Friday 2 October 2015

Monitoring the NaMo Bull Market in Stocks: Update as of September 2015

Indian Stock Market Watch


The estimated total market value of BSE stocks as a percentage of GNP has fallen steadily since February this year, and is now, based on our estimate, at the lowest level since the Modi Government came to power. 


Given the difficulty with estimating macro numbers, one should not rely too much on the accuracy of a number. At the same time, the larger message appears quite clear: the NaMo bull market is faltering. 









Please refer to my blog of July 9, 2014 for the original note on using TMV/GNP ratio to gauge whether the market  is cheap or expensive. 

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