While most Asian indexes hit a home run on June 19, the mood of the Indian stock market was somber. After starting this week deep in the red, the S&P BSE Sensex has partially recovered in the last two days. The Sensex has gained 0.17%, a far cry from the large gains seen across other Asian indexes. The NSE Nifty 50 has performed even worse, falling marginally. The Nifty 50 was the worst-performing Asia-Pacific benchmark index on June 19.
President Donald Trump and President Xi Jinping’s optimism about the trade deal and the rising expectations of a rate cut don’t seem to have made the Indian markets happy. India’s second-biggest insurer has warned that equity valuations are looking overstretched.
ETFs and ADRs
On June 18, the WisdomTree India Earnings ETF (EPI) gained 0.82% on the NYSE Arca. The iShare MSCI India ETF (INDA) was a bigger gainer with a 0.95% rise. The iShares India 50 ETF (INDY) saw a 0.85% rise. All these ETFs hold Infosys and HDFC Bank.
On June 18, INFY’s ADRs gained 1.42% on the NYSE. INFY was up 0.84% in premarket trading as of 7:35 AM ET today.