New long-term growth story in Asia is India, not China, says Chris Wood of Jefferies | Mint
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Business News/ Markets / Stock Markets/  New long-term growth story in Asia is India, not China, says Chris Wood of Jefferies
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New long-term growth story in Asia is India, not China, says Chris Wood of Jefferies

Christopher Wood, Global head of Equity Strategies at Jefferies, believes that the new long-term growth story in Asia is India, not China.

Wood said one can buy gold and bitcoin for the next six months and for the medium and long term, one should buy Indian equities. (ANI Photo) (ANI)Premium
Wood said one can buy gold and bitcoin for the next six months and for the medium and long term, one should buy Indian equities. (ANI Photo) (ANI)

Christopher Wood, Global head of Equity Strategies at Jefferies, is bullish on India as he believes the new long-term growth story in Asia is India, not China.

In an interview with ET Now, Wood said, "It has now become consensus that the new long-term growth story in Asia is India, not China. But while this is the consensus, global equity funds are not positioned for that. There is a huge potential in the next five years for global equity funds to start investing in India."

Wood said one can buy gold and bitcoin for the next six months and for the medium and long term, one should buy Indian equities.

Wood told ET Now that if the current government is not re-elected in India, the domestic market may see a sharp correction but foreigners would buy on such a sharp decline.

"An outright change of government like what happened in 2004, a total 100 per cent surprise, may lead to about 25 per cent decline, which is about what it was, I believe, in 2004," Wood told ET Now.

But the decline may not be prolonged and there would be a rebound with a lag, Wood said.

Also Read: BJP's defeat in Lok Sabha elections might lead to 25% drop in stock market, says Jefferies

Wood is positive about the real estate sector as he pointed out that the property upturn has not waned despite monetary tightening and they have the steam left for the next four to five years.

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Also Read: Chris Wood's Greed and Fear explains why PSU banks are outperforming private lenders

He said investors should buy both - property and property stocks. He believes the positive momentum in the realty sector could last as long as the last downturn in the sector, which is seven years because of factors, including huge pent-up demand and reform of the property market in the form of the Real Estate Regulation Act (RERA) which has caused consolidation in the sector among the developers.

He said he could have exposure to sectors such as auto, defence and IT and could have added more in the power and capital goods sectors.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 06 Nov 2023, 01:33 PM IST
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