“Pending the May polling results, risk-eager investors – who have not already re-entered the market – might be advised to consider doing so in the event BJP wins the election by a landslide. De-regulation of key protected sectors, like retail, and the advancement of free market policies beyond what Singh initiated during his tenure would give investors a solid reason to diversify their exposures even further in Indian stocks,” said S&P Capital IQ. [Stars Align for Big India ETF]

Investors opting for a more tactical approach can consider the EGShares India Infrastructure ETF (NYSEArca: INXX), which S&P Capital IQ also rates marketweight. INXX does not attract the same level of fanfare of other India ETFs, but even with Thursday’s 2.7% loss, the ETF is up nearly 20% in just the past month.

INXX “has just 32 positions, concentrated in Industrials and Utilities sectors. The ETF ranks favorably for the S&P Capital IQ Fair Value attributes of its holdings,” according to S&P Capital IQ.

Although INXX has been in rally mode, the ETF could still offer more upside as it is trading more than 8% below its 52-week high. The ETF resides almost 33% below where it traded exactly two years ago today.

EGShares India Infrastructure ETF

Tom Lydon’s clients own shares of EEM.