From the end of 2019 through Tuesday, the MSCI India Index surged 110%, ahead of the U.S. tech-heavy index’s 99% gain. Even more surprising, though, is how well India has fared compared with what is—for now, at least—the world’s largest emerging stock market: MSCI China is down by 30% over the same period. The iShares MSCI India exchange-traded fund fetches 23 times forward earnings, rising from 19 times at the beginning of 2020, according to FactSet. The other large global stock market with a similar price tag to India’s is the U.S., led by AI darlings such as Nvidia. India has long been billed as the “next China," yet it has had many false starts.

Source: Wall Street Journal June 19, 2024 22:01 UTC