India's stock market weathered its heaviest selling since the onset of the pandemic as the votes were tallied and net foreign selling was a record $1.5 billion on Tuesday. "Over the past decade, India has been rewarded with a valuation premium for government stability...some of that valuation premium came out today," said Vikas Pershad, who manages India and Asia equities portfolios for M&G Investments. "I think priorities might shift a little in the short-term...so more benefits for the rural consumer, the rural working poor." DEFENSIVEInvestors have prospered under Modi, 73, as India's equity benchmarks have more than tripled since he started as leader in May 2014. "We're still seeing strong growth coming from India...I think it's a buying opportunity," said Kristina Hooper, chief global market strategist at Invesco in New York.
