The S&P 500’s 180% surge since hitting bottom in March 2009 is one of the most impressive bull-market runs in history. However, it is no longer the strongest ongoing rally in the world.
Ever since India caught Modi fever, India’s BSE Sensex index has been on a huge tear. And after Narendra Modi secured a huge victory last week, the market only went higher.
Since March 2009, the Sensex is up 195%.
“We considered a decisive majority as probably the best scenario, or our bull case for the market,” wrote Ridham Desai, Morgan Stanley’s India equity strategist. “This election result could herald a sea change for India’s economy, which has struggled with stagflationary-type conditions over the past few years. We think the incoming government will have to de-anchor inflation, raise capital productivity, improve the investment climate and de-lever private balance sheets to engineer a new growth cycle.”
Advisor Perspectives’ Doug Short charted the major world indexes since March 9, 2009. As you can see, the S&P 500 and Sensex had been jockeying for position for a while. But now, the Sensex is the clear leader.
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