MUMBAI, June 7, 2009 (AFP) – Indian shares trading near 10-month highs are on a roll and could see more gains as investors pour money back into the South Asian country, analysts say. Indian stocks are already among the top-performing emerging markets this year as financial institutions and overseas funds bet on robust growth in Asia’s third-largest economy.
On Friday, Indian shares closed at 15,103.55 points, their highest in nearly 10 months.
The strong run has been driven by signs of tentative economic recovery and given an additional powerful boost by the re-election of India’s centre-left Congress party last month.
“Six months back investors were asking, ‘How do I exit?’ Now their mentality is, ‘Where do I get in?'” Sonam Udasi, vice-president of Mumbai brokerage BRICS Securities, told AFP.
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The Congress was returned to power with its biggest seat tally in 18 years.
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Analysts called the mandate a “game changer” as it allows the Congress to rule without the support of the communists who opposed economic reforms during the last term.
In the first week of June, global investors pumped 199 million dollars into India-focused equity funds according to data