Word: sensex
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...student might seem foolhardy, but everyone these days seems to be groping for a way to get rich off India. Foreign institutional investors poured $8.9 billion into Indian equities in 2004 and $3 billion so far this year, up from $750 million in 2002. Awash in cash from overseas, Sensex--India's main stock index--has more than doubled in two years to hit a recent all-time high. As Udwadia puts it, "astute foreign investors" recognize that India's rise is "a unique opportunity...
...seem foolhardy, but everyone these days seems to be groping for a way to get rich off India. Foreign institutional investors poured $8.5 billion into Indian equities in 2004 and $2.6 billion so far this year, up from $750 million in 2002. Awash in cash from overseas, the Sensex?India's main stock index?has doubled in two years, hitting an all-time high in March. As Udwadia puts it, "astute foreign investors" now realize that India's rise is "a unique opportunity." He's right, of course. On a recent visit to Bombay, I quickly found myself as intoxicated...
...past, India has often been a terrific place in which to lose money. If you'd bet on the Sensex in 1992, say, you'd have been 30% poorer by 2003. But investors have short memories, and financial firms create whatever products are suddenly in demand. Today, that means a new generation of India-focused mutual funds and hedge funds, often with wonderfully alluring names like (my favorite) the Monsoon India Inflection Fund. The most voguish vehicles of all are mid-cap funds that bet on riskier Indian companies that may one day grow up to be blue chips...
...frothy market, the media feed the euphoria. Indian TV viewers are now treated to a regular CNBC program called Wizards of Dalal Street, showcasing the wisdom of local investment gurus. Another channel, NDTV Profit, offers a rival show called Big Fish, as well as one called Sensex and the City. Indian publications pile on with headlines like THESE IPOS CAN MAKE YOU A SUPERSTAR INVESTOR...