India’s markets and India ETFs are turning around as strengthening corporate profits and its insulation from global trade war concerns helped lift this emerging market.

The iShares MSCI India ETF (CBOE: INDA), the largest India country-specific ETF, increased 4.5% over the past month and is now trading back above its long-term trend line at the 200-day simple moving average.

Indian shares are also trading toward all-time highs, with the widely followed S&P BSE Sensex hitting back-to-back records, the Wall Street Journal reports. The Indian index is among the best performing major benchmarks in the Asia-Pacific region.

Analysts argued that the booming Indian economy is supporting the growth, even as neighboring China reveals sings of slowing. With a strengthening domestic economy, market watchers believe the strong fundamentals will translate into improving corporate earnings and higher share prices.

MSCI’s India index

Ben Luk, a global macro strategist at State Street Global Markets, argued that per-share earnings for companies in MSCI’s India index should rise 28% in 2018, compared to the roughly 15% growth for emerging markets in Asia as a whole.

Indians are also putting millions of dollars back into their local stock markets for the first time, supporting stock prices even as foreign buyers grew more risk-off. Locals funneled $800 million in to the India’s equity market this month while foreigners sold off $44 million.

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