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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