22 May

Indian Indexes Gain ahead of the Vote Count

WRITTEN BY Mayur Sontakke, CFA, FRM

Indian indexes gain

Ahead of the day of the vote count on May 23, both the main Indian indexes gained. The S&P BSE Sensex gained 0.36% to close at 39,110, while the NIFTY 50 rose 0.25% to end the day at 11,738.

The markets are expecting a second five-year term for Prime Minister Narendra Modi’s coalition. If tomorrow’s count goes as expected, the markets are expected to revive. If the ruling coalition fails to achieve a majority, we may see the markets retreating.

Indian Indexes Gain ahead of the Vote Count

India-focused ETFs

As we expected, India-focused ETFs retreated yesterday. The WisdomTree India Earnings ETF (EPI) fell 0.46% on May 21. The iShares India 50 ETF (INDY), which tracks the NIFTY 50, fell 0.49%, while the iShares MSCI India ETF (INDA) fell 0.17%.

Other markets and ETFs

Taiwan’s TSEC Weighted Index saw a marginal loss on May 22. On May 21, the iShares MSCI Taiwan ETF (EWT) gained 1.28%, as we had expected.

The Asia-focused iShares MSCI Asia 50 ETF (AIA) gained 1.18% yesterday.

Indonesia’s Jakarta Composite Index lost 0.2% on the day compared to its gain of 0.75% on May 21. The iShares MSCI Indonesia ETF (EIDO) gained 2.16% on May 21.

Thailand’s SET Composite Index gained 1.02% on May 22. Thai economic data showed a higher-than-expected fall in exports and a lower-than-expected drop in imports.

European markets were largely up today, with Germany’s DAX gaining 0.31%, France’s CAC up by 0.12%, and the United Kingdom’s FTSE 100 up 0.36%.

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