WisdomTree India Earnings Fund (ARCA: EPI)

最新ニュース WisdomTree India Earnings Fund (ARCA:EPI)

WisdomTree India Earnings Fund

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Under normal circumstances, at least 95% of the funds total assets (exclusive of collateral held from securities lending) will be invested in component securities of the index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The index is comprised of companies incorporated and traded in India that are profitable and that are eligible to be purchased by foreign investors as of the annual index screening date. It is non-diversified.

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本日の注目ポイントは以下の通りです。投機的なセンチメント以下の点に注目：この記事は個別の銘柄ではなく、大局についてのものである。TSLA株のチャートはさまざまな視点について示すために使用されている。

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EPIROC AKTIEBOLAG SH AK A by Epiroc Aktiebolag

Epiroc AB

Epic Cash

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EPIROC AKTIEBOLAG SH AK B by Epiroc Aktiebolag

ESSA Pharma Inc

To gain an edge, this is what you need to know today.
<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://thearorareport.com/wp-content/uploads/2024/10/2024-10-03_08h44_42.png" alt="" style="width:624px" /></figure>
<h3 class="wp-block-heading">Cognitive Dissonance</h3>
Please <a href="https://thearorareport.com/chart-analysis-stock-market-bonds-israel-strike-iran-tlt-mc-10032024">click here</a> for an enlarged chart of iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>).
Note the following:
<ul>
<li>The chart shows when the Fed rate cut was announced.</li>
<li>At the time the Fed rate cut was announced, this was the landscape:
<ul>
<li>Wall Street firms were tripping over themselves to rush their clients into buying long bonds.</li>
<li>The momo crowd was aggressively buying long bonds.</li>
<li>Technically, long bonds had broken out.</li>
<li>Trading services were sending signals to their members to go all in on buying long bonds.</li>
<li>Almost everyone was predicting that bond yields would fall much lower.</li>
</ul>
</li>
<li>Long bonds move inversely to the yield.&nbsp; When yield goes higher, long bonds fall.</li>
<li>On the morning before the Fed rate cut announcement, The Arora Report made a bold call contrary to the prevailing wisdom.  The call was inline with prior calls that long bond yields may rise and long bonds may fall after the rate cut.  We wrote:</li>
</ul>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">One unintended consequence may be a rise in long term yields in due course.
</blockquote>
<ul>
<li>The chart shows that long bonds have fallen and yields have risen.</li>
<li>The chart shows that the breakout above the resistance zone failed.&nbsp; Ironically, this breakout was the reason legions of investors who rely only on traditional technical analysis bought long bonds on the breakout. To make matters worse, most of such bond trading positions are taken on high leverage.&nbsp; Due to high leverage, these positions now have substantial losses.
<ul>
<li>This is a cautionary tale that illustrates why investors should not rely solely on one form of analysis such as traditional technical analysis. Investors should rely on systems, such as The Arora Report system, that synergistically combine in an optimized manner the best elements of the following:
<ul>
<li>Macro analysis</li>
<li>Fundamental analysis</li>
<li>Technical analysis</li>
<li>Quantitative analysis</li>
</ul>
</li>
</ul>
</li>
<li>Money is flowing into the safety of Treasuries due to anxiety about potential escalation of conflict in the Middle East.&nbsp; In The Arora Report analysis, if it was not for the escalation in the Middle East, TLT would have been much lower now.</li>
<li>Going forward, investors need to remember the probability adjusted risk reward ratio in long bonds is not great.  Long bonds will work only if there is a major recession or a major war breaks out.  However, investors need to remember that the stock market is counting on no recession. Investors are suffering from cognitive dissonance – they are buying stocks believing that there will not be a recession, they are buying bonds believing there will be a recession.</li>
<li>If inflation starts rising again, investors in long bonds will experience major losses.&nbsp; Investors are very short sighted and are also losing track of the fact that the election is not far away.&nbsp; Both Trump and Harris are committed to more reckless borrowing and more reckless spending.&nbsp; This will increase the supply of Treasuries.&nbsp; How can a higher supply of Treasuries be good for long bonds?&nbsp; The answer is that it is not good for long bonds.</li>
<li>On the positive side, NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), CEO Jensen Huang says Blackwell production is in full swing and the demand for Blackwell is insane.</li>
<li>Also on the positive side, OpenAI has raised $6.6B in new funds at a valuation of $157B.&nbsp; This valuation is significantly higher than the last round.</li>
<li>Anxiety is building among investors regarding the upcoming strike on Iran by Israel.&nbsp; There are reports that Israel wants to attack Iran's nuclear installations, but Biden is trying to restrain Israel.</li>
<li>Initial jobless claims came at 225K vs. 223K consensus.&nbsp; Jobless claims are not showing weakness in the jobs picture.&nbsp; Powell saw weakness in the jobs picture, and that was one of his justifications for the 50 bps rate cut.&nbsp; More information will become available about the jobs picture tomorrow when the official jobs report is released at 8:30am ET.&nbsp; The jobs report has the potential to be a major market moving event.</li>
<li>ISM Non-Manufacturing Index will be released at 10am ET.&nbsp; The consensus is 51.6.&nbsp; This data may be market moving.</li>
</ul>
<h3 class="wp-block-heading">China</h3>
The stock buying stampede in Hong Kong is slowing.  Mainland markets are closed.  Prudent investors are taking advantage of the rally to sell.  As full disclosure, The Arora Report&#8217;s plan continues to be to buy on a dip.  The Arora Report has new buy zones for Mainland China ETF Xtrackers Hvst CSI 300 China A Shs ETF Class A (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASHR#NYSE">ASHR</a>) and Hong Kong ETF iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) in The Arora Report&#8217;s ZYX Emerging.
<h3 class="wp-block-heading">India</h3>
Growth concerns are emerging in India.  Money is beginning to flow out of India and into China.  As full disclosure, The Arora Report has new signals on India ETF WisdomTree India Earnings Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPI#NYSE">EPI</a>), VanEck India Growth Leaders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLIN#NYSE">GLIN</a>), and iShares MSCI India Small-Cap ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/SMIN#BATS">SMIN</a>) in The Arora Report&#8217;s ZYX Emerging.
<h3 class="wp-block-heading">Magnificent Seven Money Flows</h3>
In the early trade, money flows are positive in NVDA.
In the early trade, money flows are neutral in Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
In the early trade, money flows are negative in Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc Class C (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
In the early trade, money flows are negative in SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>).
<h3 class="wp-block-heading">Momo Crowd And Smart Money In Stocks</h3>
Investors can gain an edge by knowing money flows in SPY and QQQ.  Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil.  The most popular ETF for gold is SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>).  The most popular ETF for silver is iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>).  The most popular ETF for oil is United States Oil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>).
<h3 class="wp-block-heading">Bitcoin</h3>
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is seeing selling along with junk stocks.
<h3 class="wp-block-heading">Protection Band And What To Do Now</h3>
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges.&nbsp; The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive.&nbsp; If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash.&nbsp; A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash.&nbsp; When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks.&nbsp; High beta stocks are the ones that move more than the market.
<h3 class="wp-block-heading">Traditional 60/40 Portfolio</h3>
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less.&nbsp; Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever <a href="https://thearorareport.com/generate-wealth-newsletter-benzinga">Generate Wealth Newsletter</a>.

Market Summary

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ASHR

GOOG

iShares Trust Barclays 20+ Year Treasury Bond Fund

Investors Suffering Cognitive Dissonance, Insane Demand For Nvidia Chips, Anxiety Builds About Israel And Iran

Investors, brace yourselves for the rollercoaster that is September and October. But before hitting the panic button, BlackRock managing director Gargi Pal Chaudhuri offers reassurance, urging that investors not be alarmed by near-term volatility in <a href="https://www.benzinga.com/topic/volatility">U.S. equity markets</a>.
In a recent CNBC <a href="https://www.cnbctv18.com/market/brace-for-us-equity-volatility-near-term-but-dont-panic-says-global-market-expert-19471286.htm">interview</a>, Chaudhuri — Head of BlackRock&#8217;s iShares Investment Strategy-Americas — emphasized that whether it's small-cap stocks, large-caps, or the tech sector, "these months tend to be <a href="https://www.benzinga.com/24/09/40676774/september-market-seasonality-why-this-month-is-historically-the-toughest-for-investors">seasonally volatile</a>, a trend observed over the past decade.&#8221;
We looked into the past trend for validation.
<h2 class="wp-block-heading">Seasonal Market Swings: A Recurring Phenomenon</h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="349" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/05045124/fredgraph-1024x349.png" alt="" class="wp-image-531330" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/05045124/fredgraph-1024x349.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/05045124/fredgraph-300x102.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/05045124/fredgraph-768x262.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/05045124/fredgraph.png 1320w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Above is the graph of the CBOE Volatility Index, also known as, VIX — over the past decade. It can be observed, that the index tends to gain strength during these two months Chaudhuri mentioned (taking into account that the extremely high wave in 2020 is accountable to Covid).
Investors who track market volatility often tend to book gains through its swings via ETFs such as the iPath Series B S&amp;P 500 VIX Short-Term Futures ETN (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VXX#NYSE">VXX</a>) or the ProShares VIX Short-Term Futures ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIXY#NYSE">VIXY</a>)
Chaudhuri also mentioned that this year, the uncertainty around the upcoming U.S. election adds to the already jittery markets, creating more potential for fluctuations.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40345324/institutional-investors-buy-the-dip-after-august-volatility-spike-wall-street-analy">Institutional Investors Buy The Dip After August Volatility Spike: Wall Street Analyst</a>
<h2 class="wp-block-heading">Medium- To Long-Term? Still Bright</h2>
Despite the near-term uncertainty, Chaudhuri remains upbeat about the medium- to long-term outlook for U.S. equities. She believes high-quality stocks are poised to perform well over the next six to twelve months, especially as the Federal Reserve is expected to begin cutting interest rates.
Chaudhuri stated, "Historically, rate cuts have benefited both stocks and bonds," adding that she expects the Fed to start normalizing interest rates later this month with a 25-basis point cut.
<h2 class="wp-block-heading">India: The Emerging Market Opportunity</h2>
But Chaudhuri's focus isn't solely on the U.S. With India's growing influence on the global stage, she believes foreign investors should reconsider their current underweight positions. 
"I think investors need to at least get back to benchmark weights with respect to emerging markets (EMs) and with respect to India specifically. And I think that is the opportunity," she said.
While India's market valuations are on the higher end, Chaudhuri noted that "this is not just about valuations." India's economic potential and its increasing importance make it a key area for future growth.
Popular ETFs tracking Indian equity include the iShares MSCI India ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INDA#NYSE">INDA</a>), the WisdomTree India Earnings Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPI#NYSE">EPI</a>) and the Franklin FTSE India ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLIN#NYSE">FLIN</a>)
Overall, Chaudhuri's message is clear: ride out the short-term volatility and stay focused on the long-term opportunities.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/bonds/24/08/40484619/from-stocks-to-bonds-cboes-vixtlt-index-adds-new-twist-to-volatility">From Stocks To Bonds: CBOE&#8217;s VIXTLT Index Adds New Twist To Volatility</a></li>
</ul>

Long Ideas

Specialty ETFs

Emerging Market ETFs

ETFs

FLIN

INDA

VIXY

Barclays Bank iPath S&P 500 VIX Short-Term Futures ETN

BlackRock Strategist On Market Jitters: Expect Volatility, But Stay Positive On US Equities And This Emerging Market

Indian Prime Minister Narendra Modi is set to lose his parliamentary majority for the first time in <a href="https://www.benzinga.com/topic/narendra-modi">his decade-long tenure.</a>
What Happened: Modi&#8217;s Bharatiya Janata Party (BJP) and its allies have secured enough seats to form a government. They are still short of the 272-seat majority. This outcome has led to speculation that Modi will need to form a coalition government, a first for him, <a href="https://www.bloomberg.com/news/articles/2024-06-04/modi-poised-to-lose-india-majority-need-allies-to-keep-power?srnd=homepage-americas&amp;sref=TBDibEcD">according</a> to Bloomberg.
Modi, however, remains resolute, vowing to continue as prime minister. He took to social media to declare his coalition&#8217;s victory, terming it a &#8220;historical feat.&#8221;
"Today is auspicious," Modi told supporters on Tuesday night at his party's headquarters. "It is confirmed that NDA has won a mandate to form the government for a third straight term. We are very, very grateful to the people who have reposed full faith in the BJP and NDA."
After the election, India&#8217;s stock market experienced its worst day in over four years. The markets had initially reached a record high following exit polls that suggested a comfortable victory for Modi, Bloomberg reports.
See Also: <a href="https://www.benzinga.com/news/24/06/39125089/biden-vs-trump-voter-sentiment-evenly-poised-but-new-poll-reveals-3-findings-that-do-not-bode-well-f?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump &#8211; Voter Sentiment Evenly Poised But New Poll Reveals 3 Findings That Do Not Bode Well For</a>
Modi now faces the challenge of securing the support of two key members of his National Democratic Alliance, who control around 30 seats. The future of these allies, who only recently joined forces with Modi, remains uncertain.
Despite uncertainties surrounding their allegiance due to past history, a spokesperson for one ally, the Telugu Desam Party in Andhra Pradesh, affirmed support for Modi&#8217;s coalition, while over 20 opposition parties, led by Rahul Gandhi, aim to counter Modi&#8217;s electoral dominance.
Why It Matters: The unexpected election results have sent shockwaves through India&#8217;s political and economic landscape. The stock market, in particular, has reacted strongly to the news. The Nifty 50 index, comprising the 50 largest Indian companies by market capitalization, recorded its most significant <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39162932/indian-stocks-tumble-the-most-since-march-2020-with-modis-party-set-to-lose-majorit">daily drop since March 2020.</a>
Despite the uncertainty, India&#8217;s growth trajectory is expected to remain positive. Business leaders and economists express confidence in the nation&#8217;s potential as a key contributor to global growth.
Investors seeking exposure to India can consider investing through ETFs. They include such as iShares MSCI India ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/INDA#BATS">INDA</a>), WisdomTree India Earnings Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPI#NYSE">EPI</a>), or VanEck Vectors India Growth Leaders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLIN#NYSE">GLIN</a>).
Read Next: <a href="https://www.benzinga.com/news/24/06/39124661/trump-administration-reportedly-didnt-think-much-of-hush-money-scandal-until-it-blew-up?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Administration Reportedly Didn&#8217;t Think Much Of Hush-Money Scandal — Until It Blew Up</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Amit.pansuriya/Shutterstock

Asia

Politics

Global

Modi Set To Lose India Majority, Needs Allies To Keep Power

In a landscape teeming with global investment opportunities, one nation shines with resolute promise: India. In an exclusive interview with Benzinga, Jeremy Schwartz, global chief investment officer at WisdomTree, revealed compelling insights that position India as <a href="https://www.benzinga.com/topic/india">an investment powerhouse.</a>
<h2 class="wp-block-heading">What Sets India Apart</h2>
Among the developed and emerging markets, WisdomTree&#8217;s strategic vision spotlights India as one of its top picks alongside Japan. According to Schwartz, India &#8220;is positioned as the leader of emerging markets (EM).&#8221; What sets India apart is its undeniable dominance among the EMs which is propelled by robust population growth—a demographic dividend that fuels unparalleled GDP expansion, he notes.
Moreover, India&#8217;s economic prowess finds validation in its equity market performance, emerging as a frontrunner among its emerging market counterparts. 
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="626" height="456" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24082457/Screenshot-2024-04-24-at-5.54.42-PM.png" alt="" class="wp-image-306448" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24082457/Screenshot-2024-04-24-at-5.54.42-PM.png 626w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24082457/Screenshot-2024-04-24-at-5.54.42-PM-300x219.png 300w" sizes="(max-width: 626px) 100vw, 626px" /></figure>
<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Chart: Benzinga Pro</a>
<h2 class="wp-block-heading">Indian Equity Has Outperformed Other Emerging Markets</h2>
The Indian equity-tracking WisdomTree India Earnings Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPI#NYSE">EPI</a>) has returned 9.43% so far this year. Chinese equity-tracking iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) and Brazilian equity-tracking iShares MSCI Brazil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWZ#NYSE">EWZ</a>) have returned +8.61% and -9.34% over the same period.
Schwartz also noted that &#8220;interest in China has become more contentious with geopolitical headwinds and sluggish economic growth&#8221; causing investor attention to pivot towards India, as investors seek stability and growth in an increasingly uncertain global landscape.
Schwartz draws attention to India&#8217;s investment appeal being validated by the sustained momentum of the WisdomTree EPI ETF. The fund has witnessed substantial inflows quarter after quarter since 2023. This surge in investor interest underscores the growing confidence in India&#8217;s economic trajectory and its burgeoning equity market potential.
For additional perspective, Indian-equity tracking ETFs have all delivered decent returns so far this year.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="626" height="456" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24083543/Screenshot-2024-04-24-at-6.05.03-PM.png" alt="" class="wp-image-306473" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24083543/Screenshot-2024-04-24-at-6.05.03-PM.png 626w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24083543/Screenshot-2024-04-24-at-6.05.03-PM-300x219.png 300w" sizes="(max-width: 626px) 100vw, 626px" /></figure>
<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Chart: Benzinga Pro</a>
While the EPI has clearly led, returning 9.43% to investors so far this year, other funds such as the iShares MSCI India ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INDA#NYSE">INDA</a>), the Franklin FTSE India ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLIN#NYSE">FLIN</a>), the iShares MSCI India Small-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMIN#NYSE">SMIN</a>) and the iShares India 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INDY#NYSE">INDY</a>) have each returned 7.13%, 7.06%, 6.80% and 2.69%, respectively, YTD.
Also Read: <a href="https://benzinga.com/markets/asia/24/04/38177185/apples-pivot-from-china-gamble-pays-off-1-in-7-iphones-now-made-in-india">Apple&#8217;s Pivot-From-China Gamble Pays Off: 1 In 7 iPhones Now Made In India</a>
<h2 class="wp-block-heading">Schwartz Identifies A Pivotal Catalyst &#8211; Prime Minister Narendra Modi&#8217;s Success In The Spring Elections</h2>
A pivotal catalyst for India&#8217;s continued success lies in the upcoming spring elections in India.
&#8220;WisdomTree believes Prime Minister Narendra Modi's Bharatiya Janata Party looks like it will be successful in the upcoming spring election as well,&#8221; said Schwartz. This electoral victory would herald a stable environment conducive to further economic expansion and sustained equity market growth.
&#8220;We expect Prime Minister Modi to engage in further economic reforms that will continue his pro-business environment,&#8221; he added.
WisdomTree&#8217;s unwavering confidence in India&#8217;s economic resilience is underpinned by Modi&#8217;s pro-business agenda. According to Schwartz, his success should help usher a new era of economic reforms. 
As India embarks on this transformative journey, investors stand to reap the rewards of a burgeoning economy poised for exponential growth.
Read Next: <a href="https://www.benzinga.com/markets/asia/24/04/38205458/china-accounts-for-nearly-half-of-asia-pacific-gdp-while-india-is-a-bright-spot-economist-says-key-e">China Accounts For &#8216;Nearly Half Of Asia-Pacific GDP&#8217; While India Is A &#8216;Bright Spot,&#8217; Economist Says: Key ETFs To Watch</a>
Photo: Shutterstock

Emerging Markets

Exclusives

Interview

INDY

EXCLUSIVE: India To Lead Emerging Markets, Driven By Modi's 'Pro-Business Environment,' Says WisdomTree CIO

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/04/23/final-trades-wisdomtree-india-earnings-etf-diamondback-energy-and-alphabet.html">Halftime Report Final Trades</a>,&#8221; Jim Lebenthal of Cerity Partners said Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) powered through this down turn like the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38358239/microsoft-and-oracle-could-be-tiktoks-likely-buyers-but-real-winners-would-be-mark-">downturn didn&#8217;t happen</a>.
Sundar Pichai, Google&#8217;s CEO, recently announced a significant restructuring of the company&#8217;s leadership and operational divisions to accelerate its artificial intelligence (AI) development. This move is in response to criticisms that the company is lagging <a href="https://www.benzinga.com/news/24/04/38334324/sundar-pichai-announces-restructure-after-google-fires-protesting-employees-too-important-a-moment-a">behind competitors like</a> Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Jason Snipe of Odyssey Capital Advisors picked Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), saying he likes this energy name here.
Diamondback Energy is expected to release first quarter 2024 financial results on April 30 after the closing bell. Analysts expect the company to report quarterly earnings at $4.42 per share, up from $4.10 per share in the year-ago period. The company is projected to post revenue of $2.09 billion, compared to $1.93 billion in the year-earlier quarter.
On Tuesday, Stifel analyst Derrick Whitfield maintained Diamondback Energy with a Buy and raised the price target from $224 to $229.
Stephanie Link of Hightower named the WisdomTree India Earnings Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPI#NYSE">EPI</a>) as her final trade.
Price Action:
<ul>
<li>Alphabet shares rose 1.3% to close at $159.92 on Tuesday.</li>
<li>Diamondback Energy shares gained 0.9% to settle at $204.37 during Tuesday's session.</li>
<li>WisdomTree India Earnings Fund gained 0.4% during Tuesday's session.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/04/38396305/tesla-boeing-and-3-stocks-to-watch-heading-into-wednesday">Tesla, Boeing And 3 Stocks To Watch Heading Into Wednesday</a>
Image generated using artificial intelligence via Midjourney.

Media

FANG

GOOGL

Alphabet, Diamondback Energy And More On CNBC's 'Final Trades'

As global economic dynamics shift, investors are eyeing China and India with renewed interest. The Asian Development Bank&#8216;s (ADB) bullish outlook positions China as a key growth engine despite <a href="https://www.benzinga.com/topic/china">a slight slowdown</a>.
China: Despite a moderate slowdown, China remains a dominant force in global growth. ADB's chief economist Albert Park <a href="https://www.cnbc.com/2024/04/11/china-will-still-be-the-worlds-top-growth-driver-says-the-adb.html">says</a>: "China is obviously going to still be important for some time to come. They still account for nearly half of GDP in Asia Pacific," said 
India: India&#8217;s stellar growth outlook positions it as a rising star in the region, with ADB forecasting robust economic expansion in the coming years. India&#8217;s impressive economic trajectory underscores its rising importance. "India's importance to growth in the region is increasing," Park said, according to CNBC. However, while India's economy is undoubtedly a "bright spot," it is still smaller than China's.
Also Read: <a href="https://www.benzinga.com/markets/asia/24/04/38196398/us-overtakes-china-as-taiwans-biggest-export-market-for-the-first-time-in-over-20-years">U.S. Overtakes China As Taiwan&#8217;s Biggest Export Market For The First Time In Over 20 Years</a>
<h2 class="wp-block-heading">China ETFs: Riding the Wave of Economic Resilience</h2>
ETFs offer investors a convenient and diversified way to capitalize on the growth potential of both China and India, providing exposure to key sectors and market segments. Here are some ETFs, investors should be watching:
<ul>
<li>KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>): With an AUM of $5.5 billion, this ETF seeks to capitalize on China&#8217;s booming internet sector. Investors may consider it for sustained growth amidst economic fluctuations. </li>
<li>iShares MSCI China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NYSE">MCHI</a>): This ETF allows investors to gain exposure to a diverse range of Chinese companies across sectors, benefiting from the country&#8217;s robust economic fundamentals. The MCHI has an AUM of over $4.8 billion.</li>
<li>iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>): With $4.5 billion in AUM, the FXI ETF invests into China&#8217;s largest and most influential companies, offering stability and growth potential in a dynamic market landscape.</li>
</ul>
<h2 class="wp-block-heading">India ETFs: Unveiling the Potential of a Rising Powerhouse</h2>
<ul>
<li>iShares MSCI India ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INDA#NYSE">INDA</a>): With an AUM of over $9.5 billion, this ETF seeks to harness the potential of India&#8217;s thriving market, fueled by strong economic fundamentals and a burgeoning tech sector.</li>
<li>WisdomTree India Earnings Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPI#NYSE">EPI</a>): This ETF provides access to India&#8217;s corporate earnings growth story, offering exposure to a wide array of sectors driving the country&#8217;s economic resurgence. EPI has an AUM of over $2.96 billion.</li>
</ul>
Compare China-focused MCHI with India-focused INDA for more perspective into the current financial metrics:
<h2 class="wp-block-heading">INDA Vs. MCHI</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>INDA</td>
<td>MCHI</td>
</tr>
<tr>
<td>Name</td>
<td>iShares MSCI India ETF</td>
<td>iShares MSCI China ETF</td>
</tr>
<tr>
<td>Index</td>
<td>MSCI India Index</td>
<td>MSCI China</td>
</tr>
<tr>
<td>Expense Ratio</td>
<td>0.65%</td>
<td>0.59%</td>
</tr>
<tr>
<td>Inception Date</td>
<td>2012-02-02</td>
<td>2011-03-29</td>
</tr>
<tr>
<td>AUM</td>
<td>$9.53B</td>
<td>$4.9B</td>
</tr>
<tr>
<td>YTD Return</td>
<td>6.99%</td>
<td>-1.25%</td>
</tr>
<tr>
<td>1 Year Return</td>
<td>30.56%</td>
<td>-16.05%</td>
</tr>
<tr>
<td>3 Year Return</td>
<td>10.14%</td>
<td>-19.24%</td>
</tr>
<tr>
<td>Beta</td>
<td>0.68</td>
<td>0.49</td>
</tr>
<tr>
<td>P/E Ratio</td>
<td>21.83</td>
<td>10.89</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data Source: VettaFi ETFdb</figcaption></figure>
As investors seek to capitalize on the shifting economic landscape, China and India ETFs emerge as compelling investment opportunities, offering access to two of the world&#8217;s most dynamic and promising markets.
Read Next: <a href="https://www.benzinga.com/markets/asia/24/04/38097022/exclusive-chinas-stock-market-has-bottomed-indicating-a-potentially-rare-opportunity-says-investment">EXCLUSIVE &#8211; &#8216;China&#8217;s Stock Market Has Bottomed, Indicating A Potentially Rare Opportunity,&#8217; Says Investment Strategist</a>
Image: Shutterstock

KWEB

MCHI

China Accounts For 'Nearly Half Of Asia-Pacific GDP' While India Is A 'Bright Spot,' Economist Says: Key ETFs To Watch

Indian equity, as tracked by the iShares MSCI India ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/INDA#BATS">INDA</a>), has been <a href="https://www.benzinga.com/topic/brics">outperforming all other BRICS nations</a>. 
The ETF is up 16.3% over the past one year, followed closely by the iShares MSCI Brazil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWZ#NYSE">EWZ</a>) at 12.9%, while Russian, Chinese and South African equity <a href="https://www.benzinga.com/quote/INDA/news">lag far behind</a>.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/17074753/INDA-vs-EWZ-vs-FXI-vs-EZA.jpeg" alt="" class="wp-image-184329" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/17074753/INDA-vs-EWZ-vs-FXI-vs-EZA.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/17074753/INDA-vs-EWZ-vs-FXI-vs-EZA-300x300.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/01/17074753/INDA-vs-EWZ-vs-FXI-vs-EZA-150x150.jpeg 150w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
Billionaire hedge fund manager, Ray Dalio, has long been an investor in the emerging markets. His hedge fund, Bridgewater Associates&#8216; top holding is the iShares Core MSCI Emerging Markets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEMG#NYSE">IEMG</a>) which has an 18.52% portfolio allocation towards India. Dalio&#8217;s hedge fund has another 1.42% invested in the Vanguard FTSE Emerging Markets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VWO#NYSE">VWO</a>) which has just over 20% allocated in Indian equity.
Also Read: <a href="https://www.benzinga.com/trading-ideas/23/12/36413953/tesla-could-start-2024-with-a-bang-india-division-manufacturing-facility-rumors-heat-up">Tesla Could Start 2024 With A Bang: India Division, Manufacturing Facility Rumors Heat Up</a>
At the recent World Economic Forum (WEF) 2024 event in Davos, Dalio <a href="https://www.businesstoday.in/wef-2024/story/wef-2024-india-is-at-a-very-special-moment-for-a-number-of-reasons-says-bridgewaters-ray-dalio-413645-2024-01-16">spoke</a> about India. In an interview with Business Today TV, Dalio told Siddharth Zarabi that &#8220;India is at a very special moment&#8230; not burdened by an excessive amount of debt.&#8221;
Dalio emphasized a prudent approach to Indian markets. Acknowledging their current high valuations, Dalio advised cautious exposure to the economy. Dalio, a strong believer in market cycles, said that he would have exposure to Indian markets but &#8220;wouldn&#8217;t be overextended&#8221; at their current valuations. 
He also highlighted India&#8217;s distinct advantage that the economy is not burdened by an excessive amount of debt. &#8220;It strikes me very much similar to where China was when Deng Xiaoping came in roughly 1980,&#8221; said Dalio. Dalio also expressed his hope for India&#8217;s market openness and praised Prime Minister Narendra Modi&#8216;s leadership.
Besides the emerging market ETFs that Dalio is invested in an INDA, other ways to get exposure to Indian equity are the WisdomTree India Earnings Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPI#NYSE">EPI</a>), the First Trust India Nifty 50 Equal Weight ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFTY#NASDAQ">NFTY</a>), the iShares India 50 ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDY#NASDAQ">INDY</a>) and the Exchange Traded Concepts Trust India Internet &amp; Ecommerce ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INQQ#NYSE">INQQ</a>).
Now Read: <a href="https://www.benzinga.com/markets/asia/24/01/36655211/apple-unveils-15-storey-office-in-indias-silicon-valley-amid-shifting-focus-from-china">Apple Unveils 15-Storey Office In India&#8217;s Silicon Valley Amid Shifting Focus From China</a>

Equities

IEMG

Exchange Traded Concepts Trust India Internet & Ecommerce ETF

INQQ

NFTY

INDA Outperforming BRICS Peers, Ray Dalio Says 'India Is At A Very Special Moment' At Davos

Several major technology companies, including&nbsp;Apple Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>),&nbsp;Samsung Electronics Co&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ssnlf#OTC">SSNLF</a>), and&nbsp;HP Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hpq#NYSE">HPQ</a>), have halted new&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/05/32481544/apple-samsung-harbor-india-ambitions-minister-says" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">imports of laptops and tablets</a>&nbsp;to India following a surprising ban on inbound shipments without a license.&nbsp;
Laptop makers were expecting some government measures to reduce reliance on imports and promote local production, but the sudden imposition of licensing requirements has disrupted the industry, Bloomberg&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-08-03/india-imposes-curbs-on-pc-import-as-modi-pushes-local-production?srnd=technology-vp&amp;sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reports</a>.
Tech firms are now engaging with New Delhi to quickly obtain licenses, especially with the Diwali shopping season and the back-to-school period approaching.&nbsp;
The ban has added challenges for manufacturers already facing a global glut of inventory and sluggish sales growth triggers. This move may lead to delayed product launches or shortages in a market heavily relying on overseas shipments.
The import restriction marks India&#39;s efforts to reduce import dependence and foster a world-class tech manufacturing industry. Prime Minister Narendra Modi&#39;s government is seeking applications for a 170 billion-rupee ($2.1 billion) financial incentive plan to attract laptop, tablet, and hardware manufacturers to the country as companies seek to diversify their supply chains beyond China.
The sudden policy shift coincides with Samsung, Apple and its suppliers, and other U.S. companies&#39; preference towards the country to diversify their&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/08/33485951/apple-supplier-foxconn-raises-investment-plans-for-new-component-plants-in-indias-karnataka" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">supply chain base</a>.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/07/33436873/after-micron-and-applied-materials-india-attracts-amds-400m-investment-for-new-bangalore-campus-by-2" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">After Micron and Applied Materials, India Attracts AMD&#39;s $400M Investment for New Bangalore Campus by 2028</a>
Price Action:&nbsp;AAPL shares traded lower by 1.72% at $187.88 premarket on the last check Friday.
Photo via Wikimedia Commons
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Government

Regulations

Tech

SSNLF

India's Licensing Mandate Disrupts Laptop and Tablet Imports from Apple, Samsung, and HP

<ul>
<li>As Sequoia Capital looks beyond current investment weakness in new companies in Asia, it has raised $2.85 billion to fund Indian and Southeast Asian startups.</li>
<li><a class="editor-rtfLink" href="https://www.reuters.com/markets/funds/sequoia-raises-285-billion-india-southeast-asia-funds-2022-06-14/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">According to the Reuters report</a>, the fundraising is Sequoia&#39;s largest so far for India and Southeast Asia.</li>
<li>Money raised included $850 million in Sequoia&#39;s first fund dedicated to Southeast Asia. It has invested in Southeast Asian startups since 2015 from a common India fund.</li>
<li>The remaining $2 billion has been raised in Indian venture and growth funds.</li>
<li>&quot;This fundraise, which comes at a time when markets are starting to cool after a very long bull run, signals our deep commitment to the region,&quot; Sequoia said.</li>
<li>Funding of Indian startups has slowed since a record $35 billion fundraising last year. Companies have struggled to raise capital and are forced to cut the workforce.</li>
<li>Photo by Gerd Altmann from Pixabay</li>
</ul>

Hedge Funds

IXSE

Sequoia Capital Closes Largest India and Southeast Asia Dedicated Fund: Reuters

A senior executive at global private equity company General Atlantic&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/markets/europe/exclusive-general-atlantic-plans-2-billion-investment-india-southeast-asia-2022-05-22/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">told Reuters</a>&nbsp;that the firm plans to invest $2 billion in India and Southeast Asia over the next two years as lowering valuations make the region&#39;s startups more attractive.
What happened:&nbsp;According to Sandeep Naik, General Atlantic&#39;s head of business in India and Southeast Asia, the company is in early-stage investment talks with about 15 companies in sectors like technology, financial services, retail, and consumer.
General Atlantic is ready to ease its purse strings after investing just $190 million in Indian startups in 2021, its lowest annual figure ever, Naik said in an interview at the World Economic Forum in the Swiss ski town of Davos.
Why it&#39;s Important:&nbsp;&quot;The realism is setting in. We were waiting for the value creation to happen. We are now ready,&quot; Naik said of General Atlantic&#39;s plans for India and Southeast Asia, where it has investments of more than $4.5 billion, mainly in India.
&quot;We are very bullish on India, Indonesia, and Vietnam,&quot; Naik added, omitting to name any companies under consideration.
Given the challenging market conditions and decreasing values, General Atlantic advises its portfolio companies to consider consolidation opportunities.
&quot;Now is the best time to consolidate... Strong gets stronger,&quot; Naik explained.

iShares MSCI Indonesia Investable Market Index Fund

EIDO

General Atlantic Intends To Invest $2B In India, Southeast Asia: Reuters

<ul>
<li>India&#39;s largest IPO has started taking orders from individuals and other categories after attracting anchor investors,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2022-05-04/lic-starts-retail-orders-in-india-s-top-ipo-amid-fickle-markets?srnd=premium-asia&amp;sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg reports</a>.</li>
<li>Retail investors can place their orders for shares of India&#39;s state-controlled&nbsp;Life Insurance Corporation&nbsp;until May 9.</li>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/news/22/05/26954554/indias-largest-ipo-attracts-foreign-investors" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Also Read:&nbsp;India&#39;s Largest IPO Raises $736M Ahead of Listing, Attracts Foreign Investment</a></li>
<li>Retail investors will be allocated 35% of the stock on sale and will enjoy an ₹45 discount on the IPO price.&nbsp;</li>
<li>LIC&#39;s policyholders will have 10% earmarked with ₹60 off on each share of the whole issue.</li>
<li>The $2.7 billion deal, slashed by more than half in size amid the war in Ukraine and rising interest rates worldwide, is critical for the Indian government to achieve its fiscal deficit target.</li>
<li>While the offer attracted wealth funds from Singapore and Norway, most institutional investors are local, with 15 domestic mutual funds accounting for 71% of the anchor allocation.</li>
<li>An analyst saw a limited downside given the attractive valuation as LIC shares were available at a significant discount to peers at the upper band of the issue price. The retail investor discount served as the cherry on the cake.</li>
<li>Photo via Wikimedia Commons</li>
</ul>

IPOs

India's Biggest IPO Enjoys Analyst Confidence Thanks To Attractive Valuation, Retail Investor Discount

<ul>
<li>India&rsquo;s largest-ever public offering has attracted anchor investors, including Norway&rsquo;s sovereign wealth fund and the Singaporean government, raising ₹56.3 billion ($736 million) ahead of its initial public offering,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2022-05-03/norway-singapore-wealth-funds-invest-in-india-s-largest-ipo?sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg reports</a>.</li>
<li>The 123 anchor investors joining&nbsp;Life Insurance Corp of India&rsquo;s&nbsp;IPO committed to purchasing shares at ₹949 per share, the top end of a marketed range.&nbsp;</li>
<li>LIC is the country&rsquo;s oldest insurer and had the market to itself until the government opened it up to the private competition in 2000.&nbsp;</li>
<li>LIC has a 60% market share of India&rsquo;s 24-company-strong life insurance market, Bloomberg notes.</li>
<li>Due to the Ukraine crisis, the Indian government has pared back its original fundraising goal by ~ 60%.&nbsp;</li>
<li>The investors included the Norwegian fund, the Singapore government, and 15 domestic mutual funds accounting for 71% of the anchor allocation.&nbsp;</li>
<li>The IPO previously drew comparisons with the $29.4 billion listing of Gulf oil giant&nbsp;Saudi Arabian Oil Co.</li>
<li>Orders from retail investors for the listing, which could raise ₹210 billion in total, will be taken starting on May 4.</li>
<li>Photo via Wikimedia Commons</li>
</ul>

India's Largest IPO Raises $736M Ahead of Listing, Attracts Foreign Investment

<ul>
<li>The U.S.-China trade war can fulfill India&rsquo;s aspiration to become the global tech hub capitalizing on the global shift in China&rsquo;s manufacturing supply chains,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2021-03-30/china-u-s-tensions-can-boost-india-s-tech-dreams-report-says?sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg reports</a>.</li>
<li>U.S. growing focus on China-free supply chains in specific sectors and India&rsquo;s membership in the Quad grouping with the U.S., Australia, and Japan will bode well for the country.</li>
<li>The nations held their first summit earlier in March, partly to resolve concerns about Beijing&rsquo;s growing economic and military stature. India and China engaged in violent clashes along their disputed Himalayan border in 2020. Both the armies pulled back their troops in February to ease the tension.</li>
<li>Apple Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/aapl#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AAPL</a>),&nbsp;Amazon.Com Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/amzn#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AMZN</a>), and&nbsp;Samsung Electronics Co Ltd&rsquo;s&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ssnlf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SSNLF</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/21/02/19742625/apple-looks-to-make-ipads-in-india-this-year-in-a-shift-away-from-china-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">manufacturing production shift</a>&nbsp;to India and Southeast Asia further intensified the U.S. Chinese tensions.</li>
<li>The pandemic acted as a major boost, intensified by India&rsquo;s launch of new productivity incentive programs, labor base, and flourishing domestic market for devices and internet services.</li>
<li>However, India will have to tackle manufacturing bottlenecks like excessive regulations, taxes, and non-coordination between the central and state government levels to attract more investors. India&rsquo;s ability to develop smartphone manufacturing will be a major deciding factor considering China&rsquo;s dominion status in the industry.</li>
<li>India could lobby Washington to attract&nbsp;Taiwan Semiconductor Manufacturing Co Ltd&rsquo;s&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/tsm#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TSM</a>) manufacturing plants.</li>
</ul>

US-China Tension Can Spur India's Global Tech Hub Aspirations: Bloomberg

When it comes to interest rates, U.S. investors focus on the Federal Reserve, but the Fed is far from the only central bank that has recently trimmed borrowing costs. Plenty of emerging markets central banks, including the Reserve Bank of India, have been joining the rate cut fun.
<h3>What Happened</h3>
On the back of the intensifying trade rift between the U.S. and China, the MSCI Emerging Markets Index is lower by almost 7% this month, enough to keep investors away from developing economies and the related exchange traded funds for the time being.
However, historical data indicate Indian stocks often respond positively to rate cuts, potentially making the WisdomTree India Earnings Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/epi#NYSE">EPI</a>) a rebound candidate.
<h3>Why It&#39;s Important</h3>
&ldquo;The whole world is surrounded by trade frictions and geopolitical uncertainty,&rdquo; <a href="https://www.wisdomtree.com/blog/2019-08-12/indias-unconventional-rate-cut-and-what-it-means-for-investors">said WisdomTree in a recent note</a>. &ldquo;India is not immune to these effects and its latest gross domestic product (GDP) reading at 5.8% year over year (YoY) was substantially below what it believes it can achieve. While the International Monetary Fund (IMF) is confident in a 7%+ growth rate for India in the long run, the RBI stepped in to support short-term growth.&rdquo;
What&#39;s encouraging for investors is that the RBI has been proactive in supporting Asia&#39;s third-largest economy. The most recent rate cut, one of a surprising 35 basis points, was RBI&#39;s fourth since February. India&#39;s moderate inflation has paved the way for those rate cuts, allowing RBI to pare borrowing costs to the lowest levels in nearly a decade.
Rate cuts are often viewed as negative for the financial services sector, which accounts for over a quarter of EPI&#39;s sector weight, but the lower borrowing costs can matriculate to the more cyclical groups in the fund, including energy, technology and consumer cyclicals. Those sectors combine for over 43% of the fund&#39;s weight.
&ldquo;As rate cuts by the RBI are passed on by banks to end customers as lower interest rates on personal, auto and home loans, this action is good news for sectors like Consumer Discretionary, Industrials, Manufacturing and Automobiles, and even Financials can benefit from increased economic activity,&rdquo; according to WisdomTree.
<h3>What&#39;s Next</h3>
Past performance is never a guarantee of future returns, but as WisdomTree points, India&#39;s benchmark Sensex posted an average gain of 16.40% following the conclusion of RBI&#39;s three previous rate-cutting regimes since 2009.
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Rate Cuts Could Boost This India ETF

India is one of the largest emerging markets, a fact reflected by its almost 9.1 percent weight in the MSCI Emerging Markets Index, making it the fourth-largest country weight in that widely followed benchmark.
<h3>What Happened</h3>
Like other large emerging markets, such as Brazil, China and Russia, India is home to a wide assortment of state-owned enterprises (SOEs), or companies that are majority controlled by the government. Many traditional, large-cap India exchange traded funds feature significant exposure to those companies, but a new fund takes a different approach.
The WisdomTree India ex-State-Owned Enterprises Fund (NYSE:IXSE) debuted Thursday as the newest U.S.-listed India ETF.
<h3>Why It&#39;s Important</h3>
As its name implies, IXSE excludes Indian SOEs. IXSE&#39;s underlying index, the WisdomTree India ex-State-Owned Enterprises Index, defines those companies as firms in which government ownership <a href="https://www.wisdomtree.com/index/inxsoe">exceeds 20 percent of shares outstanding</a>.
The concept of excluding SOEs in emerging markets ETFs isn&#39;t new for New York-based WisdomTree. The firm also offers the $148.33 million WisdomTree China ex-State-Owned Enterprises Fund (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cxse#NASDAQ">CXSE</a>) and the $312.33 million WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xsoe#NYSE">XSOE</a>).
&ldquo;By excluding SOEs, IXSE potentially provides an alternative way to gain beta exposure to the private sector companies in India and excludes unprofitable banks and financial firms,&rdquo; <a href="https://www.wisdomtree.com/etfs/equity/ixse">said WisdomTree in a statement</a>.
The new IXSE allocates over 38 percent of its combined weight to the technology and consumer discretionary sectors while financial services stocks represent 13.11 percent of the new fund&#39;s weight. That&#39;s well below the 24.65 percent weight to financial stocks found in the MSCI India Index. That India benchmark devotes just 26.4 percent of its combined weight to technology and consumer cyclical stocks.
<h3>What&#39;s Next</h3>
Time will tell what comes of IXSE, but some evidence suggests excluding SOEs is a rewarding emerging markets strategy. For example, the aforementioned XSOE is beating the MSCI Emerging Markets Index over the past year.
Additionally, WisdomTree has experience with India ETFs. The $1.35 billion WisdomTree India Earnings Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/epi#NYSE">EPI</a>) is one of the largest India ETFs trading in the U.S.
The new IXSE charges 0.58 percent per year, or $58 on a $10,000 investment. That fee is potential advantage for IXSE as it makes the new fund one of the least expensive India ETFs in the U.S.
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A New Spin On India ETFs

Rumors

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Commodities

UPDATE: India, China Want U.S. to Counter OPEC Domination

First Trust, one of the largest issuers of smart beta exchange traded funds, is throwing in the towel on the First Trust Taiwan AlphaDEX Fund. First Trust is reconfiguring, rather than shuttering, the fund.&nbsp;
The First Trust Taiwan AlphaDEX Fund is now the First Trust India NIFTY 50 Equal Weight ETF (NASDAQ: NFTY). The fund had $1.97 million in assets under management as of April 16, <a href="https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=NFTY">according to issuer data.</a>
<h3>
	What Happened</h3>
First Trust has an expansive lineup of ETFs following the AlphaDEX methodology, which focuses on &ldquo;growth factors including three-, six- and 12-month price appreciation, sales-to-price and one-year sales growth, and, separately, on value factors including book value to price, cash flow to price and return on assets,&rdquo; <a href="https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=FXL">according to the issuer.</a>
The First Trust Taiwan AlphaDEX Fund struggled to gain traction with investors, prompting the change to the First Trust India NIFTY 50 Equal Weight ETF.
<h3>
	Why It&#39;s Important</h3>
Prior to NFTY being launched, there were a dozen dedicated India ETFs trading in the U.S. The two largest members of that group are the iShares MSCI India ETF (NYSE: <a class="ticker" href="/stock/inda#NYSE">INDA</a>) and the WisdomTree India Earnings ETF (NYSE: <a class="ticker" href="/stock/epi#NYSE">EPI</a>), which have $5.38 billion and $1.72 billion in assets under management, respectively.&nbsp;
India is one of the largest developing economies. The country is expected to post economic growth of 7.4 percent in its current fiscal year, up from 6.7 percent in fiscal 2018. Growth in Asia&#39;s third-largest economy could accelerate to <a href="https://economictimes.indiatimes.com/news/economy/indicators/india-to-grow-at-7-4-per-cent-in-2018-imf/articleshow/63801741.cms">7.8 percent in fiscal 2020</a>.
<h3>
	What&#39;s Next</h3>
NFTY is tracking an equal-weight equivalent of the Nifty 50 Index, a gauge of the largest Indian companies.
The NIFTY50 Equal Weight Index represents an alternative weighting index strategy to its market capitalization weighted parent index, the NIFTY 50. The index includes the same companies as its parent, however, weighted equally,&rdquo; <a href="https://www.nseindia.com/content/indices/NIFTY50_Equal_Weight_Index_white_paper.pdf">according to NSE India</a>.
NFTY allocates over two-thirds of its combined weight to the technology and financial services sectors. The ETF&#39;s annual fee is 0.80 percent, or $80 on a $10,000 investment.
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New ETFs

A Taiwan ETF Becomes An India Fund

India&#39;s central bank kept its benchmark interest rate steady at its recent monetary policy meeting, owing to inflation woes and concerns around fiscal deficit. The Reserve Bank of India (RBI) also increased its inflation forecast for the Jan-March quarter.
Into the Headlines
RBI kept the repo rate intact at 6%, the rate at which the central bank lends short-term money to commercial banks. Moreover, it also left the reverse repo rate intact at 5.75%, the rate at which it borrows from banks.
In the latest union budget, finance minister Arun Jaitley announced that the fiscal deficit target for 2017-18 was being revised upward to 3.5% of GDP. Moreover, rising fuel prices have also contributed to inflation woes in the country (read: <a href="https://www.zacks.com/stock/news/291371/india-etfs-in-focus-on-union-budget-release">India ETFs in Focus on Union Budget Release</a>). &nbsp;
&quot;Fiscal slippage as indicated in the Union Budget could impinge on the inflation outlook. Apart from the direct impact on inflation, fiscal slippage has broader macro-financial implications, notably on economy-wide costs of borrowing which have already started to rise. This may feed into inflation,&quot; per a Firstpost article citing a statement by the Monetary Policy Committee.
As a result, the central bank raised its inflation forecast to 5.1% for the fourth quarter of fiscal 2017. Moreover, it expects inflation to shoot up to the range of 5.1%-5.6% in the first half of fiscal 2018, before dropping to 4.5-4.6% in the second half. However, a rate hike is not expected in the near future, as Indian policymakers will not want to deprive the country of economic growth when it is in desperate need to create jobs.
In the last budget of Modi&#39;s current term, Jaitley announced that the government plans to spend $218.1 billion (INR 14,000 billion) on rural infrastructure, in turn creating jobs for the rural population.
Economic Scenario
Coming to the economic data points, India&#39;s GDP grew 6.3% year over year in the third quarter of 2017 compared with a three-year low of 5.7% in the previous quarter. The central bank revised its GDP estimates for fiscal 2017-18 as well as 2018-19. RBI expects the Indian economy to grow 6.6% in 2017-18 and 7.2% in 2018-19, in terms of Gross Value Added &ndash; GVA.
Moving to the manufacturing scenario, the Nikkei India Manufacturing Purchasing Managers&#39; Index (PMI) decreased to 52.4 in January compared with a five-year high at 54.7 in December 2017. A reading above 50 indicates expansion.
&quot;Following December&#39;s stellar performance, growth in the Indian manufacturing economy lost some impetus, reflected by slower growth in output, new orders and employment. Nevertheless, these key PMI indicators registered in expansion territory signaling the sector stayed on its track to recovery,&quot; per Aashna Dodhia, <a href="https://www.markiteconomics.com/Survey/PressRelease.mvc/59457d022b4b491eb30636487c4b42ec">economist</a> at IHS Markit, which compiles the survey.
Let us now discuss a few ETFs focused on providing exposure to the emerging market nation.
iShares MSCI India ETF INDA&nbsp;&nbsp; &nbsp;
This fund provides exposure to large and mid-sized Indian equities.
It has AUM of $5.5 billion and charges a fee of 68 basis points a year. Financials, Computer-Software and Consumer Discretionary are the top three sectors of the fund, with 23.2%, 14.0% and 12.4% allocation, respectively (as of Feb 6, 2018). Housing Development Finance Co, Reliance Industries Ltd and Infosys Ltd are the top three holdings of the fund, with 9.1%, 7.8% and 6.5% allocation, respectively (as of Feb 6, 2018). The fund has returned 22.1% in a year. INDA has a Zacks ETF Rank #1 (Strong Buy), with a Medium risk outlook.
WisdomTree India Earnings Fund EPI
This fund provides exposure to Indian equities in multiple capitalization segments.
It has AUM of $1.7 billion and charges a fee of 84 basis points a year. Financials, Energy and Information Technology are the top three sectors of the fund, with 23.2%, 18.9% and 18.0% allocation, respectively (as of Feb 7, 2018). Reliance Industries Ltd, Infosys Ltd and Housing Development Finance Co are the top three holdings of the fund, with 8.8%, 7.9% and 6.1% allocation, respectively (as of Feb 7, 2018). The fund has returned 24.6% in a year. EPI has a Zacks ETF Rank #1, with a Medium risk outlook.
iShares India 50 ETF INDY
This fund provides exposure to large-cap Indian equities.
It has AUM of $1.2 billion and charges a fee of 93 basis points a year. Banks, Computer-Software and Refineries/Marketing are the top three sectors of the fund, with 26.7%, 11.3% and 10.2% allocation, respectively (as of Feb 6, 2018). Reliance Industries Ltd, Housing Development Finance Co and ITC Ltd are the top three holdings of the fund, with 7.6%, 7.0% and 5.8% allocation, respectively (as of Feb 6, 2018). The fund has returned 22.8% in a year. INDY has a Zacks ETF Rank #1, with a Medium risk outlook.
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India ETFs In Focus As Central Bank Holds Interest Rates

India&#39;s manufacturing sector ended 2017 on a strong note. Manufacturing activity in India touched a five-year high in December 2017, owing to a surge in new orders and production.
	Inside the Headlines
	The Nikkei India Manufacturing Purchasing Managers&#39; Index (PMI) increased to 54.7 in December compared with 52.6 in November. This reflects growth in all three monitored categories &mdash; consumer, intermediate and investment. A reading above 50 indicates expansion.
	Coming to the factors driving growth in the sector, new orders index, which acts a proxy for domestic demand, hit a record high. The new orders sub-index increased to <a href="http://www.business-standard.com/article/economy-policy/india-s-manufacturing-pmi-hits-5-year-high-in-december-118010200171_1.html">56.8</a> in December, the highest since October 2016. Moreover, <a href="https://www.markiteconomics.com/Survey/PressRelease.mvc/bf2c995af5054ee4a5e110f0aa745237">output</a> surged to the highest level since December 2012, the survey revealed.
&quot;India&#39;s goods-producing economy advanced on its recovery path, with operating conditions improving at the strongest pace since December 2012,&quot; said Aashna Dodhia, an <a href="http://www.business-standard.com/article/economy-policy/india-s-manufacturing-pmi-hits-5-year-high-in-december-118010200171_1.html">economist</a> at IHS Markit.
Economic Scenario
	Prime minister Narendra Modi secured key election wins in two states, Gujarat and Himachal Pradesh, on Dec 18, 2017.&nbsp; This has led to an increase in optimism about the health of the economy. Moreover, the recent victories are a positive for the ruling party, as it has given a boost to their confidence ahead of the re-election bid in the 2019 primary elections.
Coming to the economic data points, India&#39;s GDP grew 6.3% year over year in the July-September quarter of 2017 compared with a three-year low of 5.7% in the previous quarter (read: <a href="https://www.zacks.com/stock/news/284898/india-etfs-in-focus-as-gdp-rebounds">India ETFs in Focus as GDP Rebounds</a>).
From a monetary policy perspective, the Reserve Bank of India (RBI) kept the interest rate unchanged at 6% in its December monetary policy meeting, owing to fears of rising inflation. On a year-over-year basis, retail inflation increased to 4.88% in November compared with 3.58% in October, breaching India&#39;s central bank&#39;s 4% target. However, analysts are expecting the RBI to maintain a neutral stance for the rest of this fiscal.
Coming to the price front, although the Indian economy seems to be rebounding from the setbacks faced by demonetization and GST, cost pressures persist. &quot;On the price front, July&#39;s Goods and Services Tax continued to lead to greater raw material costs, with input cost inflation accelerating to the sharpest since April,&quot; said Dodhia.
Moving on to the market moving factors, investors will be closely eyeing next quarter&#39;s earnings and the budget in early 2018.
Let us now discuss a few ETFs focused on providing exposure to the emerging market nation (see <a href="https://www.zacks.com/funds/etfs/etf-categories/Asia-Pacific-(Emerging)-ETFs-54">all Asia-Pacific Emerging ETFs here</a>).
iShares MSCI India ETF INDA&nbsp;&nbsp; &nbsp;
This fund provides exposure to large and mid-sized Indian equities.
It has AUM of $5.5 billion and charges a fee of 68 basis points a year. Financials, Consumer Discretionary and Computer-Software are the top three sectors of the fund, with 22.0%, 13.0% and 12.9% allocation, respectively (as of Dec 29, 2017). Housing Development Finance Co, Reliance Industries Ltd and Infosys Ltd are the top three holdings of the fund, with 8.5%, 7.9% and 6.0% allocation, respectively (as of Dec 29, 2017). The fund has returned 36.3% in a year. INDA has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook.
WisdomTree India Earnings Fund EPI
This fund provides exposure to Indian equities in multiple capitalization segments.
It has AUM of $1.8 billion and charges a fee of 84 basis points a year. Financials, Energy and Information Technology are the top three sectors of the fund, with 22.9%, 18.8% and 16.6% allocation, respectively (as of Jan 2, 2018). Reliance Industries Ltd, Infosys Ltd and Housing Development Finance Co are the top three holdings of the fund, with 8.9%, 7.3% and 5.8% allocation, respectively (as of Jan 2, 2017). The fund has returned 40.1% in a year. EPI has a Zacks ETF Rank #1 with a Medium risk outlook.
iShares India 50 ETF INDY
This fund provides exposure to large-cap Indian equities.
It has AUM of $1.2 billion and charges a fee of 93 basis points a year. Banks, Computer-Software and Refineries/Marketing are the top three sectors of the fund, with 26.3%, 10.6% and 10.5% allocation, respectively (as of Dec 29, 2017). Reliance Industries Ltd, Housing Development Finance Co and ITC Ltd are the top three holdings of the fund, with 7.8%, 6.7% and 5.5% allocation, respectively (as of Dec 29, 2017). The fund has returned 36.3% in a year. INDY has a Zacks ETF Rank #1 with a Medium risk outlook.
&nbsp;
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Looking For India Exposure? Try These ETFs

In a year of strength for emerging markets equities, India is a standout destination. The $1.7 billion WisdomTree India Earnings Fund (NYSE: <a class="ticker" href="/stock/epi#NYSE">EPI</a>), one of the bellwether India exchange trade funds, is up more than 32 percent this year.
India, Asia&#39;s third-largest economy, is home to some solid economic fundamentals, which bode well for continued upside for India stocks and ETFs such as EPI in 2018. The country is continuing to take steps to open its markets to attract more foreign investment while increasing the ease of doing business within its massive economy.
EPI, which is fast-approaching its 10th anniversary, is levered to some of the more exciting trends in India&#39;s economy, including benign inflation and a government that is supportive of the country&#39;s major financial institutions.
<h3>
	Central Bank Support</h3>
At a time when some developed market central banks, including the Federal Reserve, are mulling interest rate hikes, most emerging markets central banks are going the opposite direction. In fact, Mexico is the only emerging market to boost borrowing costs this year. Count the Reserve Bank of India&nbsp; among the accommodating central banks in the developing world.
India&rsquo;s central bank, the Reserve Bank of India (RBI), has consecutively cut
Fortunately, the government has been stepping up to help Indian banks, a potential boon for EPI as the ETF devotes 23.5 percent of its weight to financial stocks, its largest sector weight.
&ldquo;In a major announcement last month, the Modi government pledged $32 billion in capital for these beleaguered state banks &mdash; $20 billion will come from recapitalization bonds issued by the government, while banks will raise another $12 billion from markets,&rdquo; said WisdomTree.
<h3>
	Bullish Long-Term Forecast</h3>
Historical data suggest that RBI rate cuts are usually efficacious for Indian equities, a thesis that EPI and rival India ETFs are proving. Additionally, some market observers are firmly bullish on Indian stocks over the long term.
&ldquo;Morgan Stanley estimates that India&rsquo;s equity market could potentially triple in the next five years,&rdquo; said WisdomTree.&ldquo;We believe investors should stay focused on profitable companies and on investing across the complete breadth of equity markets.&rdquo;
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