MARKET EYE-Are Indian equities most vulnerable among BRICs?
* Has the liquidity-driven outperformance of Indian shares among BRIC markets this year run its course? Some market participants argue that the reform optimism-led buying may give way to a technical correction. * India's benchmark index rose 26.1 percent in 2012 as of Thursday's close, outperforming all its peers among the BRIC nations. * For graphic: link.reuters.com/quj54t * Optimism around reform measures by the Indian government has been rewarded by foreign portfolio flows of $20.51 billion this year, but on the flip side, equities have now started looking overbought to some based on technical analysis indicators, dealers say. * India's benchmark index is trading in the "overbought" territory, with its 14-day relative strength index above 70 for the sixth day. (firstname.lastname@example.org /; email@example.com)
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The head of India's most powerful Hindu group vowed to press ahead with a campaign to convert Muslims and Christians to Hinduism, stoking a sensitive debate that has stalled parliament and threatened Prime Minister Narendra Modi's economic reform agenda. Full Article