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from Global Investing:

Betting on (expensive and over-owned) Indian equities

How much juice is left in the Indian equity story? Mumbai's share index has raced to successive record highs and has gained 24 percent so far this year in dollar terms as investors have bought into Prime Minister Narendra Modi's reform promises.

Foreign investors have led the charge through this year, pouring billions of dollars into the market. Now locals are also joining the party - Indian retail investors who steered clear of the bourse for three years are trickling back in - they have been net investors for 3 months running and last month they purchased Rs 108 billion worth of shares, Citi analysts note. 

Foreigners meanwhile have been moving down the market cap scale, with their ownership of the top 100-500 ranked companies rising from 13% to 15% over the quarter. That's behind the broader BSE500 index's outperformance compared to the Nifty index, Citi said.

Citi earlier this month predicted another 3 percent gains for Indian stocks by year-end. Equity derivatives indicate that is feasible - stock exchange data shows foreign investors are loading up on call contracts on the Nifty index at the 8,000 point and 8,100 point levels -a call option gives its holder the right to buy the underlying cash shares.   The index is currently trading at 7,800 points.

from Expert Zone:

A call to action to galvanize momentum around maternal, child health in India

(Any opinions expressed here are those of the author and not of Thomson Reuters)

The last decade has witnessed one of the most sincere, dedicated and coordinated efforts toward addressing global development and healthcare challenges. National and international policymakers, development partners and researchers have come together to work toward a common vision of a better and healthier world.

In September 2000, building upon a decade of dialogue, world leaders unanimously adopted the United Nations Millennium Declaration. In doing so, they committed to a new global partnership to reduce extreme poverty and laid out a series of time-bound targets with a deadline of 2015 that have come to be known as the Millennium Development Goals (MDGs).

from The Human Impact:

From the sickening to the bizarre, Indian politicians still don’t get rape

A member of the Communist Party of India-Marxist uses an iPad to take pictures of a  protest rally in Kolkata

 

Covering women's rights issues for so many years in India, I still find the number of ways women and girls are abused and discriminated against unfathomable.

From their discrimination in accessing health care, education and employment opportunities, to their brutal rapes and murders. From having acid thrown in their faces, to being trafficked for domestic or sexual slavery. From their suicides due to dowry demands, to their molestation on buses and trains. It often feels like a bottomless pit.

from India Insight:

Class divide puts English to the test in India’s civil services

Indian students in recent weeks have protested the use of English in the country's difficult civil service examinations. The students, usually from Hindi-speaking regions of India, say that the exams reflect a class divide: if you speak and write English well, you are seen as part of the educated, urban elite. If you do not, it's because you are one of the disadvantaged, usually from smaller towns or villages.

(Here's a counterview by Swapan Dasgupta)

English is a tricky subject in India. A language imposed by colonists who exploited the people and resources of the land for centuries, it also was the one language that people seeking independence from the British could use to speak to one another. It remains one of two official languages across India, though many people do not speak it well or at all. I spoke to some of the civil service aspirants who have complained about the language requirement and the structure of the exams, and learned about the role that they hope the exam will play in their lives.

from The Human Impact:

Deadly Indian landslide may have been a man-made disaster

A resident looks at the debris of her damaged house after a landslide at Malin village in Maharashtra

landslide in western India that has killed more than 100 people and left scores missing may have been a man-made disaster caused by deforestation to make way for farming, experts say.

Hopes of finding survivors are fading after heavy rains triggered Wednesday's landslide, burying dozens of homes in the village of Malin in India's Maharashtra state.

from MacroScope:

Q3 rebound but at cost of price cutting?

A woman walks past a shop in Madrid

Manufacturing PMI surveys across the euro zone and for Britain are due. The emerging pattern is of an improving third quarter after a generally poor second three months of the year.

The UK economy continues to romp ahead – growing by 0.8 percent in the second quarter – but on the continent there are signs of a new slowdown. The Bundesbank now forecasts no Q2 growth at all in Germany and though the euro zone flash PMI, released a week ago, showed the currency area rebounding in July, that largely came at the cost of companies cutting prices further, thereby pushing inflation lower still.

from MacroScope:

Euro zone inflation to fall further?

draghi.jpg

Euro zone inflation is the big figure of the day. The consensus forecast is it for hold at a paltry 0.5 percent. Germany’s rate came in as predicted at 0.8 percent on Wednesday but Spain’s was well short at -0.3 percent. So there is clearly a risk that inflation for the currency bloc as a whole falls even further.

The Bundesbank has taken the unusual step of saying wage deals in Germany are too low and more hefty rises should be forthcoming, a sign of its concern about deflation. But the bar to printing money remains high and the European Central Bank certainly won’t act when it meets next week. It is still waiting to see what impact its June interest rate cuts and offer of more long-term cheap money to banks might have.

from Expert Zone:

Afghanistan a building block for China-India ties

(Any opinions expressed here are those of the author and not of Thomson Reuters)

The appointment of a former ambassador to Kabul and New Delhi by China to the role of Special Envoy for Afghanistan highlights China’s thinking of what it can do in Afghanistan.

China is not seeking a leadership role in the country, but is rather looking for regional partners to support its efforts. A key partner is being sought in New Delhi where the Narendra Modi administration has welcomed Xi Jinping’s early overtures for a closer broader relationship. The opportunity presents itself that Afghanistan’s two largest Asian neighbours might be on the cusp of closer cooperation to help the nation onto a more stable footing.

from Expert Zone:

How high will the Sensex go?

(Any opinions expressed here are those of the author and not of Thomson Reuters)

A bronze bull sculpture is seen as an employee walks out of the Bombay Stock Exchange building in MumbaiSince April, the stock market has been in a frenzy after a long period of utter gloom. In quick succession, the Sensex jumped month after month to cross 26,000 on July 7. This was not mere euphoria created by the election of the Narendra Modi government, with a single-party majority in the Lok Sabha after a long time.

from India Insight:

India at the 2014 Commonwealth Games

India, the host of the last Commonwealth Games, sent a contingent of 220 athletes to this year’s Games in Glasgow. It finished fifth on the tally with 64 medals. Here is a look at the winners.

STORIES -

Kashyap ends long Indian wait for men's badminton gold

Tendulkar factor adds to pressure on Sindhu

Saina Nehwal pulls out with fitness issues

SLIDESHOWS -

Indian athletes in action at the Glasgow Games

Commonwealth Games opening ceremony

India's medal haul in 2010

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