What was not anticipated though was a fresh indictment with legal implications on the Adani group by the US SEC. The Foreign Institutional Investors (FIIs) who were already nervous about the rich valuations of Indian stocks and had already commenced profit-booking, then started selling even more aggressively leading to a 10% correction in the key indices.
The silver lining here was that an overheated market let off steam and there were value picks available for the taking among the lot of shares whose prices got hammered down during the selling spree.
Is the selling over? Well, that is anybody's guess but the fact remains that, notwithstanding all other constraints and negatives, the Indian economy is clearly headed in one direction over the long-term and that is - upwards.
This story is from the December 23, 2024 edition of The Morning Standard.
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This story is from the December 23, 2024 edition of The Morning Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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