The results of India’s general elections could be the reason for a correction in the Indian stock market, according to Bernstein.
"A correction is inevitable, and markets that are simply looking for a reason to fall may overreact to a sentiment that may not mean much rationally," Bernstein said.
India's stock markets started the year in record-high territory, much of it supported by pre-election optimism — but as the country kicked off itsMarket players have been pricing in a victory for Prime Minister Narendra Modi's ruling Bharatiya Janata Party. This 35-year-old had 5 failed businesses before starting her grocery store chain – now it brings in over $8 million a yearNearly one billion eligible voters will decide who fills the 543 contested seats in the Lok Sabha, the lower house of the Indian Parliament. The party or coalition that wins at least 272 votes will form the government.
If the BJP were to garner 300+ seats and the broader NDA coalition obtain 350+,"a correction is inevitable, and markets that are simply looking for a reason to fall may overreact to a sentiment that may not mean much rationally."
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