{"id":13923,"date":"2012-08-24T21:08:51","date_gmt":"2012-08-24T21:08:51","guid":{"rendered":""},"modified":"2012-08-24T21:08:51","modified_gmt":"2012-08-24T21:08:51","slug":"JP-Morgan-warns-Indian-stocks-bull-run-in-jeopardy","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=13923","title":{"rendered":"JP Morgan warns Indian stocks ‘bull run’ in jeopardy"},"content":{"rendered":"

US investment house JP Morgan has warned a bull run by Indian stocks is in jeopardy with New Delhi failing to deliver on promised reforms and economic indicators deteriorating.<\/strong><\/p>\n

The Indian stock market has moved up sharply since June when Pranab Mukherjee – perceived as hostile to economic reforms – quit as finance minister to run for the largely ceremonial post of president.<\/p>\n

“The first volley of reforms was expected after the presidential poll in late July. But that has not been the case,” JP Morgan said in a report late Friday.<\/p>\n

Mukherjee’s replacement, veteran politician P. Chidambaram, known for his strong pro-market views, had pledged to move to restore investors’ faith in Asia’s third-largest economy and “restart the growth engine”.<\/strong><\/p>\n

But the government’s “coalition allies continue to be reluctant on key reforms”<\/strong> while investor concern is mounting with parliament paralysed over potential corruption in the allocation of coal fields to private firms, the report said.<\/p>\n

“Bulls are now getting edgy,”<\/strong> noted the JP Morgan report.<\/p>\n

On Friday, the Congress party-led government’s biggest ally, the Trinamool Congress, reiterated its opposition to foreign direct investment in any sector, including retail, aviation, pensions and insurance.<\/strong><\/p>\n

Warnings this week by the central bank that the government may miss its budget-deficit target amid higher spending on fuel subsidies and sharply slowing economic expansion are also fanning investor concern, analysts say.<\/p>\n

After plunging over 25 percent in 2011, India’s benchmark Sensex Index has gained around 15 percent so far this year<\/strong>, outperforming most of the global indices due to low stock valuations and bargain-hunting.<\/p>\n

Indian stocks fell 0.38 percent to end Friday at 17,783.21 after four weeks of gains.<\/strong><\/p>\n

Source AP<\/em>
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