The head of a major US-based investment manager has said she’s is overweight on Indian equities markets despite some of the corporate earnings having been hurt by the demonetisation. Teresa Barger, CEO, Cartica Management, which manages assets worth $2.4 billion, said in an interview with ET Now that she doesn’t see any coupling between India and US markets, on a day when the benchmark BSE Sensex breached 30,100-mark to hit a new record high. The fund manager has one-third of its portfolio in India.
Today morning, BSE Sensex made a new all-time high of 30,146.54 points, partly helped by buoyant Delhi municipal election results for BJP, which continues its winning streak from the recent UP state elections. The broader NSE Nifty too made a new record high of 9,363.75 points, sustaining well-above the 9,300-mark that it breached yesterday for the first time ever, and eyeing the new key level of 9,400.
Meanwhile, Indian markets are also tracking the gains across the globe, with the Nasdaq hitting a new record high, past 6,000 points late yesterday, and the US stocks also surging on the back of strong corporate earnings. Asian stocks too, extended gains for a fifth straight day on Wednesday as Wall Street hit new peaks while the euro consolidated recent gains as immediate concerns of political uncertainty in the euro zone receded.