Speaking during an interview inside his office in Mumbai, LIC Chairman Mr. S. K. Roy said he saw few red flags ahead, betting on a long-term rally for the country's stock market under a new pro-business government.
India's equity market has outperformed emerging market rivals this year, thanks to overseas fund interest fuelled by Prime Minister Narendra Modi, who came to power in May with a pledge to boost growth and revive investment. After months of caution, domestic investors are now also growing more confident.
Mr. Roy was 'very bullish' about the banking, pharmaceutical, metals and IT outsourcing sectors because of expectations of a cyclical recovery and a stabilising rupee currency.
“I see few warning signs for markets, thanks to the government's commitment to contain the fiscal deficit and receding concerns about lower rainfalls in the monsoon period", he added.
Source: http://www.insuringindia.com
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