markets.

Chris Wooden, who has lengthy been optimistic on India’s development story, reiterated that the nation has the very best financial fairness story amongst rising markets.

“India’s development story is among the many finest on the planet, particularly in Asia,” he added.

Indian markets are at present range-bound with blended indicators from world markets whilst traders weigh considerations over geopolitical uncertainties and price hike trajectory within the West.

Benchmarks logged features for a second straight session on Monday as a slight drop in crude oil costs boosted investor confidence whilst world markets remained wobbly.

“Equities are experiencing a short-term bounce after the heavy promoting final week, as crude moderates and Q2 outcomes present some aid. However a full containment will rely on a radical fall in geopolitical danger and world bond yield,” stated Vinod Nair, Head of Analysis at Geojit Monetary Companies.Analysts say market sentiment stays cautious within the brief time period with traders carefully monitoring developments in West Asia, second quarter earnings, and key financial information.

The volatility of the worldwide market is anticipated to delay the restoration pattern of the home market, they stated, as considerations over elevated rates of interest and geo-political tensions stay.

“Within the close to time period, we count on markets to consolidate as traders await rate of interest selections from main central banks, together with Financial institution of Japan, Financial institution of England and US Federal Reserve this week, in search of steering about future rate of interest selections. Inventory particular motion is prone to proceed available in the market with ongoing end result season,” stated Siddhartha Khemka, Head – Retail Analysis, Motilal Oswal.

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