Credit Suies=While we upgraded our weighting on India only last week, client feedback indicates that we were late in upgrading India. The concern among clients was that the SENSEX was already up 15% (now up 19%) from its low of 16 July, when we upgraded and the last three bear rallies in the SENSEX averaged only 13)
● However, we believe this SENSEX rally could be longer than the last three bear rallies, as it is the only rally that started with a historical P/E that was at its historical average, the only rally with India trading at a discount to the region, and the only rally with cumulative net foreign selling in the previous 12 months.
● The three previous bear rallies started with India’s historical P/E ranging from 18.8-21.1x while this rally started from 16.1x. The three previous ra
Tuesday, August 12, 2008
Posted by MoneyBazaars at 10:29 AM
Labels: Heard On The Street
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