One Year of NaMo and India’s capital market

As of May 15, 2015, the S&P BSE AllCap, a broad benchmark index in India, has outperformed the S&P BSE SENSEX by a margin of 8% (the S&P BSE AllCap yielded 24% during the past one-year period. Among the other size indices, the S&P BSE MidCap and the S&P BSE SmallCap both returned 41%, while the S&P BSE LargeCap returned 18%.

On the sector front, the S&P BSE Healthcare was the best-performing index, returning 59%. Meanwhile, the S&P BSE Energy was the only index with a negative return, down 7% during the same period, primarily due to the fall in oil prices.

Source: Data from May 15, 2014, to May 15, 2015. Index performance based on total return. Past performance is no guarantee of future results. Table is provided for illustrative purposes only.

During last couple of months the T20 cricket fever was at its peak, thanks to the Indian Premier League, with AB de Villiers and Chris Gale being the players that stand out most due to its flamboyant batting.  Modi’s “inning” is certainly not a T20 or a one-day cricket match, but rather it is a test that will play out over five years. Modi started his maiden inning well by unveiling his vision for India during his first year; however he needs to build a strong foundation for India’s development before dreaming of reelection in 2019.

Note: The S&P BSE AllCap Series (see Exhibit 1), which includes five size and ten sector indices, was launched on April 16, 2015. Historical index values prior to the launch date are back-tested. 

This article was written by Mahavir Kaswa, manager, product management, S&P BSE Indices.

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