Local investors in India have poured money into mutual funds for 13 straight months, according to Azous, and their U.S. counterparts have followed suit. Heartened by lower oil prices and rate cuts by the Reserve Bank of India, investors have poured a combined $769.4 million into EPI, INDY and PIN this year.
Crude oil prices could remain depressed as the Organization of Petroleum Exporting Countries maintains its high output in an attempt to price out high-margin producers, such as those in the U.S., from the market. Additionally, the oil boom in the U.S. could keep growing as improvements in drilling technology helped offset spending cuts. India is one of the world’s largest oil importers. [Capture Overseas Opportunities with These ETFs]
CNX Nifty Index
Charts Courtesy: Neil Azous, Rareview Macro