The S&P BSE India bank index, a gauge of the nation’s largest lenders, reached a record high on 1 August. Photo: MintHong Kong: Shares of India’s banks may be set for a pullback, according to Vikas Gattani, chief investment officer at Singapore-based fund manager Progress Asia Capital and Advisors Pte. The S&P BSE India bank index, a gauge of the nation’s largest lenders, reached a record high on 1 August. “The rate of liquidity is driving this market, and at some point a pullback is warranted,” he said by phone. The Progress India Opportunities Fund added 2.4% in July, bringing gains for 2017 to 23.4%, according to a letter to investors seen by Bloomberg.

Source: Mint August 07, 2017 04:07 UTC