Indian equity market’s resilience may be a signal that a new investment cycle is nearer at hand than the consensus thinks, said Christopher. Markets are now driven by politics instead of central banks, according to Christopher Wood, an equity strategist at investment group CLSA. ABOUT Christopher Wood. Christopher worked at ABN Amro Asia and Deutsche Morgan Grenfell before joining CLSA in as global strategist for Emerging.

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This will alert our moderators to take action. You have always been a long-term believer in India. Wood said this would mean that the stock market will be much more resilient to monetary tightening and a higher oil price than currently assumed.

So in the two-month view, it is all about the trade war but if I am right, we get some kind of trade deal between US and Christtopher, there will be a counter-trend relief rally. Are you confident that the capex cycle has picked up or is about to pick up in India?

CLSA maintains its double overweight stance on India. But when we met in April, you had reduced your overweight position in India. To see your saved stories, click on link hightlighted in bold. Get instant notifications from Economic Times Allow Not now. There will be more slowdown than previously anticipated but clearly a lot of that slowdown has been probably more than discounted in the sharp selloff.

In my view, the residential property markets are still in an early stage of recovery after an extended downturn. Technicals Technical Chart Visualize Screener. So clearly a slow.

Use correction in financials to buy for the long term: CLSA’s Chris Wood

Drag according to your convenience. That to me is a pleasant surprise. This will alert our moderators to take action Name Reason for reporting: NIFTY 50 10, 2. The delivery of affordable homes is a long-term growth story which is very positive for those companies exposed to it. But I completely agree with what you just said that the indications are that the investment cycles are on the point of turning and the resolution of some of these NPAs is a hugely significant and constructive development.

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I reduced it to double overweight. Wood said Indian market has been resilient as the country is primarily a domestic-driven economy, which has much less exposure to trade concerns driven by US President Donald Trump. Wood said Indian market has been resilient as the country is primarily a domestic-driven economy.

In October, we saw some renewed inflows into the bond funds after the big stampede out of them in September. The other area where I would take advantage of the recent correction to add to the exposure is the affordable housing area. My Saved Articles Sign in Sign up. I would not put it stronger than.

Use correction in financials to buy for the long term: CLSA’s Chris Wood | Business Standard News

So how does this change the equation for markets and especially for liquidity? Are we in for tough days, better days or flat days for equity markets? Pledged share issue in India not as grave as China: In my view, the Chinese economy is still okay and I believe Emerging Market outperformance can resume and next year from an Indian standpoint, we will finally see concrete evidence of the long-awaited capex cycle in India.

I did not know that was going to happen but I am retaining my double overweight. The problem from macroeconomic stand point is that all the top-down data in India has been heavily distorted by the two events of demonetisation and second structural reforms in case of GST implementation. Christopjer is more interesting in the short term than India: Drag according to your convenience.


Capex cycle revival, Modi re-election key for rally: CLSA’s Chris Wood

Fill in your details: Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings. The pleasant surprise this year has been the equity inflows have been maintained to a greater degree than most of us were expecting. I started the year triple overweight India. Asia is the market that has been hit most by the so called US-China trade war.

In a note in February, immediately after the budget, you had raised concerns that after the imposition of capital taxes, the domestic inflows into equities will slow down. Kamlesh Rao, Kotak Securities. One should be buying the fear rather than getting scared from the fall? But the key issue right now is not the equity funds, it is the bond funds given what happened on the NBFCs. The Sensex is up The affordable housing programme is kicking in on the ground. Find this comment offensive? This will alert our moderators to take action.

I am still overweight India. CLSA retains cautious view on Indian equities.

However, we are not out of the woods completely because we still have US monetary tightening going on. Read more on Indian Stock market.