A favourable macro-environment, falling US yields and strong earnings should see the rally in Indian stocks extend to the first half of 2024. With the Sensex having crossed the 71,000 mark and the Nifty having hit 21,000, both gauges are at new highs.

As HSBC points out, India has been among Asia’s standout markets in recent years, with the FTSE India rising 15.2% in 2023 so far, in dollar terms, compared to the FTSE AxJ rising 0.4%.

Christopher Wood of Jefferies said last week he doesn’t favour a dramatic move by selling Indian equities and buying into China, as India remains the structurally favourite long-term growth story.

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