Why Indian expats in the Gulf are looking back home for higher stock market returns

SourceArabian Business
SectorFinancial Markets
CountryGulf

Gulf-based non-resident Indians (NRIs) have been pumping money into the Indian stock market, lured by the current bull-run on the Indian bourses and high return offered by some of the asset management companies (AMCs). The investment fund of True Beacon, the alternate investment fund set up by celebrated Indian start-up entrepreneur Nikhil Kamath, has seen investments from the Gulf region clocking a 20 percent month-on-month growth in the recent months. Industry sources said several other AMCs have also been witnessing an uptrend in the inflow of NRI funds recently, spurred by the positive market sentiments on faster economic recovery on news about coronavirus vaccinations. State Bank of India's new scheme will focus on the affordable housing segment, with home price of up to $350,000 in 10 Indian cities initially The BSE Sensex - the benchmark index of Bombay Stock Exchange – hit an all time high of 49,117 in the morning trading hours on Monday. This is almost double from the 25,981 level it hit on March 23, 2020 in the aftermath of the outbreak of the Covid pandemic. “The Gulf accounts for 20 percent of our global investments and is growing 20 percent on a month-on-month basis,” Kamath, co-founder and chief investment officer of ...read more...